Daily Market Report (4 March 2021)
- Traders sold down equities as many believe the high valuations on Wall Street may not be sustainable amid the higher bond yields.
- With the US 10-year Treasury yield inching towards the 1.5% again, concerns mounted that cheap financing will not be around for long. The DJI Average lost 121 points to close at 31,270 following a volatile session.
- On the domestic front, the FBM KLCI almost touched the 1,590 mark yesterday from bargain hunting activities on glove stocks.
- Nonetheless, we reckon trading on the local bourse to be volatile as sentiments will become jittery today.
- Therefore, we expect the benchmark index to trend within a tight range of between 1,585/90 with glove stocks hanging on precariously after yesterday’s impressive performance.
