Daily Market Report (17 November 2022)
- Wall Street declined on concerns over slumping retail sales as warned by Target coupled with potential contagion impacts from the recently collapsed FTX within the crypto industry.
- As a result, the DJI Average lost 39 points while the Nasdaq closed 174 points lower despite the US 10-year yield eased to below the 3.7%.
- At home, the FBM KLCI experienced some selling pressure but closed off lows due to selective accumulations on Telco and Utilities stocks.
- As we moved into an election fever this weekend, overall sentiment should remain tepid thus expect the index to trend between the 1,440-1,455 range today with some bargain hunting activities on Financial stocks that had declined consecutively over the past week.
- Meanwhile, Brent crude slid to below USD93/barrel as the supply side normalized.