Daily Market Report (12 March 2021)
- US equities continued with their record breaking run as Biden signed the US$1.9 trillion relief package. With sentiments riding high, the DJI Average was up 190 points to almost the 32,500 mark.
- As such, we believe regional markets will continue with their positive performances as per yesterday’s.
- Back home, we were quite surprised by the decline of the FBM KLCI due to profit taking activities. Nonetheless, we reckon bargain hunting to emerge today thus the benchmark index is expected to reverse yesterday’s losses and trend around the 1,635/40 level.
- Meanwhile, the Brent crude had again closed in the US$70/barrel level whilst the crude palm oil (CPO) remains firmly above the RM4,000/metric tonne.
