Daily Market Report (2 August 2021)
- Wall Street slumped into negative territory on concerns of the new delta variant that may hamper economic recovery.
- The DJI Average lost 149 points to below the 35,000 mark whilst the Nasdaq eased 106 points to around the 14,670 level.
- Although the US futures are now trading at stronger levels, we reckon Asian markets to be mixed today following a weak closing last week.
- On the local front, we believe ongoing political uncertainties coupled with persistently high Covid cases will continue to pressure the FBMKLCI on the back of foreign disposals.
- Thus, we expect the benchmark index to see some downside today though bargain hunting activities may emerge as well.
- As such, we reckon the index to trend within the 1,490-1,500 range today.
