Daily Market Report (1 October 2021)
- US stocks closed on a mixed note as concerns over hike in interest rates lingers.
- Though the DJI Average added 91 points, the rates sensitive Nasdaq lost 34 points amid a volatile session for the 10-year US Treasury.
- Hence, we can expect regional markets to experience another mixed day on heightened volatility today.
- On the local front, the FBM KLCI continues to be supported by foreign buying despite regional markets remain wobbly.
- As a worst regional performer, we anticipate the local bourse to play catch up reinforced by cheap valuations.
- Though broad-based sentiments continue to be cautious, we reckon bargain hunting on blue chips to persists thus expect the benchmark index to trend around the 1,545-1,555 range today.
