Daily Market Report (27 August 2021)
- Sentiments turned cautious as major indices on Wall Street closed lower ahead of the Federal Reserves symposium today.
- The mood worsened on mixed economic data as the DJI Average lost 192 points from some late selling.
- Back home, the FBM KLCI maintained its impressive performance as foreign funds continue mopping up shares on the local bourse.
- The benchmark index had jumped by more than 6% to a 2 month high.
- Though we may see some intermittent profit taking, we expect the local bourse to preserve its bullish phase over the medium term.
- For today, we anticipate the index to charge ahead and possibly test the 1,600 mark amid the announcement of the cabinet today.
- Still, we believe profit taking to emerge thus expect it to trend within the 1,585-1,595 today.
