Daily Market Report (5 January 2022)
- Wall Street closed on a mixed note amid the US recorded the highest daily Covid cases.
- While the DJI Average gained 215 points to almost the 36,800 level, the Nasdaq lost 210 points as the 10-year yield stayed around the 1.65% mark.
- Back home, the FBM KLCI lost ground again as selling continued in the absence of catalysts.
- Though we expect bargain hunting activities to emerge anytime soon, overall interests remain rather muted.
- Therefore, we anticipate the index to trend within the 1,540-1,550 today.
- Meanwhile, concerns on the supply side had pushed crude palm oil higher to RM5,310/tonne while the Brent crude broke past the US$80/barrel.
