Daily Market Report (30 August 2021)
- Wall Street rebounded as traders perceived the Federal Reserves statement on tapering as very well managed.
- As a result, both the Nasdaq and S&P 500 closed at record highs with the DJI Average ended 243 points higher to almost the 35,500 mark.
- Therefore, we reckon regional markets to perform better today following a rather mixed showing last week.
- Locally, the FBM KLCI continued with its impressive performance as buying from foreign funds persisted.
- For last week alone, the index jumped by almost 5% and we expect it to continue with the uptrend.
- Though a correction is anticipated, we believe the intermittent profit taking activities to soften the impact.
- For today, we expect the benchmark index to inch closer towards the 1,600 level and hover within the 1,590-1,600 range today.
