Daily Market Report (24 August 2021)
- Major indices on Wall Street continued to trend higher as buying activities gathered pace predominantly on recovery stocks spurred by reopening of the economy.
- Whilst the DJI Average and the S&P 500 jumped by 215 points and 38 points respectively, the Nasdaq came into life and closed at a record high to almost the 15,000 mark or up 230 points.
- On the domestic front, the FBM KLCI maintained its uptrend albeit in a muted manner.
- The index has gained 20 points since last week and we reckon bargain hunting activities to persists as the combat against Covid-19 continues.
- Yesterday’s dip in cases to below 18,000 may instill some optimism to the otherwise fragile sentiment as shown from the improved market volume.
- For today, we anticipate the index to possibly stabilise at around the 1,520-1,530 range.
