Daily Market Report (1 April 2021)
- Traders digested Biden’s latest US$2 trillion infrastructure plans with mixed views as Wall Street ended mixed.
- The package which will be funded by a hike in corporate tax hit sentiments as the DJI Average lost 85 points to close below the 33,000 mark whilst both the Nasdaq and S&P 500 closed higher despite the 10-year Treasury yield hitting above the 1.7% mark.
- Amid the heightened uncertainty, we believe regional markets to continue with their downtrend today.
- Back home, the FBM KLCI declined by a massive 36 points instigated by uncertainty over the political landscape.
- Nonetheless, we reckon the selling could be overdone and expect some bargain hunting to emerge today.
- We noticed foreign funds are also present with positive inflow yesterday thus anticipate the index to trend above the 1,580 level with the 1,570 as the immediate support.
