Daily Market Report (6 August 2021)
- Wall Street rebounded sharply ahead of a crucial job data today, as traders are seeing that the employment data is well below the desired level thus may prompt the Federal Reserves to continue with monetary easing.
- The DJI Average rose 270 points to surged above the 35,000 mark again while the S&P 500 added 26 points to close at a record high at near the 4,430 level.
- As such, we reckon regional markets to perform better today after yesterday’s mixed performance.
- On the home front, the FBM FLCI defied gravity to close higher yesterday possibly due to hopes of an economic reopening soon.
- The Government has reiterated that they will no longer look at the daily infections to ease prevailing curbs as we are entering into Phase 2 of the national recovery plan.
- As such, we believe this will spur some buying momentum for the local bourse thus the index may look to breach the 1,500 mark and anticipate it to trend within the 1,500-1,510 range today.
