Daily Market Report (25 August 2021)
- Wall Street closed higher as buying emerged on recovery stocks as well as bargain hunting on Chinese tech stocks which took a beating of late.
- The DJI Average closed slightly higher by 30 points while both the S&P 500 and Nasdaq finished the session at record highs.
- Nonetheless, the Federal Reserves annual event this week will chart the course of the market with respect to the tapering this year.
- Locally, the FBM KLCI surged by 31 points to break the 1,550 mark as buyers came out with a vengeance.
- Political clarity and hopes of more economic easing spur the local bourse to a 2-month high.
- Supported by improving market volume and solid corporate earnings, we believe the index to continue with its ascension and expect the index to possibly chart around the 1,555-1,565 range today as market valuation remains at attractive levels.
