Market Reports

Daily Market Report (16 Oct 2020)
Daily Market Report (16 Oct 2020)
  • Wall Street continue to decline as hopes for a stimulus package fades coupled with the higher US unemployment rate amid the spike in Covid-19 cases.
  • Though the DJI Average closed flat at just below the 28,500 mark or 20 points lower, it actually rebounded from an intra-day low of a 300 points deficit.
  • Therefore, we reckon regional markets to remain mixed today from the lack of catalyst.
  • On the domestic front, the FBM KLCI that experienced some late selling yesterday may further experience some downtrend with the 1,510 being the immediate support thereafter the 1,500 level would be the next psychological support level.
  • Meanwhile, amid the recent CMCO, we detected an increase in retail participation on the local bourse.

 

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Daily Market Report (15 Oct 2020)
Daily Market Report (15 Oct 2020)
  • US stocks closed broadly lower as hopes for an early stimulus package wanes hence pushing the DJI Average 165 points lower to just above the 28,500 mark.
  • As such, we reckon regional markets to remain mixed with some downside bias.
  • Domestically, the FBM KLCI which was rather volatile yesterday may continue to consolidate on potential new developments on the political front coupled with the persistently high Covid-19 cases.
  • Therefore, we see the FBM KLCI to continue trending within the 1,510-1,530 range without any decisive breakout.
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Daily Market Report (14 Oct 2020)
Daily Market Report (14 Oct 2020)
  • Wall Street retreated as traders took profit ahead of the corporate earnings season plus the delay in the US stimulus package. The DJI Average lost 158 points to close just below the 28,700 level.
  • Therefore, we reckon regional markets to be quite mixed today as some selling may emerge.
  • On the local front, the FBM KLCI will be under some pressure today as the country’s political situation remains fluid.
  • As we enter the 1st day of CMCO within the Klang Valley, we believe the benchmark index to possibly test the 1,510 level which is the immediate support level.

 

 

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Daily Market Report (8 Oct 2020)
Daily Market Report (8 Oct 2020)
  • Wall Street yet again was dictated by Trump’s tweet as he backtracked and urged a swift approval for the US stimulus package.
  • As a result, the DJI Average jumped by a massive 530 points surging past the 28,000 mark at 28,300.
  • Therefore, we reckon regional markets to be broadly firmer today. On the domestic front, the FBM KLCI should reverse its losses yesterday following some last-minute selling.
  • We believe the benchmark index to trend above the 1,500 level possibly to around the 1,505/10 range today.
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Daily Market Report (07 Oct 2020)
Daily Market Report (07 Oct 2020)
  • Wall Street was trashed by a tweet as Trump threw a tantrum and call off negotiation of the highly anticipated stimulus package.
  • As a result, all 3 major indices ended the day lower with the DJI Average losing 376 points to end below the 27,800 level.
  • Therefore, we would expect some weakness amongst the regional markets today amid the heightened uncertainty.
  • Locally, late selling activities saw the FBM KLCI to close lower and we reckon investors to stay sidelined today over the uncertainty.
  • As such, the index is seen to trend within the 1,505-1,515 range today.
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