Daily Market Report (28 April 2021)
- Wall Street closed the session flat as traders were sidelined ahead of corporate results from the big guns.
- Meanwhile, the US 10-year yield surpassed the 1.6% mark to close at 1.62%. As such, the DJI Average ended the day 3.4 points higher at 33,985.
- In view of this, we reckon regional markets to remained mixed as trading is seen to be rather muted.
- On the domestic front, the FBM KLCI that breached the 1,620 level on Monday succumbed again to profit taking as the index declined almost 17 points to closed below the 1,610 again yesterday.
- Though we noticed foreign funds were buying, it was the local institutions that sold the market yesterday.
- As a result, the index is expected to again trend within the 1,600-1,610 range today amid the weak market undertone.
- Meanwhile, the crude palm oil (CPO) is currently trading on a 5- year high at RM4,500/metric tonne.