Daily Market Report (12 August 2021)
- Wall Street closed mostly higher as inflation came in lower than expected.
- Both the DJI Average and S&P 500 notched record high closing while the Nasdaq lost ground on bouts of profit takings.
- Nonetheless, traders are concern that inflationary pressure may have already been priced in as the futures of all three major indices are currently flat.
- Therefore, we anticipate trading amongst the regional markets to remain mixed today.
- Domestically, the FBM KLCI finally broke the 1,500 mark and we expect the index to stay above the 1,500 level today.
- Meanwhile, many are waiting for the purported reopening of the economy and are eagerly waiting for directives from the government.
- For today, we expect the index to hover within the 1,500-1,510 range.
