Daily Market Report (26 Feb 2021)
- Fears over higher rates returned to haunt traders as the US 10-year Treasury yield topped 1.6% prompting a sell-off on Wall Street. The DJI Average lost 560 points to close at 31,400 mark while the Nasdaq bore the brunt of the selling declined over 3% to just above the 13,100 level.
- As such, we reckon regional markets may be affected as sentiments turns jittery. At home, the FBM KLCI finally ended higher in the absence of any late selling.
- Nonetheless, we expect a muted performance today in line with the regional markets. Thus, we believe the benchmark index to trend around the 1,580/85 range today.
- The Plantation sector remains overlook by investors despite crude palm oil again touched the RM4,000/metric tonne but we expect this to change soon.
