Daily Market Report (14 December 2021)

  • Wall Street slumped as traders revisited impacts from Omicron variant coupled with the Federal Reserves announcement on Wednesday.
  • The DJI Average lost 320 points whilst the Nasdaq shed almost 220 points to below the 15,500 level.
  • On the domestic front, the FBM KLCI briefly managed to breach the 1,500 mark but succumbed to late profit taking activities.
  • Window dressing plus bargain hunting may continue on the local bourse today but we reckon regional volatility will play a huge part on today’s performance.
  • Hence, we expect the index to trend between the 1,490-1,500 range today.
  • Meanwhile, crude palm oil continues to surprise analysts as price remains elevated at RM5,250/tonne.