Daily Market Report (26 August 2021)
- Major indices on Wall Street inched to record highs again despite the higher US 10-year Treasury yield to around 1.35%.
- However, trading was cautious as traders are keeping an eye on the Federal Reserves regarding the bond buying process.
- On the local front, political stability has been secured as the opposition is in agreement with the current administration to unite combating the pandemic and revive the prevailing economic crisis.
- As a result, the FBM KLCI performance of late has been rather impressive.
- Over the last 2 weeks, the index had improved by almost 5% or 70 points and we believe it to strengthen further.
- For today we expect the index to possibly test the 1,580 level as sentiments are turning more positive.
