Daily Market Report (13 December 2021)

  • US equities ended broadly higher ignoring inflation in the US that recorded a 39-year high which may hasten the Federal Reserves tapering process.
  • The DJI Average closed 216 points higher to almost the 36,000 mark while the Nasdaq jumped by 113 points.
  • Back home, the FBM KLCI closed broadly lower amid regional markets’ weaknesses.
  • Recent surge in Omicron cases globally will translate to heightened market volatility thus we reckon trading on the local bourse to remain lukewarm as window dressing activities may be muted by the continuous foreign selling.
  • Cautious sentiments and the lack of buying catalysts suggest the index to remain under pressure as we anticipate it to trend around the 1,485-1,495 range today.
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