Daily Market Report (11 Feb 2021)
- It was a volatile day on Wall Street as traders were faced with possibility of a stimulus relief package delay as well as batches of corporate earnings.
- Though both the S&P 500 and Nasdaq ended in the red, the DJI Average managed to hang on with a 62-point gain at above the 31,400 mark which is another record high.
- On the domestic front, we would expect the local bourse to be rather subdue ahead of a long weekend for the Lunar New Year festivities.
- Nonetheless, we reckon the FBM KLCI will continue to trend upwards and test the 1,600 level today with buying on rubber glove stocks to emerge after a series of trashings over the last few days.
- Crude oil prices continue with its uptrend as the Brent has surpassed the US$61/barrel mark.
