Daily Market Report (24 May 2021)
- Spooked by the Bitcoin collapse, US equities especially tech-based closed last week at the low.
- However, the DJI Average gained 123 points at 34,200 level.
- Looking at the heightened volatility again, we believe regional performance to be again somehow muted.
- On the local front, the FBM KLCI has lost around 30 points since early May and we do not see any buying catalysts.
- Nonetheless, we expect the index to stage a minor rebound and hover between the 1,560-1,570.
