Daily Market Report (13 May 2020)
  • Wall Street again experienced late session sell-down as traders decided to lock in profits realising that the impact of Covid-19 could be worse than anticipated.
  • Euphoria over US opening of its economy has now turned cautious as many believe such a move could be premature.
  • The DJI Average closed below the 24,000 mark having declined by almost 460 points. As such, we reckon regional markets to continue with their consolidation as per yesterday.
  • On the local front, we expect the FBM KLCI to see some selling pressure today and expect the benchmark index to possibly test the 1,370/75 levels after which 1,360 would be the next support level.

 

 

Daily Market Report (12 May 2020)
  • It was another field day for traders on Wall Street yesterday on hopes that the US is relaxing its lockdown despite unemployment rate spiked up to a historical high at 14.7%. 
  • Though the DJI Average ended in the red, the index recovered 200 points from its day low.
  • Therefore, we can expect a choppy session today for regional markets following a rather solid performance yesterday.
  • Locally, due to the lack of catalysts we expect the FBM KLCI to be stuck within a tight range of between 1,375/90 as we need to ride out the CMCO for another month.
Daily Market Report (8 May 2020)
  • Wall Street is turning into a traders’ haven with volatility continues to dominate sentiments as the DJI Average again experienced late selling pattern despite closing on a positive note.
  • In line with this, we believe regional markets to remain directionless ahead of US unemployment data for April which is expected to be on a record high tonight.
  • Therefore, the local bourse is also seen to be flattish today due to the lack of any positive leads.
  • The FBM KLCI again saw very late selling pressure on Wednesday illustrating a high level of nervousness amongst investors.
  • Thus, we expect the benchmark index to see some downside possibly re-testing the 1,370 level today.
Daily Market Report (6 May 2020)
  • Trading on Wall Street is certainly not for the faint hearted as sentiments remain highly volatile.
  • Nonetheless, the DJI Average closed on a positive note but not before the last hour sell-down which saw the index dipped by around 260 points.
  • Meanwhile, we anticipate regional markets to be rather directionless today as investors are also keeping an eye on the US unemployment rate for April this Friday which is expected to jump to 16%.
  • On the local front, the FBM KLCI trended closed to 1,400 before it succumbed to last minute selling again.
  • As such, we see the index performance to be rather muted today as sellers may be quite evident to lock in profits despite the improving crude oil prices with the Brent closing on a week’s high above US$30/barrel.
  • We expect the FBM KLCI to trend between the 1,380/1,405 range today with some downside bias.
Daily Market Report (5 May 2020)
  • Wall Street ended into positive territory yesterday following the improving crude oil prices.
  • The DJI Average saw a late rally to close flat having been in the red for most of yesterday’s trading session.
  • The 400 points swing in the DJI Average yesterday again showed the high degree of volatility which could see the same within the regional markets today.
  • Domestically, we reckon the FBM KLCI may see some positive reaction today with the higher crude oil prices with the benchmark index to stay above the 1,380 level.
  • Overall, we believe markets are in very weak footings and investors should remain cautious.