Daily Market Report (4 October 2021)
- Wall Street rebounded as traders returned in droves to mop up shares.
- Though inflation and tapering persist, bargain hunting activities pushed all 3 major indices higher.
- The DJI Average rose 482 points while the Nasdaq increased by 118 points.
- Nonetheless, we remain vigilant if this is sustainable as sentiment is still highly fragile.
- On the local bourse, the FBM KLCI performed weaker than expected as inflow of foreign funds seem to have fizzle out.
- We believe external uncertainties to be the main reason for the weak market undertone plaguing the domestic market amid the heightened volatility.
- For today, we expect the index to remain stuck in a correction mode hovering within the 1,520-1,530 range.
