Daily Market Report (21 June 2021)
- Wall Street slumped as traders switched on their selling mode fearing the Federal Reserves may raise interest rates sooner than anticipated.
- The DJI Average saw a 500 point decline to end at around the 33,300 mark while the Nasdaq lost 131 points to close just above the 14,000 level.
- As such, we reckon regional markets to turn jittery and see broad weakness today.
- As for the local bourse, we expect some profit taking to take place today following a strong late buying spree last Friday.
- Therefore, with the expected regional downtrend, we believe the FBM KLCI to see some downtrend and hover within a range of between 1,570-1,580 today.
