Daily Market Report (29 Jan 2021)
- Wall Street rebounded following Wednesday’s massive sell-off amid US corporate earnings season.
- The DJI Average jumped 300 points to close at above 30,500 mark but way off intra-day high of almost 31,000. In this regard, we reckon regional markets to see some uptrend today though activities may be muted.
- On the local front, we believe the market weak undertone to remain as the FBM KLCI should see some downside today.
- Thus, we expect to see the index to possibly trend around the 1,570/75 range today ahead of a long weekend as the market is close next Monday.
- Meanwhile, with crude palm oil prices still solid at RM3,800/metric tonne, interests on the plantation sector may return.
