Daily Market Report (16 Apr 2020)
Thu, Apr 16, 2020 8:31 AM
- 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.
