Daily Market Report (25 November 2022)
- Wall Street was closed for Thanksgiving Day and will resumed trading on a shortened session on Friday.
- Meanwhile, all eyes must be on the local bourse as Datuk Seri Anwar Ibrahim has been appointed as the nation’s 10th Prime Minister.
- In reaction to the news, the FBM KLCI jumped to above the 1,500 level as optimism reigns across the board.
- We believe buying activities to continue as we expect foreign funds to emerge as well thus see the index to trend between the 1,510-1,530 range today.
- Though we anticipate buying to be wide spread, we reckon focus to centre on the Banks and Telcos in particular plus Technology stocks that will excel amid the less aggressive interest rate hike in the US.
- To recap, we are maintaining our year-end FBM KLCI target at 1,580 for now as we expect valuations for the local bourse to experience some upside readjustments.