Daily Market Report (20 April 2021)
- Profit taking activities emerged as traders locked in profits following several record breaking runs on Wall Street.
- The DJI Average lost 123 points to close just above the 34,000 mark while the selling was more severe on tech stocks as the Nasdaq declined by 137 points.
- In view of this, we reckon market volatility to heighten amongst the regional markets after a solid performance yesterday.
- Back home, the FBM KLCI remains stuck in a consolidation mode as the index is unable to break above the 1,610 level over the past week.
- As trader’s stance is still very much short term, we believe the index to hover within the 1,600-1,610 today.
- Meanwhile the Brent crude price is still well supported above the US$65/barrel as it managed to touch the US$67 mark yesterday.
