Daily Market Report (10 December 2021)

  •  Wall Street halted its rebound as traders shifted their attention to inflation and the Federal Reserves tapering.
  • The DJI Average closed flat after swinging within a 300 point range whilst the Nasdaq lost almost 270 points.
  • On the local front, window dressing activities helped the FBM KLCI to close above the 1,500 mark. Nonetheless, as foreign selling gathers momentum we reckon the index to encounter numerous headwinds going forward.
  • Therefore, we do not expect the FBM KLCI to see any major movements thus anticipate it to trend within the 1,495-1,505 range today amid heightened market volatility.
  • Meanwhile, the Brent crude prices dipped to below the US$75/barrel on concerns over possible impact from the new Covid variant.