Daily Market Report (24 March 2021)
- Wall Street slumped as fears on delay of global economic recovery mounts amid the increase in Covid-19 cases in some countries.
- The DJI Average lost 308 points to close below the 32,500 mark whilst the Nasdaq declined by almost 150 points.
- In view of this, we believe regional markets to remain in a consolidation mode as volatility heightens.
- On the home front, we reckon the FBM KLCI may see bargain hunting to emerge albeit cautiously following yesterday’s weak performance closing below the 1,600 level.
- Nonetheless as feared, market undertone is weak with investors now are becoming more cautious thus we expect the index to trend between the 1,590-1,600 range today due to the absence of clear buying catalysts.
