Daily Market Report (15 Jan 2021)
- Wall Street retreated as traders stay sidelined awaiting for more details on the latest US relief package.
- As such, the DJI Average declined 69 points to close just below the 31,000 level whilst the Nasdaq also declined to end below its record high. We reckon regional markets to be steadier today following the after market unveiling of the US$1.9 trillion stimulus package.
- On the local front, we expect the FBM KLCI to trend higher today potentially challenging the 1,645 level supported by fresh inflow of foreign funds.
- Meanwhile, Brent crude price rebounded to above the US$56/barrel again putting hopes on some trading interests for the Oil & Gas counters again. Tech stocks will continue to attract interests and would advise investors to look at the laggards.
