Daily Market Report (8 December 2022)
- Wall Street closed mixed following a choppy session as sentiment have turned cautious between the fight against inflation and a soft landing for the US economy became less clear.
- The DJI Average ended flat while the Nasdaq lost 56 points as the US 10-year yield dipped further to 3.42%.
- Back home, foreign selling persisted late in the trading session as the FBM KLCI declined to below the 1,470 level.
- While we continue to expect stock accumulation to emerge, recent selling by foreign funds had somewhat dampened the local bourse’s performance.
- Nonetheless, possible year-end window dressing activities may prevail which could limit the downside thus we anticipate the index to trend between the 1,460-1,480 range today.
- Meanwhile, concerns of a global slowdown saw crude oil prices to weaken further as the Brent crude decline to around the USD77/barrel which is almost at a YTD low.
- As such, Oil & Gas stocks should continue to face with some headwinds today.
