Daily Market Report (7 November 2022)
- Wall Street staged a relief rally while traders remain divided on the state of the US economy and inflation.
- The DJI Average gained 402 points while the Nasdaq added 132 points as the US 10-year yield inched marginally higher at 4.16%.
- Back home, the FBM KLCI performed beyond expectations as it closed higher to almost the 1,440 level attributed to solid performances from both the Telco and Plantation stocks.
- For today, we reckon buying may return on Technology stocks and should continue on Banks as well.
- As such, we expect the index to re-test the 1,450 mark today.
- Meanwhile, crude oil performed stronger with the Brent crude closing in to the USD99/barrel on expectations that China may ease some of its Covid regulations thus Energy stocks may be in the limelight as well.
