Daily Market Reports Issued By Rakuten Trade Research : Page 180

It was another rocky session on Wall Street as investors remained tentative on the US economic recovery and Covid-19 cases.
The DJI Average was down by 270 points at one time before it recovered to close just above the 26,000 level, down a mere 40 points.
Notwithstanding this, we expect regional markets to remain on consolidation mode today. As for the local bourse, we reckon the FBM KLCI to find its base at the psychological 1,500 mark with the 1,515 as the immediate resistance level.
Meanwhile, crude prices are improving with the Brent now rebounded to almost US$42/barrel.

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Profit taking activities emerged following the strong uptrend on Wall Street over the last few days. The DJI Average lost 170 points to remain above the 26,100 mark yesterday.
With the consolidation still very much intact, we reckon regional markets to be mixed today amid no clear catalyst.
Locally, we expect the FBM KLCI to experience some profit taking as well after yesterday’s strong closing. Hence, we see the benchmark index to oscillate within a range of between 1,520-1,530 range today.

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Wall Street staged a remarkable rebound on news of more stimulus from the Feds.
The DJI Average recovered by around 900 points to close the session almost 160 points higher to just below the 25,800 mark.
With this, regional markets may see some recovery following the sell-down yesterday.
On the local front, the FBM KLCI should see a mild recovery at around the 1,500-1,520 levels after a steep decline yesterday.
Nonetheless, we remain cautious on equities as many are inferring of a 2^nd Covid-19 wave coupled with the escalating tension between South and North Korea amid the fragile sentiments.

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Wall Street rebounded on Friday following the steep sell-down the day before.
The DJI Average gained almost 480 points to 25,600 level amid sentiments remained jittery affected by growing fears of the US Covid-19 cases.
As such, it is expected that regional markets to be rather mixed today as investors should be wary of the progressive easing from various countries judging from new cases in Beijing over the weekend.
The local bourse that had been one of the best performers in the region may continue to see intermittent consolidation with the FBM KLCI to hover between the 1,540 - 1,550 mark today.

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Wall Street experienced one of its worst sell-down yesterday on fears of a 2^nd Covid 19 wave couple with the high unemployment rate.
As a result, the DJI Average lost almost 1,900 points to hover just above the 25,000 mark.
In line with the fragile sentiments, we reckon regional markets to see the same today as correction should take centre stage.
Locally, the FBM KLCI will finally relent from its stubbornness and undergo some downside today.
Therefore, we see a more meaningful support at the 1,500 level for the benchmark index.
Meanwhile, the 2^nd wave fears had also seen crude oil price decline with the Brent down to below the US$40/barrel again at US$38.55.

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