Daily Market Report (30 March 2021)
- Sentiments on Wall Street turned cautious as the US 10-year treasury yield closed higher crossing the 1.7% mark.
- Though the DJI Average ended the session on another record high at 33,171 with a gain of almost 100 points, both the S&P 500 and Nasdaq tumbled.
- Amid the heightened volatility of equities, we reckon regional markets to be rather mixed today after 2 days of solid performances.
- Back home, the FBM KLCI performance yesterday took us by surprise with the help of some foreign buying.
- Though we believe the index to experience some headwind with the 1,615 being the immediate resistance level, news that Malaysia will retain its membership in the FTSE World Government Bond Index may lift buying interests.
- Therefore, we anticipate foreign funds to maintain their inflows hence the index may even attempt to break the 1,620 level today.
