Daily Market Report (26 April 2021)
- Wall Street closed higher following a volatile session as news of a proposed hike in capital gains tax on the rich emerged.
- While many believe that a hike is likely, most think that the quantum may be lower than the proposed rate.
- As such the DJI Average ended the session 227 points higher to close above the 34,000 mark again.
- We believe market volatility should be erratic with the developments on Wall Street thus reckon regional markets to be rather subdued today.
- As for the local bourse, the FBM KLCI remained stuck within a consolidation mode as it fails to decisively break the 1,610 level since mid-March.
- Therefore, in the absence of fresh catalysts we expect the index to continue with its consolidation to trend within the 1,600-1,610 range.
