Daily Market Report (5 May 2021)

  • US equities were broadly lower as traders took opportunity to profit take as many deem Wall Street valuations to be on the high side.
  • Whilst the DJI Average gained 20 points to close at around the 34,133 level, tech stocks bore the brunt of the selling with the Nasdaq declined 261 points.
  • As such, we reckon regional markets to be mixed today amid the spike up in Covid-19 cases.
  • On the domestic front, we expect the FBM KLCI to remain stuck in its ongoing correction and anticipate the index to hover around the 1,580-1,590 range due to the absence of buying catalysts.