Daily Market Report (22 Feb 2021)
- Wall Street ended flattish last Friday as traders are pondering on possible higher interest rates amid the hike in US 10-year treasury yield to 1.34%.
- The DJI Average remained at 31,494 having touched a day high at almost 31,650. Therefore, we reckon performance of regional markets to be rather muted today.
- As for the local bourse, we believe sentiments will be boosted by news of the Covid-19 vaccine availability but may see performance to be negated as glove counters may see continue selling as a result.
- As such, we reckon the FBM KLCI to experience some strong resistance at the 1,590 level today.
- Crude oil price remains rather resilient at US$63/barrel as the gradual global recovery continues to support demand.