Daily Market Report (15 March 2021)
- Wall Street was rather mixed last Friday amid rising treasury yields. Optimism over the latest stimulus package was countered by inflationary fears as the 10-year US Treasury yields climbed to a 12-month high at 1.63%.
- As a result, the DJI Average jumped to another record high at 32,780 whilst the Nasdaq lost 79 points. We believe regional markets to react positively today but may be muted from rates concern.
- On the home front, we reckon the FBM KLCI to see further consolidation following some strong selling since last Wednesday.
- Therefore, we expect the index to trend around the 1,610/20 range today as interests may centre on the smaller caps today as volume traded is slowly creeping up.
- Meanwhile, both the crude palm oil (CPO) and crude oil prices remain bullish which should be positive on the Malaysian economy.
