Daily Market Reports Issued By Rakuten Trade Research : Page 191

Seems like the situation in the US has worsen as the pandemic figures has skyrocketed.
This may force Trump’s hand for a more stringent lockdown whereby the impact could be more dire for Wall Street.
The DJI Average lost 360 points to just above the 21,000 mark last Friday and we expect there to be more selling pressure going forward.
Therefore we can expect another volatile session for the regional markets today.
Locally the FBM KLCI has been stubbornly holding above the 1,320 support level of which may be re-tested today.
We remain sellers into strength and advocate investors to remain cautious.

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Despite the positive close on Wall Street, latest Covid-19 infections which surpassed 1m globally coupled with the surge in US unemployment that is expected to be worse than that in 2015, prompted us to remain cautious of the regional market performance today.
Therefore, we expect any upside bias could be limited as investors may opt to take profit in view of the uncertainties.
On the domestic front, following yesterday’s rather surprising uptrend we would expect some profit taking to emerge today despite that Brent surged to almost US$30/barrel overnight.
The FBM KLCI is anticipated to trend between the 1,320-1,340 range today with some downside bias.

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Investors sentiments again were severely tested yesterday as Wall Street saw another wave of selling.
The DJI Average declined by almost 1,000 points on concerns over the US economic health as Covid-19 cases in the US has broken the 200,000 mark.
With this, we reckon regional markets may experience some selling pressure today.
Locally, following the FBM KLCI decline yesterday breaking the 1,330 support level effortlessly, we envisage the next support at 1,300 to be under threat.

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The way Wall Street penned out yesterday hopping between positive and negative territory, displayed the uncertainty amongst investors.
At the close, the DJI Average succumbed to the sellers as it closed 400 plus points lower.
Sentiments were also affected by the surge of Covid-19 cases in the US which is closing in to 190,000.
Reflecting the weaker close on Wall Street, we reckon regional markets to be rather mixed today.
As for the local bourse, we expect some pressure on the FBM KLCI today with 1,330 being the immediate support level.

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The tug of war between buyers and sellers continues as Wall Street ended the session stronger yesterday.
Though we foresee regional markets to follow suit backed by some relief buying, volatility is seen to remain high.
Locally, we expect to see the market to be firmer and expect the FBM KLCI to trend within a tight range of between 1,320/1,340.
Meanwhile, Spain has overtaken China to No.3 in position with its Covid-19 cases closing to 90,000 rendering the western world as the new epicentre of the pandemic.

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