Daily Market Report (5 Jan 2021)
- Surging global coronavirus cases plus the runoff election in Georgia had traders pressing the panic button as Wall Street experienced heavy sell-down on the first day of 2021.
- The DJI Average which dipped below the 30,000 mark at one point recovered in late session to close around 30,220 or 380 points lower. In view of this, we reckon regional markets to be mixed today.
- On the local front, we expect the FBM KLCI to remain volatile impacted by high volatility amongst the glove counters. Therefore, the benchmark index to possibly hover within the 1,590/1,600 range today with 1,590 being the immediate support level.
- On a brighter note, the Ringgit is now at a 52-week high against the USD now hovering at RM4.00/USD1. We would expect the Ringgit to continue strengthening to around the 3.80 level this year.
