Daily Market Report (31 May 2021)
- Wall Street closed firmer on optimism that the US economic recovery will be sooner than later.
- The DJI Average added 65 points to close at 34,530 whilst both the Nasdaq and S&P 500 closed flat.
- As for the regional markets, we reckon buying activities to persist although on a cautious mode.
- On the domestic front, late buying on the local bourse continued as the FBM KLCI closed flat at 1,594 despite being in negative territory throughout the day.
- We noticed foreign funds are slowly trickling in and hopefully this is sustainable.
- For today, we expect the index to hover within the 1,590-1,600 range today.
- Meanwhile, both the Brent crude and Crude palm oil are looking good with the CPO to close on the all time highest average for May.
