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News and the message it imply ... 29/11/2021

News and the message it imply ... 29/11/2021

Market News on 29 NOVEMBER 2021

Foreign News
1. Dow tumbles 900 points for worst day of the year on fears of new Covid variant, S&P 500 drops 2% (CNBC)
2. Fed's Bostic says he remains open to faster taper and one or two rate hikes in 2022 (Reuters)
3. Omicron coronavirus variant spreads with cases detected in Netherlands, Denmark, Australia (CNBC)
4. Moderna says new vaccine for Omicron may be ready in early 2022 (Bloomberg)
5. Oil drops 13% in the worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns (CNBC)
6. Stock futures move higher after Friday’s big sell-off, investors monitor omicron Covid variant (CNBC)

Local News
1. Pharmaniaga, Selgate get RM360 mil financing from Bank Islam to procure Covid-19 vaccines
2. Indonesia proposed as the second country for VTL, says Saifuddin
3. AirAsia gets additional 42 weekly flights to Sarawak during the holiday season
4. EPF ceases to be a substantial shareholder in Inari Amertron

The implication you must note:

Why does EPF sell-off Inari Amerton?
1. INARI is at the end of Wave 5 and due for major retracement wave ABC. Keep the watch and take your profit while you can.

2. PHARMANIAGA may be the alternative to GLOVES as the omicron variant may trigger the need for more potent vaccines.

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