Daily Market Report (6 October 2021)
- Bargain hunting activities pushed US equities broadly higher amid the US 10-year Treasury rates hitting above the 1.52%.
- The DJI Average rose 311 points while the Nasdaq added 178 points to almost the 14,500 level.
- Whether this is sustainable remains to be seen.
- As for the local bourse, the FBM KLCI reversed previous weakness due to bargain hunting activities and we expect the index to possibly trend around the 1,530-1,540 range today as market sentiment is still rather cautious.
- Meanwhile, the country’s two major commodities continue to perform credibly with the crude palm oil (CPO) October futures hitting a new record high of RM5,050/tonne mark whilst the Brent crude surged pass the US$82/barrel level.
