Daily Market Report (29 Jan 2020)
Daily Market Report (29 Jan 2020)

Daily Market Report (29 Jan 2020)

  • Wall Street staged a relief rebound but we reckon it is insufficient to prop regional markets up to recoup yesterday’s losses. With sentiments still affected by the virus, investors may opt to wait and see on how the situation pens out.
  • Nonetheless, we believe the FBM KLCI to see a mild uptrend with 1,560 as the immediate resistance. As usual, glove makers benefitted during such crisis as demand would have heightened.
  • Meanwhile, CPO price slumped to around the RM2,600/mt level fearing the virus may affect demand coupled with the import ban by India.