Daily Market Report (9 December 2022)
- Wall Street rebounded on higher jobless claims which may see the Federal Reserves toning down the pace of rate hikes.
- The DJI Average rose 183 points while the Nasdaq added 123 points as the US 10-year yield inched higher at 3.49%.
- At home front, the FBM KLCI closed marginally lower attributed to continuous selling from foreign funds amid a weak regional performance.
- Nonetheless, buying support from local institutions had been rather apparent coupled with improving retail participation within the local bourse.
- In view of a positive reversal in US equities, we reckon the index to show a more positive performance and expect it to hover between the 1,460-1,475 range today.
- We noticed performance of the Construction sector to be quite encouraging of late which could be a pre-cursor of more positive newsflow for the contractors going forward.
