Daily Market Report (30 Dec 2020)
Wed, Dec 30, 2020 8:35 AM
- Wall Street closed lower as profit taking activities emerged after all the major indices opened on fresh record highs. The DJI Average closed 68 points lower to end the session at 30,335 level.
- As such, we expect regional markets to be rather mixed today. Domestically, we believe the FBM KLCI may continue to be weigh down by selling activities on rubber gloves stocks thus expect the benchmark index to test its immediate support of 1,630 today.
- Meanwhile, the extension of vehicle sales tax exemption by another 6 months may induce some buying interests on Auto stocks with DRB Hicom as our favourite (see our technical report today).
- Also, Kim Loong’s latest quarterly earnings had more than doubled due to higher CPO prices may be the start of positive developments to come for the rest of the planters.
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