Daily Market Report (24 December 2021)
- Wall Street continued with its Santa Claus rally as concerns over the Omicron variant recede.
- The rally was broad based as all 3 major indices surged with the S&P 500 closed at a new record high.
- The DJI Average added almost 200 points whilst the S&P 500 jumped by 30 points.
- On the local front, the FBM KLCI close at a 1-month high buoyed by bargain hunting coupled with some window dressing activities.
- We believe the benchmark index to possibly continue with its uptrend today amid a more vibrant regional performance.
- Nonetheless, profit taking activities could set in thus we expect the index to trend within the 1,510-1,520 range today.
- Meanwhile, crude oil prices also benefitted from the lower Omicron threat as the Brent crude inched closer towards the US77/barrel level.
