Daily Market Report (16 Feb 2021)
- Wall Street was closed for President’s Day yesterday. Nonetheless, optimism on US equities remain high with all three major indices futures currently trading at positive territory with the DJI Average futures now almost 180 points higher.
- Thus, we expect regional markets to trend higher today buoyed by sustained buying momentum. On the local front, yesterday’s uptrend was broad-based hence we believe liquidity to continue playing its part to support the FBM KLCI today.
- Therefore, we reckon the index to breach the 1,615 level today which formed a formidable resistant yesterday.
- We could be in for a post Chinese New Year Rally.
- Meanwhile, crude oil prices and Crude palm oil prices continue to stay solid with the Brent staying lose to the US$64/barrel while the CPO is hovering near the RM4,000/metric tonne.