Daily Market Report (2 Jan 2020)
Daily Market Report (2 Jan 2020)

Daily Market Report (2 Jan 2020)

  • Wall Street ended 2019 on a high, the US and China are going to seal phase 1 of their protracted trade discussion plus we are into a new decade. All these should be positive for the regional equity markets and expect some upside today.
  • On the domestic front, after a pathetic finale for 2019 we reckon buying should emerge today. Judging from the solid MYR now at 4.09/US$1, we believe there are foreign monies circulating within the local financial system and may mop up equities on a cheap.
  • As such, we foresee the FBM KLCI to breach the 1,600 mark today.
  • Do keep an eye on the plantations sector as consensus are upgrading the sector to OVERWEIGHT following the uptrend of CPO prices now at above the RM3,100/MT.