Daily Market Report (1 March 2021)
- Rising bond yields continued to fuel fears on Wall Street as traders locked in profits over concerns of higher rates. The DJI Average lost a massive 470 points to close below the 31,000 level.
- Though the equity futures rebounded, we believe trading on regional markets to be muted today. On the home front, the FBM KLCI resumes its volatility as sentiments remain jittery.
- Despite a rather encouraging set of 4Q20 earnings from corporate Malaysia, investors prefer to stay sidelined from the lack of positive catalysts and buying conviction from the foreign funds.
- Nonetheless, we believe there may be some bargain hunting today especially on technology stocks following last Friday decline.
- As for the benchmark index, we expect it to trend within the 1,575/80 range today.