Daily Market Report (24 Nov 2020)
Tue, Nov 24, 2020 8:57 AM
- As the world is bracing for more positive vaccine news, stock markets are all firmly eyeing at a recovery mode with Wall Street as no exception.
- The DJI Average jumped by more than 300 points to close above the 29,500 mark again. As such regional markets are expected to continue with their uptrend today.
- With the Brent crude jumping to a 2 month high above the US$46/barrel, we reckon interest will shift to oil related companies as the FBM KLCI continues with its recovery as the 1,600 to be breached with the 1,610 forming as the next resistant level.
- Meanwhile, with the crude palm oil remains stubbornly above the RM3,500/metric tonnes, plantation stocks are expected to attract interests with year-to-date top 5 laggards namely TDM, Rimbunan Sawit, TSH Resources, FGV and Boustead Plantation still offering reasonable value proposition.
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