Daily Market Report (19 March 2021)
Daily Market Report (19 March 2021)

Daily Market Report (19 March 2021)

  • Wall Street plunged as the US 10-year Treasury yield spiked to a 14-month high. Hopes that a stronger US economic recovery and higher rates saw traders sold down equities as the 10-year yield crossed over the 1.7% mark.
  • The DJI Average closed 153 points lower at around the 32,800 level with the Nasdaq fared even worse losing 410 points or around 3%.
  • As volatility heightened, we expect regional markets to be adversely impacted today. On the domestic front, the FBM KLCI is expected to experience some weaknesses today in line with the regional markets.
  • Therefore, we believe the index to test the 1,620 level today with a more meaningful support around the 1,610/15 range. In such case, we would advocate investors to accumulate on weakness especially when the index breaks the 1,615 threshold.
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