Daily Market Report (8 Feb 2021)
- Worse than expected job data has prompted fresh hopes of more stimulus package as Wall Street closed at new highs last Friday.
- The DJI Average ended 92 points higher to almost at 31,150 whilst both the S&P 500 and Nasdaq ended at record high again.
- On the local front, we reckon volatility to again dominate trading as the FBM KLCI again experienced late selling last Friday.
- Nonetheless, we reckon some stability for the market today as both of our largest exports in crude palm oil (CPO) and crude oil saw prices hitting solid levels.
- The CPO is closing in to the RM4,000/metric tonnes while the Brent crude is now within touching distance of US$60/barrel.
- Barring the volatility of glove counters, we would expect the benchmark index to test the 1,590 level today.
