Daily Market Report (23 Sept 2021)
- US equities rebounded following the Federal Reserves nonchalant stance on tapering.
- Nonetheless, all 3 major indices closed off their session highs as traders expect tapering to take place by this year anyway.
- The DJI Average gained 338 points whilst the Nasdaq jumped by 150 points to just below the 14,900 mark.
- Positive news that embattled Evergrande will honour its latest interest payments may stabilize regional markets further.
- As for the local bourse, we detected the FBM KLCI continued to see some buying support from foreign funds.
- Nonetheless, market undertone remains cautious hence we expect the benchmark index to be stuck in a narrow trading range.
- For today, we see the FBM KLCI to hover between the 1,530-1,540 range.
