Daily Market Report (15 June 2021)
- Wall Street saw traders returned to tech stocks ahead of the Federal Reserves meeting betting on extension of low interest rates.
- As a result, the tech heavy Nasdaq surged 105 points to close at a new record high at 14,175 whilst the DJI Average lost 86 points to end at below 34,400.
- Therefore, we reckon market volatility to remain within the regional markets and expect trading to be mixed today.
- As for the local market, the FBM KLCI performed rather credibly yesterday but we noticed there remain some uncertainty on the buying interests.
- Thus, we expect there may be some profit taking today possibly on Plantation stocks with the recent reversal on the crude palm oil prices to below the RM4,000/metric tonne.
- As such, we expect the index to trend within the 1,575-1,585 range today.
