Daily Market Report (14 June 2021)
- European stocks hit record high, ended its best week since May buoyed by hopes that major central banks would remain accommodative, despite signs of rising inflation.
- Wall Street closed higher to end a lacklustre week with few market-moving catalysts. The DJIA inched up 13.36 points to end at 34,479.6. Nasdaq grew 0.35% to 14,069.4 while S&P500 surged 0.19%, ended at all time high at 4,247.4.
- Regionally, stocks ended mixed as US bond yields eased despite data showing soaring US consumer prices in May.
- Back home, the FBM KLCI closed 0.3% lower to settle at 1,575.16, mainly dragged down by glove stock.
- We expect the local market to trend within the range of 1,570-1,590 for the week with immediate resistance at 1,600 while support at 1,573.
