Daily Market Report (12 April 2021)
- Increasing optimism on the reopening of the US economy has attracted more funds to equities as Wall Street closed on record high last Friday.
- The DJI Average jumped by almost 300 points to inch closer to the 34,000 mark whilst the S&P 500 gained 32 points to breach the 4,100 level.
- As such, we expect regional markets to show a better performance today having closed lower last Friday.
- On the domestic front, we anticipate the FBM KLCI to trend higher as well following a strong performance last week.
- Buoyed by the proposed M&A between Axiata and DIGI, we expect the move may kickstart more of such corporate developments to revive the ailing local bourse.
- Notwithstanding the political scene, we reckon the index to possibly breach 1,615 and looking to test the 1,620 level today.
