Daily Market Report (18 Jan 2021)
- Intensifying lockdowns and weak US economic data have had pushed Wall Street lower as funds shifted to US Treasuries.
- Thus, the DJI Average lost 177 points lower at just above the 30,800 level while the Nasdaq closed below the 13,000 mark.
- Therefore, we would expect regional markets to remain mixed today.
- On the local front, we believe the FBM KLCI to be listless today from the lack of clear catalysts hence expect the index to trend possibly within a narrow range of between 1,620/30 levels.
- We would be buyers if the benchmark index dips below the 1,600 level.
- Meanwhile, we reckon logistics companies to be on investors radar soon as we reckon these companies to benefit substantially from the new norm of shopping and storage.
