Daily Market Reports Issued By Rakuten Trade Research : Page 178

Wall Street retreated on fears of the mounting Covid-19 cases in the US.
The DJI Average lost 361 points to dip below the 26,000 mark while Nasdaq continues with its record-breaking run.
Therefore, regional markets are expected to be mixed today taking cue from the weakness on Wall Street. Locally, we reckon the FBM KLCI to be flattish and is seen to trend within the 1,575-1,585 range today.

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Driven by high liquidity, Wall Street closed broadly higher despite coronavirus cases in the US surpassed the 3 million level.
The DJI gained almost 180 points to close above the 26,000 level again amid the high volatility.
Regional markets should continue to be mixed with some upside bias today as China continues with its bullish run.
On the local front we reckon the FBM KLCI which have been extremely stubborn toward the upside thus far to challenge the 1,600 level buoyed by high liquidity following the latest cut in interest rate on Tuesday.

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Wall Street experienced a pull-back citing fears of the rising coronavirus cases in the US. The DJI Average lost almost 400 points to close below the 26,000 level.
Therefore, we reckon regional markets may see some form of correction today.
On the local front, we expect profit taking to continue following the robust performance over the past week. As such we expect the FBM KLCI to take a breather again today and trend on a narrow range of between 1,555/1,565 range.

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Wall Street closed broadly higher on better than expected job data that strengthened investors’ confidence in equities despite the surge in Covid-19 cases in the US.
The DJI Average gained 460 points to just below the 26,300 level. Such resurgence could prompt continue buying on the regional markets today although profit taking may emerge following yesterday’s solid gains.
As for the local bourse, the strong buying support from domestic investors has helped push the FBM KLCI higher than the pre-MCO levels and may test the 1,600 mark which was last seen in January this year.
Nonetheless, we caution that profit taking may take place soon with immediate support at the 1,570 level.

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Wall Street was closed for Independence Day celebration but European markets were broadly lower on Friday.
Following a solid performance last week, we expect regional markets to be mixed today amid the rising coronavirus cases in the US.
Last week the FBM KLCI has been relentless breaking numerous resistance levels fuelled by domestic buying support.
Having gained around 60 points week-on-week, we reckon profit taking activities may emerge with the 1,530 level as the immediate support level.

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