Daily Market Report (6 Feb 2020)
Daily Market Report (6 Feb 2020)

Daily Market Report (6 Feb 2020)

  • As expected, there were wild swings in sentiments as investors are now less edgy on the pandemic. Wall Street closed on a record high yesterday which should send positive vibes to Asia.
  • Commodity prices also improved as both the crude prices and CPO rebounded yesterday.
  • The CPO in particular jumped by almost 6% to close at RM2,850/MT following a sell-down over the past week. We need to see such improved sentiments in a more sustaining manner before acting with conviction.
  • Meanwhile, we still consider prevailing market conditions as situational with the broader market environment as fluid. Nonetheless, we anticipate the FBM KLCI to retest the 1,550 mark sooner than later.