Daily Market Report (20 Jul 2020)
- Amid the worsening coronavirus cases in the US, sentiments were further impacted by the decline in banks’ earnings as the economic reality sinks in.
- Nonetheless, the DJI Average was rather stubborn losing a mere 63 points last Friday to end the session at 26,672 level.
- Following a rebound spearheaded by China, we reckon regional markets to be rather mixed today in the absence of strong catalysts.
- Locally, the positive reversal of rubber glove players performance helped pushed the FBM KLCI closer to the 1,600 mark again and we believe the index may test the 1,610 level today as optimism returns.
