Daily Market Reports Issued By Rakuten Trade Research : Page 189

Wall Street was higher last Friday on hopes of an early opening of the US economies as mooted by Trump.
However, judging from the Covid-19 figures in the US where total cases are closing in at 800,000 with deaths surpassing 40,000, we believe Trump’s wish is only wishful thinking and is playing a highly dangerous game.
Nonetheless, we reckon after a rather strong performance last week, regional markets may look to take a breather today.
Locally, the FBM KLCI which was up by 50 points last week may see some easing today with 1,400 as the immediate support level.
Meanwhile with crude oil prices plunging to a low again, this may put additional pressure on the MYR currently hovering at the RM4.40/US$1.

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Wall Street recovered on hopes that the US economy will be reopened sooner rather than later.
Trump in his usual defiant self, has declared that the pandemic in the US has peaked and may introduce to reopen the US economy in several stages.
Meanwhile, US added another 28,000 new cases yesterday pushing Covid-19 cases to 680,000.
Anyhow, it is widely anticipated that regional markets to be firmer today following the rebound on Wall Street.
Yesterday the FBM KLCI at one point was hovering close to 1,400 but succumbed to some late selling activities pushing the index to close flat hence we believe the downside bias to be greater than otherwise for today.
Though there may be a chance for the index to re-test the 1,390 mark we expect selling pressure to emerge with immediate support at the 1,380 level.
We advise investors to remain cautious and sell into strength.

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Sure enough Wall Street retreated yesterday as the bleak economic data and earnings began to sink in. As a result, the DJI Average lost 445 points to close at the 23,500 level.
Meanwhile, US Covid-19 cases surpassed 600,000 with deaths closing in the 30,000 mark and yet Mr Trump is thinking that the pandemic has peaked in the US.
Nonetheless, we can expect a weaker regional undertone today following some late selling across the region yesterday.
On the local front, the FBM KLCI was the last one standing yesterday within the region but we expect profit taking activities to take over today.
We were rather surprised of the FBM KLCI resilience over the past few days but may see some weaknesses today with the 1,380 as the immediate support.

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Wall Street seems to be in a self-denial mode as stocks surged yesterday as if the situation over in the US is improving. The DJI Average settle just below the 24,000 mark.
Meanwhile, in a blatant attempt to deflect his blunders, Mr Trump is blaming the WHO for the surge in Covid-19 cases in the US further illustrating the dire situation in the US.
Meanwhile, we reckon regional markets to see limited upside today following some solid performances over the last few sessions.
Locally, we expect upside to continue today but may be impeded by profit taking activities along the way.
Therefore, we would expect to see the FBM KLCI to possibly test the 1,380 mark and close around the 1,370/75 level today.

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Wall Street have had another wild session yesterday as US is entering into its earnings season.
The DJI Average trended between a 600-point range before it closed 330 points lower.
In line with this, we believe regional markets to continue being stuck in the realm of volatility.
On the local front, following a rather resilient session yesterday we expect the local bourse to experience some selling pressure today with the FBM KLCI to test the immediate support at the 1,350 mark.
Meanwhile, let’s not forget about Covid-19 which could top 2m cases globally by today.

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