Daily Market Report (13 October 2021)
- All 3 major indices on Wall Street closed lower as traders were sidelined ahead of the latest inflation data.
- The DJI Average lost 118 points while the Nasdaq declined by 20 points as market volatility remains high.
- On the home front, the FBM KLCI continued with its impressive performance due to buying support from foreign funds.
- Though we expect there to be some intermittent profit taking activities however judging by the healthy improvements in daily volume, we reckon the local bourse to enjoy further upside.
- As such, we expect the index to trend within the 1,580-1,590 range today with a more meaningful resistance at the 1,600 mark.
