Daily Market Report (10 Feb 2021)
- Wall Street took a breather following a series of record breaking performances as reality over valuations sink in.
- While both the DJI Average and S&P 500 closed slightly lower, the Nasdaq remained in positive territory.
- As for the local bourse, we believe the buying momentum to continue after breaking out from its consolidation yesterday.
- Therefore, we should see the FBM KLCI to test 1,590 thereafter around the 1,595 level today amid some degree of volatility as sentiments on glove counters remain rather fragile.
- Meanwhile, crude oil prices remained resilient with the Brent crude now firmly above the US$60 level hovering at US$61.10/barrel currently.
- For 2021, we expect Brent crude to possibly touch the US$65/barrel.
