The FBM KLCI turned lower for the session, tracking the Wall Street overnight sentiment coupled with the regional benchmark performance. Meanwhile, the US stock markets traded higher ahead of the Thanksgiving Holiday. Given the 10-Year Treasury yield headed lower, coupled with favourable jobs data, we expect the overall trading tone will perform better today, but the upside could be limited as the Japan stock exchange will be closed for holiday. Nonetheless, the trading activities will be focusing on the ongoing reporting season. On the commodity markets, the Brent oil prices fell below USD82/bbl as the OPEC+ meeting was rescheduled to 30th November.
Sector focus: Despite Nvidia ending softer after the strong quarterly results, Nasdaq charged higher, and this should provide upside potential towards the Technology sector on the local front. Meanwhile, it was ripe for the Poultry sector to head higher following the pick-up in momentum yesterday in the second session. For the ongoing reporting season, we favour the Utilities, Property, Building Material, Construction, and Transportation & Logistics sectors. Also, we noticed the Glove sector may continue its rally following a good set of results from KOSSAN and HARTA.
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