Daily Market Reports Issued By Rakuten Trade Research : Page 177

Amid the worsening coronavirus cases in the US, sentiments were further impacted by the decline in banks’ earnings as the economic reality sinks in.
Nonetheless, the DJI Average was rather stubborn losing a mere 63 points last Friday to end the session at 26,672 level.
Following a rebound spearheaded by China, we reckon regional markets to be rather mixed today in the absence of strong catalysts.
Locally, the positive reversal of rubber glove players performance helped pushed the FBM KLCI closer to the 1,600 mark again and we believe the index may test the 1,610 level today as optimism returns.

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Buying momentum continued on Wall Street on hopes of Covid-19 vaccine as the DJI Average topped 27,000 during the early session before profit taking emerged.
Nonetheless, the index closed at 26,870 or 230 points higher. Meanwhile regional markets are expected to be mixed today as consolidation is set to persist.
Locally the FBM KLCI may see some selling pressure as profit taking on rubber glove companies may continue.
However, we expect buying support to emerge and see the index trending around the 1,580/90 range today.

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News of potential vaccine for Covid-19 helped push Wall Street to higher levels with the DJI Average gaining 556 points to close at almost the 26,650 level. This is despite a spike up of coronavirus cases in the US.
Notwithstanding this, we expect regional markets to see a rebound today after yesterday’s decline.
Locally, we envisage the FBM KLCI to break the 1,600 mark today following yesterday’s blip.
As such, we expect the benchmark index to hover within the 1,610-1,615 range.
Meanwhile, we continue to advocate investors to exercise caution as the US – China trade tension escalates.

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Wall Street finally heeded the severity of Covid-19 in the US as California is reinstating another lockdown.
As such, the DJI which was up by over 560 points at one time closed flat at just above the 26,000 mark from heavy late session selling.
In view of the situation in the US, regional equities may see some profit taking activities today.
With regards to the local bourse, the FBM KLCI which closed on a 6-month high yesterday may experience some reversal today with the 1,600 level see as the immediate support.

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Wall Street defied gravity amid the rising Covid-19 cases in the US as stocks ended broadly higher.
The DJI Average gained 370 points to surpass the 26,000 mark again. Regional markets are expected to rebound after ending the week in the red last Friday.
On the local front, the FBM KLCI is definitely bent on breaking the 1,600 level following a blistering week which saw the benchmark index making a 40 point gain week on week.

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