Daily Market Report (21 October 2021)
- US equities continued with its uptrend on the back of a solid set of corporate earnings.
- Sentiments remained buoyant as concerns over inflation abate for now.
- The DJI Average added 152 points to above the 35,600 mark while the Nasdaq was flat amid the 10-year US Treasury yield hovering around to the 1.7%.
- Back home, the FBM KLCI was well supported by foreign buying to stay above the 1,600 level and we believe the index to remain elevated at current levels.
- As the nation is warming up to the easing lockdowns, we reckon market undertone to stay positive and expect the spillover effect onto the smaller capitalised stocks soon.
- For today, we expect the benchmark index to hover within the 1,605-1,615 range.
