Daily Market Report (3 Feb 2021)
- Wall Street surged as concerns over the retail trading frenzy began run out of fuel amid ongoing negotiations over the new relief stimulus package.
- As a result, the DJI Average gained by more than 400 points inching towards the 30,700 mark. Domestically, the FBM KLCI which rebounded strongly yesterday is expected to continue with its uptrend today.
- Despite a 14-day extension to MCO 2.0, we believe the benchmark index to possibly test the 1,590 level following a 2 week long consolidation.
- Oil & Gas stocks may be in the limelight today with the Brent crude price trending past the US$56/barrel hovering at US$57.50/barrel at the moment.
