Daily Market Report ( 29 November 2021)

  • Wall Street tumbled with the discovery of a new Covid variant in South Africa as funds shifted to less risky assets with the US 10-year yield dipped to below the 1.5%.
  • The DJI Average lost 905 points to below the 35,000 mark whist the Nasdaq declined 353 points at below the 15,500 level.
  • On the home front, the FBM KLCI was dragged down by heavy regional losses to close below the crucial 1,520 level.
  • As sentiments remains jittery, we expect the index to hover within the 1,515-1,525 range today as we anticipate some stability to emerge regionally following the heavy selling last Friday. T
  • he new Covid variant also disrupted prices for crude oil as the Brent closed at US$75/barrel after a turbulent trading day.