Daily Market Report (25 Feb 2021)
- Wall Street surged as traders came back in force following Feds chairman Powell eased fears on inflation. As a result, the DJI Average jumped 425 points to close at a record high to almost the 32,000 mark.
- Therefore, we believe regional markets to see some rebound today after yesterday’s sell-off.
- On the domestic front, the FBM KLCI continued to be hampered by the selling on glove stocks rendering the prevailing market undertone rather weak.
- Nonetheless, we reckon buyers should emerged to buy on weakness as the benchmark index had declined by almost 2% week on week basis thus, expect the FBM KLCI to see some upside and trend around the 1,560/70 range today.
- We continue to like the energy stocks as the Brent crude is inching ever close towards the US$70/barrel after touching US$67/barrel yesterday.
