Daily Market Report (2 March 2021)
- Wall Street rebounded sharply following days of decline amid the uncertainty on rates. Buyers returned in force on hopes of vaccine optimism and the impending reopening of economy.
- The DJI Average soared 600 points to close above the 31,500 mark again. In view of this, we believe regional markets to improve further today after yesterday’s rather solid performance.
- On the local front, the FBM KLCI again succumbed to the drastic selling on glove stocks yesterday.
- Though we expect a broader based buying today, the FBM KLCI performance may be negated by the continuous sell-down on glove companies.
- Therefore, we foresee the benchmark index to trend within the 1,575/80 range today as bargain hunting activities should emerge after yesterday’s dismal showing.
