Daily Market Report (16 June 2021)
- Wall Street closed lower as traders became jittery over the possible outcome from the ongoing Federal Reserves policy meeting.
- The tech heavy Nasdaq dropped 101 points at 14,700 level while the DJI Average ended 94 points lower at the 34,300 mark.
- With expectation that interest rates may increase, we reckon regional market will continue to be mixed and weaker today.
- On the local front, the FBM KLCI saw some buying support from the foreign funds in late trading hours and we would expect the index to again hover within a tight trading range with some upside of around the 1,580-1590 range today.
- Meanwhile, the Brent crude oil price remains resilient at US$74/barrel.
