Daily Market Report (5 Feb 2020)
- Temporary reprieve amid the coronavirus as authorities are ramping up their efforts to stabilise the jitters. Overnight, Wall Street staged another impressive rebound to lend a hand solidifying market sentiment.
Therefore, we reckon regional uptrend to continue and will spillover to the local bourse as well. All these are very well to check on the downtrend however in reality we are seeing crude oil as well as CPO continuing with their fall.
Brent is currently hovering at US$54 from above US$60 mark only last month. As for CPO, we are hoping for a rapid rebound from current level as a prolonged dip may see a downgrade on the sector.
- All in all, the situation remains rather fluid hence we advocate investors to remain vigilant. The FBM KLCI is expected to see some resistance at the 1,550 level.
