Daily Market Report ( 30 November 2021)

  • US equities rebounded on the back of President Biden’s statement that there will be no lockdown amid the threat from the new Omicron variant.
  • The DJI Average jumped by 236 points to above the 35,000 mark while the Nasdaq surged by more than 290 points to almost the 15,800 level. 
  • Meanwhile the 10-year yield climbed to above 1.5% after Friday’s knee jerk reaction.
  • As for the local bourse, we expect the FBM KLCI to trend higher today following yesterday’s brief encounter around the 1,500 level. We reckon bargain hunting activities to emerge today as sentiments recover surrounding the glove counters.
  • For today, we expect the index to hover within the 1,510 – 1,520 range. Meanwhile, the crude palm oil is expected to end November on a record high averaging above RM5,200/tonne from last month’s RM5,051/tonne.