Daily Market Report (22 August 2021)
- Rebound on Wall Street fizzled out as sentiments remained cautious ahead of the Federal Reserves’ decision on tapering and potential contagion on foreign financiers from China’s Evergrande debacle.
- The DJI Average lost 51 points to stay below the 34,000 level whilst the Nasdaq eked out a 32 point gain.
- On the local front, we saw some bargain hunting activities although investors were still wary of external factors.
- The FBM KLCI seems to be quite well supported at the 1,520 level hence we reckon accumulation of stocks to persist on dips.
- For today, we expect the index to possibly trend within the 1,525-1,535 range as we expect foreign funds inflow to continue.
