Daily Market Report (29 December 2022)
- Wall Street closed broadly lower as sentiment remained jittery spooked by a plethora of economic headwinds in the US.
- The DJI Average lost 366 points dragged mainly by Apple as the stock dipped to a new 52-week low.
- Meanwhile, the Nasdaq declined by almost 140 points as the US 10-year yield inched higher to almost the 3.89% level.
- As for the local bourse, late buying activities lifted the FBM KLCI to 1,480 justifying our views that window dressing is in the works thus anticipate the index to trend higher possibly between the 1,475-1490 range today.
- As China is preparing for more easing next month, we reckon tourism related stocks to benefit as we prepare for an influx of Chinese tourists.
