Daily Market Report (26 Jan 2021)
- It was a “yo-yo” day on Wall Street as US equities rebounded off lows following a weak start as bargain hunters emerged to push both the S&P 500 and Nasdaq to close at record highs.
- The DJI Average which declined by more than 400 points at one time ended the session 37 points lower at 30,960. Back home, we reckon yesterday’s selling was a tad overdone thus expect the FBM KLCI to stage a rebound today.
- Talks of a stricter lockdown, spooked sentiments on the local bourse as the benchmark index lost 20 points to break the support of 1,580.
- Nonetheless, we believe bargain hunters should prop the index up possibly to above the 1,590 today.
- Amongst the KLCI constituents, top 5 losers yesterday were Dialog, Petronas Chemical, Press Metal, Hap Seng and CIMB and we noticed both Dialog and MISC may have been in oversold territory now.
