Daily Market Report (11 March 2021)
- Easing bond yields coupled with a new stimulus package boosted buying on US equities as the DJI Average closed on a new record high after gaining more than 460 points at almost the 32,300 level.
- However, the Nasdaq was flat as profit taking crept in. On the domestic front, we believe the FBM KLCI to continue with its impressive performance which gained 2.5% since the start of the week.
- Barring any profit taking on the glove stocks, we expect the benchmark index to potentially test the 1,650 mark supported by broad based buying.
- Meanwhile, we noticed plantation stocks were again largely ignored by the investing community amid the crude palm oil (CPO) price staying above the RM4,000/metric tonne as seen from the performance of the Plantation index which declined 1.5% since the beginning of this year.