Daily Market Report (17 Feb 2021)
- Wall Street took a breather as rising bond yields kept traders sidelined on concerns of possible higher borrowing costs.
- Whilst both the S&P 500 and Nasdaq ended lower, the DJI Average closed 64 points higher to fresh record high at above the 31,500 mark.
- On the domestic front, while the FBM KLCI again succumbed to late selling activities especially on the glove counters, we noticed that funds are shifting to smaller cap companies.
- Though the FBM KLCI may see some recovery possibly to above the 1,610 level, surging trading volume is indicative that retailers are back in force.
- We expect interests to remain on Oil & Gas stocks with the Brent crude staying above the US$63/barrel.
