Daily Market Report (12 June 2020)

  • Wall Street experienced one of its worst sell-down yesterday on fears of a 2nd Covid 19 wave couple with the high unemployment rate.
  • As a result, the DJI Average lost almost 1,900 points to hover just above the 25,000 mark.
  • In line with the fragile sentiments, we reckon regional markets to see the same today as correction should take centre stage.
  • Locally, the FBM KLCI will finally relent from its stubbornness and undergo some downside today.
  • Therefore, we see a more meaningful support at the 1,500 level for the benchmark index.
  • Meanwhile, the 2nd wave fears had also seen crude oil price decline with the Brent down to below the US$40/barrel again at US$38.55.