Wall Street closed sharply lower at the end of last week (26/11); amid concerns about the emergence of the Omicron Covid-19 variant in South Africa. Investors began to switch to safer financial instruments, marked by the decline in the 10- year US Treasury yield to as low as 1.4%. Meanwhile, crude oil prices plunged to levels below USD 70/barrel, as fears of lockdown re-imposition increased.
In line with the majority of global exchanges, JCI was also fell by 2.03% to 6,561. Market participants will pay close attention to developments in the impact of the Omicron Covid-19 variant on global and domestic economic activity. Starting the new week, the benchmark index is projected to be under pressure at a lower range in the area of 6,500-6,754.
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