Daily Market Report (20 October 2021)
- Wall Street continued to be buoyed by solid corporate earnings amid concerns of higher inflation rate.
- The DJI Average jumped by almost 200 points while the Nasdaq gained 107 points.
- Meanwhile, the US 10-year yield surged pass 1.6% to end at 1.65%.
- On the local front, the FBM KLCI continued with its impressive performance as it settled above the 1,600 level.
- Persistent buying from foreign funds is expected to continue as we noticed that our regional peers are enjoying foreign funds inflow as well.
- Therefore, we reckon the benchmark index to trend around the 1,600-1,610 range today amid some intermittent profit taking activities.
- Prices for both our largest exports remain elevated as the crude pam oil and Brent crude stayed at above the RM5,100/tonne and US$85/barrel levels respectively.
