Daily Market Report (22 December 2021)
Wed, Dec 22, 2021 8:00 AM
- Wall Street staged a relief rebound following President Biden’s statement that lockdown will not be implemented amid concerns over the Omicron variant.
- The DJI Average jumped by 560 points to almost the 35,500 level whilst the Nasdaq surged by 360 points.
- Notwithstanding this, we anticipate sentiments to remain jittery translating to heightened market volatility.
- As for the local bourse, we reckon the FBM KLCI movements will continue to be hampered by persistent selling by the foreign funds.
- Therefore, we do not see the index to stage any solid rebound and expect it to trend within the 1,490-1,500 range today.
- Meanwhile, crude palm oil (CPO) price closed higher in line with the recovery in soyabean oil prices and the reduction of import duty by India on CPO.
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