Daily Market Report (16 Oct 2020)

  • Wall Street continue to decline as hopes for a stimulus package fades coupled with the higher US unemployment rate amid the spike in Covid-19 cases.
  • Though the DJI Average closed flat at just below the 28,500 mark or 20 points lower, it actually rebounded from an intra-day low of a 300 points deficit.
  • Therefore, we reckon regional markets to remain mixed today from the lack of catalyst.
  • On the domestic front, the FBM KLCI that experienced some late selling yesterday may further experience some downtrend with the 1,510 being the immediate support thereafter the 1,500 level would be the next psychological support level.
  • Meanwhile, amid the recent CMCO, we detected an increase in retail participation on the local bourse.