Daily Market Report (7 April 2021)

  • Wall Street took a breather following a record breaking run as profit taking activities emerged.
  • The DJI Average lost almost 100 points to close around the 33,400 level whilst both the S&P 500 and Nasdaq closed flat.
  • In view of this, we believe regional markets to remain mixed today despite the futures showed some mild rebound.
  • On the local front, the FBM KLCI closed below the 1,580 mark as market consolidation continues.
  • The lack of fresh catalysts coupled with some offloading by foreign funds has kept market undertone weaker.
  • As such, we reckon the index to be stuck within the 1,575-1,585 range today as sentiments remain cautious.