Daily Market Report (29 June 2021)
- Wall Street closed mixed as the US 10-year yield ended lower to below the 1.5% again.
- Whilst the DJI Average lost 150 points to below the 34,300 mark, both the S&P 500 and Nasdaq closed at record highs. The Nasdaq in particular, closed 140 points to 14,500 mainly due to Facebook’s triumph for its court case.
- Nonetheless, we reckon regional markets will continue to be mixed today as the volatility of US equities have certainly heighten.
- Domestically, the FBM KLCI which slumped quite significantly yesterday may see some bargain hunting activities today albeit on a muted scale.
- The announcement of the RM150bn PEMULIH economic stimulus package though welcomed however many believe that the overall impact would be minimal.
- Thus, we believe the index performance to be quite subdued and expect it to trend within the 1,540-1550 range today.
