Daily Market Report (23 April 2021)
- Wall Street ended lower as investors were shocked over President Biden’s proposal to double the capital gain tax for the wealthy.
- The DJIA fell 321 points to close at 33,815.9. S&P500 erased earlier gains to close 0.9% lower at 4,134.98 while Nasdaq slipped 131.81 points to end at 13,818.41.
- The sell down on US stock may cause some negative sentiment on regional markets, furthermore, we expect some profit taking activities on the regional market today following 2 days of rally.
- On the local front, stocks ended higher with bargain hunting activities, sending the FBMKLCI 11 points higher to end at 1,607.73.
- As for today, we expect the local market to trend sideways due to lack of catalysts and reckon the index to hover circa 1,605- 1,610 level.
