Daily Market Report (20 Jan 2021)
- Wall Street rebounded as traders emerged on hopes of another stimulus package plus improved corporate earnings.
- The DJI Average climbed 116 points to inch closer to the 31,000 mark with the Nasdaq up by 200 points to almost 13,200.
- Thus, we expect regional markets to trend higher today and as for the local bourse, we believe the FBM KLCI to remain volatile until Bank Negara announces their move on the Overnight Policy Rate (OPR).
- Therefore, we reckon the index to trend between the 1,600-1,615 levels today. With regards to the OPR, market is leaning towards a 25bps cut but we remain stubborn with a no cut stance.
