Daily Market Report (24 Feb 2021)

  • Another day, another volatile session on Wall Street as the Feds came out to ease inflation fears prompted major indices to close off their respective lows.
  • The DJI Average rebounded from a 360 points loss to end the day 16 points higher at 31,537. Therefore, we would expect reginal markets to be rather mixed today as the US equity futures remain subdue.
  • On the local front, the FBM KLCI again experienced late selling on glove stocks and may see similar pattern again today.
  • As such, we reckon performance of the local bourse to remain volatile but see prevailing spate of good corporate results as catalysts.
  • Hence, we expect the benchmark index to possibly trend around the 1,570/80 range today.