Daily Market Report (4 Jan 2021)
- Wall Street ended 2020 with a bang as major indices closed on record highs. The DJI Average jumped by almost 200 points to close above the 30,600 mark.
- Nonetheless, we reckon regional markets may be subdued as global pandemic cases surged with some countries are looking at further lockdowns.
- Meanwhile, we expect the local bourse to see a weaker opening as well from the lack of catalysts with the US futures remains flat.
- Therefore, we see the FBM KLCI to possibly test the 1,620/25 range today. News of the termination of the High Speed Rail (HSR) may prompt some selling on the construction and building material stocks today.
- On the bright side, the ringgit continues with its strengthening against the USD now at RM4.02 which is positive to importers namely the auto stocks.
