Daily Market Report ( 2 December 2021)
- Worries over Omicron detected in the US reversed early gains for all 3 major indices on Wall Street as sellers came out in droves.
- The DJI Average lost 462 points to settle at the 34,000 level while the Nasdaq declined by 284 points.
- In view of the heightened volatility, we believe regional markets to follow suit today as sentiments may have turned jittery.
- On the local front, we expect the FBM KLCI to oscillate between the 1,495-1,505 today as our low valuation may act as a buffer to the externalities.
- We expect trading to remain low today as investors may be sidelined with focus possibly be back on glove related stocks.
- Meanwhile, the emergence of the new Covid variant have also seen crude oil price weakened with the Brent crude now retreated to below the US$70/barrel.
