Daily Market Report (30 April 2021)

  • Wall Street surged buoyed by solid corporate earnings for the 1Q2021 as the broader S&P 500 closed on a record high at above the 4,200 level while the DJI Average jumped by almost 240 points to above the 34,000 again.
  • Therefore, we reckon regional markets to maintain with their robust performance today. Back home, we can expect the local bourse to play some catch up following yesterday’s closure.
  • As such, we believe the FBM KLCI to possibly trend above the 1,610 today ranging within the 1,610-1,620. Nonetheless, we believe any buying may be muted as market sentiments remain fragile.
  • Meanwhile, crude oil price further improves with the Brent crude hovering near the US$69/barrel due to improving demand outlook.