Daily Market Report (11 June 2021)
- US equities closed higher across the board with the S&P 500 setting a record finish as investors brushed aside the latest evidence of accelerating inflation.
- Health care and technology companies were among the biggest gainers.
- The DJIA and Nasdaq gained 19.1 points 108.58 points to end at 34.466.24 and 14,020.33 respectively.
- Meanwhile S&P500 advanced 19.63 points or 0.5% higher to settle at 4,239.18, surpassed the record of 4,232.60 set on May 7.
- European stock index surged after the US Labour Department noted CPI in the 12 months ended in May accelerated 5.0%, the biggest year-on-year increase since August 2008.
- Locally, the FBM KLCI edged down 1.58 points, or 0.1% to 1,579.90.
- We expect the local market to trend sideways with slightly bias towards positive given the overall positive sentiment globally with immediate resistance at 1,600 while support at 1,573.
