Daily Market Report (10 Sept 2021)
- Wall Street closed lower as sentiments remained cautious following a resurgent of Covid cases in the US plus expectations of the Federal Reserves prospective tapering.
- The DJI Average declined 152 points to below the 35,000 level whilst both the Nasdaq and the S&P 500 also ended in negative territory pushing market volatility higher.
- In view of this, we reckon regional markets to stay mixed today.
- As for the local bourse, heavy profit taking saw the FBM KLCI dipped below the 1,580 mark to a 2 week low.
- Bank Negara’s latest move to maintain interest rates may be a prelude for rate hikes going forward.
- Nonetheless, we believe low valuations remain as the major attraction for foreign funds inflow hence we expect there to be some bargain hunting today and anticipate the index to trend within the 1,575-1,585 range today.
