Daily Market Report (15 April 2021)
- Profit taking activities emerged on Wall Street following a record breaking run of late adding to higher volatility.
- The DJI Average almost touched the 34,000 level at one time before relenting to profit takings to close at 33,730 or 54 points higher while both the S&P 500 and Nasdaq ended lower.
- As for the regional markets, we believe cautious trading to continue amid heightened volatility.
- As for the local bourse, we reckon the FBM KLCI to stuck within a narrow range again from the lack of clear buying catalysts.
- Therefore, we expect the index to continue trending within the 1,595-1,605 range today.
- We noticed that daily volume has also shrunk somewhat as retail participation fizzled out as foreign funds again were net sellers again yesterday.
- On a brighter note, crude oil prices improved with the Brent crude now hovering at the US$66/barrel level.
