Daily Market Report (12 Jan 2021)
- Wall Street closed lower as traders suddenly became wary of the US equities high valuations prompting profit taking activities.
- As a result, the DJI Average was down by almost 90 points to remain just above the 31,000 mark. Thus, we expect regional markets to see some easing today after a mixed performance yesterday.
- On the local front, we expect the FBM KLCI to trend lower following announcements of lockdown 2.0 on several states yesterday.
- As such, we reckon the index to possibly test the 1,610 mark with 1,600 being a more solid support level. Nonetheless, we believe performance of the smaller caps to improve following bouts of corrections over the last few days hence trading volume is seen to improve.
