Daily Market Report (8 November 2022)
- Wall Street closed higher as focus was shifted to politics towards the US mid-term elections 2022 today following a choppy session.
- The DJI Average jumped 424 points higher while the Nasdaq gained 89 points as the US 10-year yield edged higher to almost the 4.22% level.
- Back home, trading on the local bourse had been lackluster despite the FBM KLCI closed higher attributed to some late buying activities on Plantation and Telco stocks.
- For today, we reckon regional market volatility to heighten ahead of the election outcome from the US therefore expect the benchmark index to hover between the 1,435-1,450 range.
- Meanwhile, crude prices eased on news that China will continue with their Covid containment strategy as the Brent crude ended at below the USD98/barrel thus we may see some headwinds for the Oil & Gas counters today.
