Daily Market Report (27 Oct 2021)
- Wall Street closed off their highs amid a volatile session as profit taking activities set in.
- All 3 major indices ended on a flat note with the DJI Average gained a mere 16 points while the Nasdaq inched 9 points higher.
- This may set a volatile tone for regional markets today and as for the local bourse, we reckon the mood to be cautious again ahead of Budget 2022.
- The FBM KLCI had so far trended within a tight range and we believe such moving pattern to continue over the short term.
- Hence, we expect the index to hover around the 1,580-1,590 today.
- Meanwhile, the crude oil price remains elevated as expectations of a cold winter may push crude oil price even higher.
- The Brent crude closed above the US$86/barrel yesterday.
