Daily Market Report (5 Feb 2021)
- Solid corporate earnings and better than expected economic data pushed US equities higher as Wall Street closed on record highs again.
- While the DJI Average gained 332 points to around 31,055, both the S&P 500 and Nasdaq ended the session at record highs. Meanwhile on the domestic front, the FBM KLCI remains rather volatile as the index only managed to stay above the positive territory late in the trading session.
- Thus, we believe such trend to persist as sentiments is still fragile and expect the index to hover within the 1,585-1,595 range today.
- We noticed that trading on smaller cap companies is gathering momentum hence may be a prelude for more active activities on these companies.
