Daily Market Report (3 Sept 2021)
- Major indices on Wall Street rebounded on lower weekly jobless claims as both the Nasdaq and S&P 500 closed at record highs again.
- Meanwhile, the DJI Average gained 131 points to inch closer to the 35,500 mark.
- Nonetheless, all eyes will be on the more crucial US job data today as this will determine the pace of the Federal Reserves removal of its easy money policy.
- Domestically, the FBM KLCI continued with its correction which we deem as healthy.
- News of prospective easing for the tourism sector may further boost sentiments.
- Therefore, we reckon the index to stabilize going forward as foreign funds continue to return.
- For today, we see the index to trend within the 1,580-1,590 range.
