Daily Market Report (9 Feb 2021)
- Wall Street closed on fresh record highs as traders are optimistic of another stimulus relief package soon.
- The DJI Average gained 238 points to almost the 31,400 mark whilst both the S&P 500 and Nasdaq climbed 0.7% and 1.0% respectively.
- Domestically, the FBM KLCI again succumbed to some late selling in particular on rubber glove stocks. We noticed sentiments remained fragile as investors maintained their short term mode.
- Nonetheless, we are still adamant that the index will reverse its downtrend to test the 1,580/90 range as buying interests on rubber gloves could be back following days of selling down.
- Meanwhile, we expect Oil & Gas stocks to stay upbeat as the Brent Crude finally breached the US$60/barrel mark to close at US$60.50 which is more than a 1-year high.
