Daily Market Report (2 Nov 2021)
- Economic recovery and downward trending Covid 19 cases buoyed sentiments as US equities resumed with their uptrend.
- As a result, the DJI Average closed 94 points higher to almost 36,000, a new record high.
- Back home, knee jerk reaction towards Budget 22 saw a sharp decline on the FBM KLCI as market undertone turned bearish.
- For today, we reckon the local bourse to experience sustain selling pressure as outlook for the local bourse has largely turned negative.
- Though bargain hunting may emerge, any upside may be countered by selling activities as we expect unloading of equities is set to continue.
- For today, we foresee the index to hover within the 1,525 – 1,535 range.
