Daily Market Report (30 July 2021)
- US equities closed higher as traders shrugged off the lower than expected GDP growth for the 2Q amid the growing concerns of the increasing global Covid-19 cases.
- The DJI Average jumped 154 points to close above the 35,000 mark while the Nasdaq and the S&P 500 were 16 and 18 points higher respectively.
- On the local front, latest developments on the political scene saw the FBM KLCI ended in negative territory yesterday.
- We reckon sentiments would continue to be negatively affected today as political uncertainties heighten.
- Hence, we expect the index to experience more weaknesses today however bargain hunting activities may emerge if the selling is overdone.
- Therefore, we would expect the index the trend around the 1,500-1,515 range today.
