Daily Market Report (30 December 2022)
- Wall Street staged a relief rally as traders remained stuck within inflationary and recessionary worries going into 2023.
- The DJI Average gained 345 points while the Nasdaq jumped by 265 points as the US 10-year yield eased slightly to 3.82%.
- Hong Kong equites retreated as the Hang Seng Index lost 158 points on heightening concerns that surging Covid cases in China may impact economic recovery prompting many countries being wary of the emergence in Chinese tourists.
- Back home, the local bourse made a strong comeback in the afternoon session as the FBM KLCI surged past the 1,490 level on broad-based buying.
- We reckon the FBM KLCI to test the 1,500 mark being the final trading day for 2022 hence expect it to trend between the 1,495-1,515 range today.
- Meanwhile, concerns over the spike in China’s covid cases had pushed crude oil prices lower as the Brent crude declined to around the US$82/barrel.
