Daily Market Report (22 October 2021)
- It was a rather mixed session on Wall Street on the back of positive earnings amid inflationary fears.
- The DJI Average was down slightly but the S&P 500 closed at a record high at almost the 4,550 level.
- As for the local bourse, profit taking activities emerged as the FBM KLCI declined to below the 1,600 mark again.
- Though there was some bargain hunting, it was insufficient to prop up the index.
- Yesterday’s decline may have investors back in cautious mode but we believe it presents a good opportunity to bargain hunt.
- As such, we anticipate the index to see a rebound today and expect the index to hover within the 1,590-1,600 range today.