Daily Market Report (5 Oct 2021)
- All 3 major indices on Wall Street ended broadly lower amid concerns over rising yields.
- The DJI Average declined 323 points to around the 34,000 level whilst the Nasdaq lost 311 points or by more than 2%.
- As a result, we believe regional markets to see heightened volatility today.
- On the domestic front, we reckon market undertone to remain cautious following the political scene in Melaka.
- Meanwhile, a lack of buying catalysts and externalities should put some pressure on the FBM KLCI today.
- For today, we anticipate the index to trend around the 1,515-1,525 as we expect some bargain hunting to emerge if the index hovers around the 1,510 level.
- Meanwhile, the Brent crude price has surged to a 3-year high above the US81/barrel.
