Daily Market Report (8 October 2021)
- US equities ended higher as the Senate secured a short term increase for the US debt ceiling.
- However, sentiments remain cautious as all 3 major indices closed off their respective highs with the US 10-year yield inching closer to 1.6%.
- The DJI Average gained 338 points while the Nasdaq ended 152 points higher.
- For the local bourse, ongoing bargain hunting activities continued to support the FBM KLCI with interests again centered mostly on plantation companies.
- While the broader market is seen to improve in line with Wall Street’s performance, we believe volatility remains high.
- As such, we anticipate the index to trend within the 1,555-1,565 range today.
