Market Reports

• It was another mixed day on Wall Street on the back of a lower-than-expected job data with traders becoming more concern that the recent economic rebound may have peaked.
• The DJI Average closed 324 points lower to below the 34,800 level while the Nasdaq added 19 points to close at 14,780. 
• In tandem with this, we believe regional markets will be mixed today following a decent performance yesterday.
• As for the local bourse, there was damage limitation from buying support by the local institutions.
• However, the trading range of the FBM KLCI has widened indicating heightened volatility.
• Notwithstanding this, as both the political and Covid landscapes remain undesirable, selling from foreign funds is expected to continue thus the index is set to experience some pressure today and is expected to trend around the 1,485-1,495 range.

• Wall Street rebounded strongly as traders largely ignored the delta variant potential impact on the economic outlook.
• The DJI Average jumped almost 280 points to above the 35,100 level whilst the S&P 500 notched another record high closing at above 4,420 or up 36 points.
• The wild movements of US equity prices of late may see trading on the regional markets to be mixed today.
• Meanwhile, the prevailing political turmoil in Malaysia should overshadow the best part of trading today.
• Hence, the FBM KLCI which saw strong buying support yesterday may experience a reversal today underscore by the jittery sentiments.
• Therefore, we reckon the index to hover around the 1,490-1,500 range today.

• US equities closed on a mixed note on fears of the new Covid variant coupled with concerns that the economic growth may have peaked.
• The DJI Average ended 97 points lower at around the 34,840 threshold or down by more than 300 points from its intra high.
• Funds may have reverted to the US Treasuries as the 10-year yield dipped below 1.18%.
• Domestically, the FBM KLCI ended rather flat amid some buying support from the local institutions.
• Beset by both political uncertainties and high Covid cases, we reckon the FBM KLCI to see continued weaknesses as selling from the foreign funds is expected to remain strong.
• In view of this, the index is expected to possibly break 1,490 today and test the 1,480 level unless bargain hunting activities from the local institutions emerges.
• For today, we reckon the index to trend around the 1,485-1,495 range.

• Wall Street slumped into negative territory on concerns of the new delta variant that may hamper economic recovery.
• The DJI Average lost 149 points to below the 35,000 mark whilst the Nasdaq eased 106 points to around the 14,670 level.
• Although the US futures are now trading at stronger levels, we reckon Asian markets to be mixed today following a weak closing last week.
• On the local front, we believe ongoing political uncertainties coupled with persistently high Covid cases will continue to pressure the FBMKLCI on the back of foreign disposals.
• Thus, we expect the benchmark index to see some downside today though bargain hunting activities may emerge as well.
• As such, we reckon the index to trend within the 1,490-1,500 range today.

Sentiments continue to negatively affected the market today as political uncertainties heighten. Hence, we expect the index to experience more weaknesses today however bargain hunting activities may emerge if the selling is overdone.