Daily Market Report (30 Apr 2020)
  • Wall Street surged overnight as news of a potential drug that will speed up the recovery rate of Covid-19 emerged.
  • The DJI Average gained by more than 530 points threatening to test the 25,000 mark.
  • As such, we expect regional markets to see firmer performances today as sentiments are buoyed by the positive developments.
  • On the local front, we anticipate the FBM KLCI to test the 1,400 level today but continue to advise caution as we envisage a plethora of bear traps as the higher the market, the more susceptible it will be to negative news.
  • We maintain our sell into strength strategy as the market remains volatile.
Daily Market Report (29 Apr 2020)
  • Traders relented from their buying spree on US equities as they ran out of reasons to do so.
  • As a result, the DJI Average slipped into the red zone down 32 points but still above the 24,000 mark on a highly volatile session yesterday.
  • Meanwhile, volatility of crude oil prices remains high as the WTI is still stuck at below the US$15/barrel which is sending bleak signals to the US shale producers amid looming bankruptcies.
  • Therefore, we expect regional markets to remain mixed from the lack of any clear indicators.
  • On the local front, we anticipate another listless trading session today with the FBM KLCI to trend between the 1,360/80 again.
Daily Market Report (28 Apr 2020)
  • Amid the dwindling crude oil prices, attention is now shifted to the reopening of the US economy as Wall Street continues with its uptrend with the DJI Average finally closed above the 24,000 mark.
  • Notwithstanding this, we find it rather uneasy as the US remains the apex contributor to the global Covid-19 figures.
  • We reckon regional markets may undergo a mixed trading pattern today as sellers would take advantage of any uptrend.
  • Domestically, we expect the FBM KLCI to trend between the 1,360/80 levels today and continue to advise investors to be cautious as sentiments remains highly jittery.
Daily Market Report (27 Apr 2020)
  • Wall Street trended firmer last Friday on the pretext that crude oil prices are stabilising.
  • However, all is not that rosy as US unemployment rate has spiked up to 4.4% so far in April from 3.5% at the beginning of this year.
  • Therefore, we foresee equity markets to remain shaky as the regional indices may be stuck within a consolidation phase.
  • On the local front, the FBM KLCI that has been rather resilient succumbed to the selling hence closed the week on a weaker note.
  • We expect the lack of indicators may see the index to trend lower to test the weak support of 1,360 as investors may want to stay sideline for now.
Daily Market Report (23 Apr 2020)
  • Trading pattern over on Wall Street has been erratic to say the least as traders are having a field day with equities thus far.
  • As expected, following the sell-down on Tuesday, the DJI Average recouped most of its losses by closing 450 points higher as if everything has stabilised.
  • As such, we reckon regional markets may start the day on a positive note but may close off highs as many would prefer to lock in some profits.
  • Locally, the FBM KLCI continued with its resilience to close above the 1,380 level yesterday.
  • As for today, we expect the index to hover between the 1,370/90 levels with some downside bias.