Daily Market Report (16 Jul 2020)
- Buying momentum continued on Wall Street on hopes of Covid-19 vaccine as the DJI Average topped 27,000 during the early session before profit taking emerged.
- Nonetheless, the index closed at 26,870 or 230 points higher. Meanwhile regional markets are expected to be mixed today as consolidation is set to persist.
- Locally the FBM KLCI may see some selling pressure as profit taking on rubber glove companies may continue.
- However, we expect buying support to emerge and see the index trending around the 1,580/90 range today.
