Daily Market Report (18 October 2021)
- Stellar 3Q earnings helped push US equities higher as all three major indices closed on positive territory.
- The DJI Average added 383 points to close above the 35,000 mark again while the Nasdaq was up by 74 points.
- In view of this, we reckon regional markets to trend higher today.
- As for the local bourse, the FBM KLCI is expected to breach the 1,600 mark today after coming close twice last week.
- Despite the index added 35 point last week, we believe foreign buying to buoy sentiments and expect it to trend around the 1,600-1,610 range.
- Meanwhile, buying interests are seen to continue on the Oil and Gas sector as the Brent crude breached the US$85/barrel.
