Daily Market Report (12 Nov 2019)
Tue, Nov 12, 2019 9:49 AM
- We believe the local market may see a relief rebound today following yesterday’s dismal performance spearheaded by Hong Kong which shed by more than 700 points as violence escalated to unprecedented levels.
- Meanwhile, we are still waiting for the US China Trade discussion outcome that seem to have gone a tad too quiet. The FBM KLCI may hit a road bump at 1,610 after which the 1,620 will act as the next resistance level.
- Rotational plays still rule the day as interests are now centred on palm oil related counters in line with the stronger CPO prices.
- The plantation index gained 6.2% over the past month and we have chosen the following which are deem laggards within the sector namely Batu Kawan, KLK, IOI Corp, Hap Seng Plantation, TSH Resources and Genting Plantation.
