Daily Market Report (5 December 2022)
- Wall Street closed mixed as traders remained confident that the Federal Reserves will tone down rate hikes despite the higher than expected job data.
- The DJI Average gained almost 35 points while the Nasdaq lost a mere 21 points as the US 10-year yield continue to slide to the 3.49% level.
- At home, profit taking activities saw the index slipped to almost the 1,480 level.
- However, with the recent announcement of the Cabinet of which was broadly well received, we reckon the index may see a reversal today as we expect it to trend between the 1,480-1,500 range.
- We anticipate buying interest to return on the Banks following a week of decline.
- Meanwhile, the Ringgit continue to strengthen against the USD currently hovering at 4.38/USD1.
