Daily Market Report (10 May 2021)
- Fuelled by excess liquidity, traders even ignore the disappointing job data for April as Wall Street surged to another record close.
- The DJI Average gained 229 points to close around the 34,777 mark whilst the Nasdaq rose 119 points to 13,752 level.
- Whether regional markets will see such optimism today remains to be seen but we reckon US equities are trending at dangerous levels at the moment.
- On the home front, the FBM KLCI finally close higher as the index jumped closer to the 1,590 level as we hope such bargain hunting is sustainable.
- Therefore, we expect the index to possibly test the 1,590 today and hover within the 1,590-1,595 range today.
- Do keep an eye on the plantation stocks today as the crude palm oil prices is looking interesting again with price now hovering RM4,800/mt levels.
