Daily Market Report (19 August 2021)
- Wall Street fell further on concerns that the Federal Reserves may commence its tapering sooner than anticipated.
- As a result, the DJI Average declined 382 points to below the 35,000 mark while the S&P 500 lost 48 points to around the 4,400 level.
- Meanwhile on the local front, many deem the political landscape to be clearer with the appointment of a new Prime Minister to be announced soon.
- As such, the FBM KLCI continued with its positive performance supported by foreign buying as we noted that there were net foreign inflows for the fourth consecutive days.
- As for today, we reckon the index to hover within the 1,525-1,530 range.
