Daily Market Reports Issued By Rakuten Trade Research : Page 179

The momentum rally continues on Wall Street as equities were broadly higher despite the resurgence of Covid-19 cases in the US.
The DJI Average gained 217 points to close just below the 26,000 mark.
Therefore, we reckon the regional market should be mixed today following a solid performance yesterday as market volatility is heightened.
On the domestic front, we expect the FBM KLCI to remain stubborn at above the 1,500-level backed by local buying support with 1,510 as the immediate resistance.

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Wall Street rebounded on better economic data amid concerns of worsening Covid-19 cases in the US. The DJI Average gained 580 points to close at almost the 25,600 level.
With this, regional markets may see improved performances today following yesterday’s broad base decline.
Back home, the local bourse should continue with its uptrend after yesterday’s rather surprising late reversal and expect the FBM KLCI to challenge the 1,500 level again.

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Wall Street tumbled on fears of another possible lockdown following a spike in Covid-19 cases in the US namely Texas and Florida.
As a result, the DJI Average lost 730 points to stay just above the 25,000 mark.
Therefore, we believe regional markets may trend lower today with further weakness on the FBM KLCI as well.
The local benchmark index which had been on a consolidation mode of late, may break the 1,480 level today thereafter testing the 1,470 mark.

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Wall Street continued to be volatile as it recovered and closed higher notwithstanding on the rising Covid-19 cases as it opens its economy.
Tech stocks continued to lead with Nasdaq reclaiming the 10,000 level once again. Today we expect regional markets to move higher in line with the positive US market.
On the local front, we believe the FBM KLCI which have been under selling pressure is due for technical rebound and possible window dressing activities, hence we advocate buy on weakness.

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Sentiments on Wall Street turned tentative on the back of a potential second Covid-19 wave in the US.
As such the DJI Average lost 710 points to close below the 25,500 mark whilst the Nasdaq lost 222 points following its record-breaking run.
As a result, we anticipate regional markets to remain mixed today amid the ongoing consolidation.
On the domestic front, the FBM KLCI may finally relent and is seen to close below the psychological 1,500 level today having held on stubbornly above this threshold over the last few days.
Immediate support is seen at 1,490 level.

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