Daily Market Report (9 March 2021)
- Wall Street is at a crossroad now as traders rejoice on the US$1.9 trillion stimulus package whilst keeping an eye on the higher bond rates.
- As such, US equities closed mixed as the DJI Average ended off its record high at around the 31,800 mark, up 306 points while the Nasdaq slumped 311 points.
- Meanwhile, regional markets are expected to remain mixed following yesterday’s rather unexpected decline.
- On the local front, we expect bargain hunting to continue although market undertone is still cautious. Signs of positive foreign fund flows of late could be due to the attractive valuations that the local bourse is trading at the moment.
- Therefore, we reckon the FBM KLCI to possibly test the 1,615/20 levels today after a brief encounter yesterday. Plantation players which were largely ignored despite the solid Crude Palm Oil (CPO) prices so far may see some buying interests going forward.
