Daily Market Report (16 Nov 2020)
- Wall Street resumed with its uptrend as traders continue with their rotational plays. Despite the surging pandemic cases in the U.S., traders remained optimistic that the vaccine news would continue to buoy the stock market.
- As such, the DJI Average jumped by almost 400 points to close at almost the 29,500 level. Regional markets are seen to make a reversal of sorts following a mixed session last Friday supported by the stronger Dow Futures hovering at almost 180 points higher currently.
- On the local front, the FBM KLCI may also see some rotational plays as investors are likely to focus on cyclical stocks whilst the Rubber Glove segment may continue to experience some volatility.
- Therefore, the FBM KLCI will consolidate with some upside bias with the 1,600 as the immediate resistant. Meanwhile, recent strengthening of the MYR against the USD to a post Covid-19 high may not bode well for exporters.