Daily Market Report (24 March 2020)
- Investors remained unconvinced of the Feds latest move to shore up US assets as many are still stuck in selling mode particularly for equities.
- As a result, the DJI Average declined another 3% yesterday breaking the 19,000 mark.
- On the flipside, investors opted to buy up the US 10-year Treasury with the yield now hovering at the below the 0.8% from above 1.2% only a few days ago.
- Nonetheless, we may see some buying support today for regional markets following yesterday’s sharp decline.
- On the local front, we expect the FBM KLCI taking cue from the regional market and may see some buying today.
- Therefore, we expect the FBM KLCI to trend between the 1,250/80 range with some upside bias.
