Daily Market Report (3 May 2021)

  • Wall Street took a breather as traders decided to lock in some profits following a solid run for the month of April.
  • The DJI Average lost 185 points to close below the 34,000 whilst the Nasdaq declined 120 points to end at below the 14,000.
  • Therefore, we reckon regional markets to remain weak today from the lack of fresh catalysts.
  • On the home front, the FBM KLCI is expected to continue with its consolidation hence expect the index to trend around 1,600-1,610 range today.
  • Judging by the continuous fund flow from the retail portion, we believe retail participation to improve thus the smaller caps companies to continue with their rotational play.