Daily Market Report (20 Apr 2020)
- Wall Street was higher last Friday on hopes of an early opening of the US economies as mooted by Trump.
- However, judging from the Covid-19 figures in the US where total cases are closing in at 800,000 with deaths surpassing 40,000, we believe Trump’s wish is only wishful thinking and is playing a highly dangerous game.
- Nonetheless, we reckon after a rather strong performance last week, regional markets may look to take a breather today.
- Locally, the FBM KLCI which was up by 50 points last week may see some easing today with 1,400 as the immediate support level.
- Meanwhile with crude oil prices plunging to a low again, this may put additional pressure on the MYR currently hovering at the RM4.40/US$1.
