Daily Market Report (16 December 2021)
Wall Street rebounded following the Federal Reserves announcements of its tapering and rate hikes timeline.
With the uncertainty lifted, the DJI Average jumped by 383 points to almost the 36,000 mark whilst the Nasdaq surged by 323 points to above the 15,500 level.
Nonetheless, we reckon market volatility to heighten going forward thus expect regional markets to encounter wilder swings.
In view of this, we believe the local bourse to see more headwinds and that the FBM KLCI to experience more resistance.
Therefore, we anticipate the local bourse performance to remain subdued with the index to oscillate between the 1,475-1,485 range today.
Meanwhile, crude palm oil slumped to RM4,800/tonne which is a 2-month low on expectation that demand is expected to weaken in the coming months.
