Daily Market Report (22 March 2021)
Mon, Mar 22, 2021 8:28 AM
- US equities fell following the Feds decision not to extend the capital breaks expiring end-March for banks during the pandemic era. As such, the DJI Average lost 234 points to close at around the 32,600 level.
- Nonetheless, the Nasdaq gained 99 points despite the US 10-year Treasury yields surged beyond the 1.70%.
- Along with the mixed trading pattern on Wall Street, we believe regional markets to remain mixed today.
- Back home, we reckon the FBM KLCI to see some selling pressure following last Friday’s strong closing as bargain hunting emerged when the index hovered near the 1,615 level.
- Therefore, we believe the index to again test the 1,620 level today with a more meaningful support around the 1,610/15 range.
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