Daily Market Report (10 Dec 2019)
Tue, Dec 10, 2019 8:43 AM
- Regional markets were mixed thus pulling down the FBM KLCI which saw further bouts of selling yesterday.
- With 2019 almost coming to an end, we reckon the benchmark index may languish at current levels finding it hard to even break the 1,600 mark.
- The absence of fresh foreign funds into the local bourse will continue to plague any chance of the FBM KLCI making a commendable comeback.
- Therefore, we believe the index may close the year below the 1,600 level as there are no signs of strong buying catalysts. Meanwhile, we caution on the recent uptrend of the CPO price as the discount against the soy price is narrowing to below its 5-year average.
