Daily Market Report (19 Nov 2020)
- Wall Street declined as the US is grappling with the rising Covid-19 cases overshadowing the positive vaccine developments.
- As a result, the DJI Average which was in positive territory during the early session lost 345 points and again failed to surpass the 30,000 mark.
- Therefore, we reckon regional markets to be mixed today. Back home, we should see continued volatility amongst the rubber glove counters as news on the vaccine is becoming a reality.
- The FBM KLCI which was hanging stubbornly above the 1,600 level yesterday may again see some pressure today and if broken the next support is at 1,590.
- Meanwhile, we noticed that the crude palm oil (CPO) remain persistently strong and recent good results from the planters should attract interests back into the sector.