Daily Market Report (27 Jan 2021)
- US equities were flat as traders became cautious ahead of corporate earnings especially from major companies over the next few days. The DJI Average which was up 150 points at the start closed 23 points lower to around the 30,937 mark.
- As such, we expect regional markets to remain listless today due to the lack of clear catalysts. On the local front, the FBM KLCI again fell in late session possibly attributed to selling pressure from foreign funds.
- The benchmark index which was up to 1,610 earlier ended flat at 1,575 mainly due to profit taking activities on glove stocks. With market sentiments now becoming jittery, we reckon trading today to remain lacklustre and see the FBM KLCI to trend within a narrow range between the 1,570-1,580 range.
- Meanwhile, it is worthwhile to note that construction activities are still ongoing with both Advancecon Holdings Bhd (5281) and Gabungan AQRS Bhd (5226) getting new contracts.
