Daily Market Report (4 Feb 2021)
- Spurred on by solid corporate earnings, Wall Street ended on positive territory after a weak start. Sentiments also improved as the retail buying frenzy dissipated for now.
- As a result, the DJI Average gained 36 points to above the 30,700 mark having declined to 30,520 at one point. On the local front, we believe market volatility to continue as investors are now on a short term mode.
- Yesterday’s wild swing seen for the FBM KLCI further suggest that investors sentiments remained rather fragile.
- Nonetheless, we reckon the index to maintain its uptrend to around the 1,585/90 range with strong resistance at 1,600.
- We expect buying interests on oil & gas stocks to continue as the Brent crude price inches towards the US$60/barrel as it gained 1.8% hovering at US$58.50 yesterday.
