Daily Market Report (22 April 2021)
- Wall Street rebounded as traders turned buyers on recovery stocks amid some bargain hunting.
- The DJI Average jumped by more than 300 points to surpass the 34,000 mark while the Nasdaq gained 164 points closing in on the 14,000 level.
- As such, we reckon regional markets to see some upside today after a rather downbeat performance yesterday.
- On the local front, we believe some bargain hunting to emerge after the FBM KLCI dipped below the 1,600 yesterday.
- Thus, we foresee the index to trend higher possibly around the 1,600-1,605 range today.
- Despite the lack of interest, the crude palm oil (CPO) is performing quite well at above the RM4,000/metric tonne so far this month.
- The CPO closed at almost the RM4,190/metric tonne yesterday.
