Daily Market Report (5 August 2021)
- It was another mixed day on Wall Street on the back of a lower-than-expected job data with traders becoming more concern that the recent economic rebound may have peaked.
- The DJI Average closed 324 points lower to below the 34,800 level while the Nasdaq added 19 points to close at 14,780.
- In tandem with this, we believe regional markets will be mixed today following a decent performance yesterday.
- As for the local bourse, there was damage limitation from buying support by the local institutions.
- However, the trading range of the FBM KLCI has widened indicating heightened volatility.
- Notwithstanding this, as both the political and Covid landscapes remain undesirable, selling from foreign funds is expected to continue thus the index is set to experience some pressure today and is expected to trend around the 1,485-1,495 range.
