Daily Market Report (26 July 2021)
- Better than expected earnings boosted sentiments as major indices on Wall Street hit record highs again.
- The DJI Average gained 238 points to close above the 35,000 mark whilst the Nasdaq was 152 points higher at above the 14,800 level.
- As a result, we believe regional markets to possibly trend higher today following a mixed bag last Friday.
- Locally, the FBM KLCI that saw some profit taking on Friday may see more selling pressure today as the country’s Covid-19 cases surged to a new daily high on Sunday hence any hopes of an easing of prevailing lockdown may not occur anytime soon.
- Meanwhile, the Parliament will reconvene today for 5 days thus today may be a rather interesting day.
- As for the local bourse, we anticipate the index to trend within the 1,520-1,530 range today.
