Daily Market Report (3 March 2021)
- Wall Street slumped as profit taking took place following a strong rebound the previous day.
- With the lack of market news, traders took the opportunity to lock in profits as the DJI Average slid 144 points to close a tad below 31,400 while the Nasdaq declined by 230 points.
- In view of this, we reckon regional markets to be mixed today. As for the local bourse, we expect the FBM KLCI performance to remain muted amid the volatility amongst the glove counters.
- Nonetheless, we believe the index should stabilise within the 1,570/75 levels today.
- Meanwhile, judging from Malaysia 10-year yield which is hovering above 3.1% currently from around 2.6% early this year, we see Bank Negara to maintain the Overnight Policy Rate this Thursday.
