Daily Market Report (28 June 2021)
- US equities closed higher as traders believe inflation will only be temporary as the economy recover from the pandemic.
- The DJI Average rose 237 points to above the 34,430 level within a touching distance of its record while the S&P 500 closed 14 points higher to 4,280 which is a record high.
- Meanwhile the US 10-year yield rose to 1.52%.
- Therefore, we reckon regional markets may see another good day today following a solid performance last Friday.
- On the home front, the FBM KLCI performed rather unconvincingly as the index crept up 4 points to almost 1,560 last Friday.
- We believe the index to be quite mixed today as bargain hunting activities to be negated by the indefinite extension of the prevailing MCO.
- As such, we expect the index to trend within the 1,555–1,565 range today.
- Meanwhile, crude oil priced remain strong with the Brent now trading above US$76/barrel.
