Daily Market Report (21 December 2021)
- Wall Street closed sharply lower as investors concerned with the resurgence of Covid19 cases spurred from the newfound omicron variant.
- All three indexes finished well off their lows of the day losing more than 1% respectively. The Dow lost 433.28 points to 34,932.16.
- Back home, the FBM KLCI ended 0.54% lower to 1,493.90 due to weaker regional market sentiment, driven by continued selling in selected heavyweights such as banking and O&G stocks.
- While valuations remain cheap, we do not expect the FBM KLCI to see any major movements amid the heightened market volatility and weakened sentiment, thus we anticipate it to trend within the 1,490-1,500 range for today.
