Daily Market Report (31 October 2022)
- Wall Street surged as all 3 major indices closed steeply higher as traders are hoping that the Federal Reserves will be less aggressive with rate hikes going forward.
- The DJI Average added a massive 828 points while the Nasdaq gained 310 points after a week-long decline as the US 10-year yield remained at the 4.0% mark.
- Whether such uptrend is sustainable remains to be seen.
- At home, the FBM KLCI dipped below the 1,450 level due to some foreign selling.
- Reflecting the buoyant US market, we reckon regional markets to climb higher today and expect the local bourse to do the same as well.
- Therefore, we anticipate the index to trend between the 1,450-1,70 range today with interests on the Banks and Technology sectors.
- On the flipside, Plantation stocks may see some profit taking as the crude palm oil dipped to below the RM4,000/tonne.
