Daily Market Report (17 March 2021)
- Profit taking activities emerged on Wall Street as traders took the opportunity to lock in profits ahead of the Feds statement today. With the 10-year yields hovering at 1.62%, traders are keeping a close eye on the Feds guidance on rates. The DJI Average lost 128 points to around the 32,825 level whilst both the S&P 500 and Nasdaq closed flat.
- As such, we expect the regional markets to see some pullbacks today after yesterday’s positive performances.
- For the local bourse, we reckon the FBM KLCI to remain positive on the presence of some bargain hunting activities especially the Plantation stocks as indicated by the 1% gain by the Plantation index yesterday.
- Nonetheless, we expect the FBM KLCI to make small strides like yesterday and see it hovering around the 1,625/30 range today.
