Daily Market Report (23 Oct 2020)
- Volatility on Wall Street continues as dictated by the still unfinalized stimulus package.
- Hopes for the stimuli has “yo-yo” over the past few weeks with the latest that an agreement should be finalised soon.
- As such, the DJI Average added 153 points to inch towards the 28,400 level from the day’s low of around the 28,000 mark.
- Therefore, we reckon regional markets to see slight improvements following a weak performance yesterday.
- On the local front, we believe the FBM KLCI breach the 1,500 level with 1,510 being the immediate resistance today buoyed by glove counters on the back of the surging Covid-19 cases globally of late.