Daily Market Report (7 December 2021)
- Wall Street rebounded as traders shook off concerns over the Omicron variant.
- The DJI Average gained 647 points to close above the 35,500 level whilst the Nasdaq jumped by almost 140 points.
- Back home, sentiments have turned nervy as selling gathered momentum pushing the FBM KLCI to a 52-week low. In view of this, we believe market undertone to remain weak although we expect some bargain hunting to emerge today.
- Thus, we reckon the index to trend within the 1,480-1,490 range today.
- Meanwhile, crude oil prices improved as the Brent closed above the US$73/barrel following Saudi Arabia’s move to increase its crude price.
