Daily Market Report (12 Oct 2021)
- US equities tumbled to close at session lows as traders are concerned over inflation amid the surging crude oil prices.
- The DJI Average lost 250 points to below the 34,500 mark while the Nasdaq declined by 92 points.
- On the local front, the FBM KLCI rebounded to a month high as foreign funds continued to accumulate on stocks.
- For today, we anticipate the index to possibly trend higher at around the 1,565-1,570 range although external factors and volatility may impact sentiments.
- As expected, with the reopening of travelling, trading interests has been centred on recovery theme plays namely tourism, aviation and oil and gas.
- As such, do check out our technical recommendations on Genting Malaysia and Uzma.
- As the Brent crude price inched closer to US$85/barrel with short term target at around the US$90/barrel, interest on oil and gas stocks should persists.
