Daily Market Report (23 July 2021)
- US equities eked out gains propped up by solid earnings expectations despite a higher than expected jobless claims.
- Though the DJI Average closed relatively flat at 34,823 or 25 points higher, the Nasdaq was up 53 points closing in on the 14,700 level.
- Contrary to expectations, regional markets performed broadly higher amid the surging Covid-19 cases yesterday thus we reckon profit taking activities may appear today.
- At home, the FBM KLCI performed better than expected buoyed by late buying support from local institutions as well as the strengthening of regional bourses.
- We reckon this may not be sustainable as yesterday’s buying could be due to some quarterly window dressing activities.
- As such, we anticipate the index to possibly hover within the 1,520-1,530 range today.
- Meanwhile, keep an eye on both the crude palm oil and crude oil prices as both of our main exports are beginning to show some strength again.
