Daily Market Report (12 May 2021)
- Inflation and high valuations are returning to haunt traders as profit taking activities took place in a major way. The selling of Nasdaq was rather drastic before the tech index settled 12 points lower at 13,389.
- Meanwhile, the DJI Average slumped 473 points to close at 34,269. We reckon heightened market volatility may continue to see regional markets to be muted today.
- On the home front, the FBM KLCI is expected to weaken as the new reinstated MCO 3.0 may add some uncertainty to the economic recovery. Therefore, we expect the index to hover around the 1,570-1,580 today.
