Daily Market Report (16 July 2021)
- Wall Street closed mixed despite earnings beating expectations as sentiments remain cautious on the market’s lofty valuations.In addition, there are also concerns that the easy money will eventually evaporate in view of the increasing inflation.
- The DJI Average gained 54 points to almost the 35,000 mark while both the S&P 500 and Nasdaq closed lower.
- As a result, regional markets are expected to be mixed today.
- As for the local bourse, the FBM KLCI uptrend was rather surprising yesterday due to the emergence of buying support from the local institutions.With Covid-19 cases registered another record high yesterday, we reckon sentiments to remain jittery thus may see some weaknesses today.
- As for the FBM KLCI, we expect the index to hover around the 1,515-1,525 range today.
- Meanwhile, keep an eye on the crude palm oil (CPO) movements as prices are rebounding since the low in mid-June.
