Daily Market Report ( 1December 2021)

  •  Wall Street was spooked by fresh concerns over the Omicron variant coupled with the Federal Reserves statement to speed up its tapering to tackle inflation.
  • As a result, the DJI Average declined by 650 points to end below the 34,500 mark while the Nasdaq lost 245 points to close at 15,538 level.
  • On the home front, the FBM KLCI made some improvements despite market undertone remained jittery
  • . For today, we reckon the index to maintain its consolidation mode and trend within the 1,510-1,520 range as we expect some bargain hunting may return on glove counters following yesterday’s selling amid the Omicron panic.
  • Meanwhile, crude oil prices were hammered by the new variant with the Brent now hovering at the US$70/barrel from its 52-week high of US$85/barrel.