Daily Market Report (23 Feb 2021)

  • Volatility reigned on Wall Street as sentiments became jittery amid rising yields. The US 10-year Treasury yield touched a 12-month high instigating a sell-off amongst growth stocks especially those within the technology sector.
  • The DJI Average closed 27 points higher to above 31,500 after trending within a 400 point range while the Nasdaq lost 2.5%. Nonetheless, we expect regional markets to stage a mild rebound today following yesterday’s dismal performance.
  • On the local front, we reckon the FBM KLCI to also see a rebound of sorts following the extension of suspension in intra-day short selling activities till August 29.
  • In view of this, we believe the benchmark index to possibly trend within the 1,580/90 range today. Crude oil prices resume with its uptrend as the Brent crude again hovering above the US$65/barrel.