Daily Market Report (4 November 2022)
- Chaos continued to reign on Wall Street with all 3 major indices closed lower as traders are still digesting the Federal Reserves’ stance on interest rate hikes.
- As such, the DJI Average declined by 146 points while the Nasdaq ended 182 points lower as the US 10-year yield inched higher at 4.15%.
- On the domestic front, the FBM KLCI weakened to the 1,420 level, wiping out all the gains from the past week.
- The local bourse was dragged down by the broadly lower regional performances in addition to the 25bps increase by BNM.
- For today, we see limited upside for local equities as sentiment have turned cautious although some bargain activities may emerge.
- Therefore, we anticipate the index to hover between the 1,415-1,425 range today with some degree of accumulation on Banking stocks.
- Meanwhile, Brent crude fell to below USD95/barrel on declining demand from China.
