Daily Market Report (9 April 2021)
Daily Market Report (9 April 2021)

Daily Market Report (9 April 2021)

  • Wall Street achieved yet another solid performance as traders were convinced that the US economy is on a right recovery track.
  • Positive statements from Federal Reserves chairman Powell further fuelled buying activities as the DJI Average gained 57 points to close above the 33,500 level while the Nasdaq surged 140 points amid the declining treasury yields.
  • Therefore, we believe regional markets may continue with their uptrend with an eye on the escalating tension between China and the US in the South China Sea.
  • As for the local bourse, we reckon the FBM KLCI to experience more upside today predominantly from the resumption in trading for both DIGI and Axiata following the announcement of a possible merger in their mobile businesses.
  • As such, we expect the index to potentially hitting the 1,610 mark today provided interests on rubber glove stocks remain.
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