Daily Market Report (23 March 2021)
- Wall Street rebounded as traders flocked back as buyers amid the declining US 10-year Treasury yields. With the 10-year yields dipping below the 1.7%, the DJI Average gained 103 points whilst the Nasdaq jumped by more than 1.2%.
- As market volatility heightened, we reckon regional markets may see muted performances today.
- On the local front, we expect the FBM KLCI to strengthen today following yesterday’s weak closing. Therefore, we expect the index to inch higher and test the 1,620 level today.
- However, we notice market undertone remains quite weak from the lack of buying catalysts and the absence of any meaningful inflows from the foreign funds thus we continue to advocate investors to maintain BUY on Weakness.
- Meanwhile, we are also keeping an eye on the relationship between China and the US.
