Daily Market Report (8 December 2021)
- Wall Street continued with its uptrend as traders largely ignored threats from the new Covid variant even though the situation in Europe is becoming more dire.
- The DJI Average jumped by almost 500 points whilst the Nasdaq surged 460 points to almost the 15,700 level.
- Locally, the FBM KLCI reversed its recent weak performance as bargain hunting activities helped push the index closer to the 1,500 mark.
- For today, we believe the index to break above the 1,500 level buoy by a more robust regional markets.
- Nonetheless, we reckon market volatility to remain high thus anticipate the index to hover around the 1,495-1,505 today.
- As concerns over Omicron subsides coupled with ongoing tension between the US and Russia, the Brent crude prices broke above the US$75/barrel level.
