Daily Market Report (18 Nov 2020)

  • Wall Street retreated as traders decided to lock in some profits following a solid run post the Presidential election and positive vaccine news.
  • The DJI Average which gained by more than 5% over the past week again failed to breach the 30,000 mark as the benchmark index declined 170 points to settle at around the 29,780 level.
  • Therefore, we may see some retracement of regional markets today.
  • On the local front, we reckon rubber glove counters to experience continue selling pressures therefore the benchmark index may face with some headwinds today.
  • We believe the FBM KLCI which had jumped by more than 10% since early this month, may see it tough to maintain at current level with the 1,600 as the immediate support.
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