Daily Market Report (2 April 2021)

  • Traders turned positive on Joe Biden’s infrastructure plan pushing US equities higher.
  • Whilst the DJI Average was up 170 points to pass the 33,000 mark again, the S&P 500 crossed the 4,000 level for the first time ever after jumping by 47 points. The Nasdaq also ended higher as the US 10-year yield retreated to around the 1.67%.
  • In line with this, we reckon regional markets to trend broadly higher today.
  • Meanwhile, the local bourse should also see accumulation on stocks as bargain hunting activities continue.
  • Therefore, we expect the FBM KLCI to trend higher today with the 1,590 as the immediate resistance.
  • However, as sentiments remains rather cautious, we expect the index to hover within the 1,585/90 range today.