Daily Market Report (11 June 2020)

  • Profit taking activities took centre stage on Wall Street despite the Feds reassurance that interest rates will remain low indefinitely.
  • The DJI Average lost around 280 points to close just below the 27,000 mark yesterday. We reckon regional markets to continue with their intermittent correction today amid the abundance of liquidity.
  • As for the local bourse, we see the FBM KLCI to remain stubborn with the support from both the local institutions and retailers alike thus expect the index to hover within the 1,570/80 range today.
  • Meanwhile, keep an eye on the crude oil price as the Brent is now within the US$42/barrel.