Daily Market Report (30 December 2021)
- Wall Street’s Santa Claus rally ended on a mixed note yesterday as trading was rather muted.
- The DJI Average rose 90 points to almost the 36,500 level whist the Nasdaq ended in the red with a loss of 15 points on the back of higher 10-year US Treasury yield which jumped above 1.55%.
- On the home front, window dressing activities continued as the FBM KLCI closed higher from last minute buying activities.
- Though we reckon buying to persist, the index may face with some headwinds as the benchmark index had risen by 65 points over the past 2 weeks.
- Nonetheless, we expect the index to trend around the 1,540-1,550 today from bargain hunting activities as it is still down by 5% year to date.
