Daily Market Report (19 July 2021)
- Fears of inflationary pressure overshadowed better than expected earnings and economic data as US equities all ended in negative territory.
- The DJI Average lost 300 points to close around the 34,700 level while both the Nasdaq and S&P 500 were 116 points and 33 points lower respectively.
- As some countries are opening up their economies many are concern that a new phase of Covid infection may occur.
- Meanwhile, we reckon regional markets to be mixed today as the pandemic are still ravaging the region’s economies.
- In Malaysia, the lifting of EMCO in many parts of Selangor and Kuala Lumpur may be positive news but uncertainties are still evident amid the high Covid cases.
- Thus, we believe trading activities on the local bourse to remain muted and expect the FBM KLCI to trend within the 1,515-1,525 range as the market will be closed for Hari Raya Adiladha tomorrow.
