Daily Market Report (19 Feb 2021)

  • Wall Street retreated on weaker than expected job data as traders took profits following recent record breaking performances.
  • Nonetheless, all three major indices closed off their respective lows on news of more stimulus. Meanwhile, the local bourse continued with its decline again due to late selling dragged by regional weaknesses.
  • Sentiments remained jittery as there are no clear buying catalysts thus, we reckon the FBM KLCI to trend within the 1,575/80 range today.
  • However, we noticed that interests on the smaller cap stocks remained rather strong as retailers continued to dominate trading activities.