Daily Market Reports Issued By Rakuten Trade Research : Page 184

Wall Street finally corrected as traders took profits citing the escalating US/China tension and a rebound of Covid-19 cases in the US.
The DJI Average declined by around 100 points to close below the 24,500 level. Therefore, we reckon regional markets to continue with their consolidation today.
Following a rather positive week, where the FBM KLCI had gained by more than 70 points we believe the benchmark index to experience some correction.
As such the FBM KLCI may dip below the 1,450 mark to around the 1,445 level today.

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Sentiments on Wall Street turned positive on reopening optimism.
The DJI Average gained almost 370 points to stay well above the 24,000 mark. We reckon such optimism may spread across the regional markets today.
However, potential upside may be curtailed by some profit taking activities.
On the local front, we believe the FBM KLCI may attempt with its uptrend with an eye at 1,450 mark as crude oil price continues with its ascension as the Brent is now hovering around the US$36/barrel level from only US$27/barrel a week ago.
Nonetheless, we may see some resistance for the benchmark index around the 1,440/45 range.

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Sellers took centre stage on Wall Street yesterday as high hopes for a Covid-19 vaccine turned out to be a disappointment. The DJI Average lost 390 points but remain above the 24,000 level.
Therefore, one can expect profit taking on regional markets to emerge today following some solid performances yesterday.
As for the local bourse, we believe the FBM KLCI to be stubbornly supported by the local institutions but may soften today to around the 1,410/15 range as investors may want to take the opportunity to lock in some profits.

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Wall Street again staged a late revival to close on a positive note with hopes of a speedy recovery for the US economy.
We reckon such trading pattern on Wall Street should add plenty of volatility to regional markets amid the growing pandemic.
On the domestic front, the FBM KLCI continued with the rather strong showing as the benchmark index closed again higher.
For today, we believe the FBM KLCI to take cue from its regional peers thus may see the index tending on a tight range of between 1,390-1,410.

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Wall Street surged yesterday on hopes of an early success for a vaccine against Covid-19.
The DJI Average jumped by more than 900 points to end up above 24,500.
Therefore, one should expect such optimism to spread across the regional markets today.
On the local front, we would expect the FBM KLCI to trend higher during the early sessions but may experience some profit taking along the way.
Hence, we expect the benchmark index to test the 1,425 level and to close around the 1,420.
Nonetheless, we continue to advise investors to exercise caution.

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