Daily Market Report (30 June 2021)
- Wall Street closed higher at record highs again albeit rather unconvincingly as traders are now on a wait and see mode for fresh catalysts.
- The DJI Average ended flat at almost the 34,300 level whilst the Nasdaq added 28 points to close at almost 14,530.
- As for the regional markets, we believe trading to be mixed today after a lackluster performance yesterday due to a lack of clear buying indications.
- On the home front, the FBM KLCI edged higher yesterday as trading continues to be muted despite the announcement of the stimulus package.
- Nevertheless, we reckon bargain hunting activities to emerge somewhat on the local bourse today as valuations are currently hovering at attractive levels.
- Therefore, we expect the index to trend higher today and hover within the 1,545-1,555 range today.
- We noticed accumulation on small caps have had emerged yesterday following the sell-down on Monday and may persists for today.
