Daily Market Report (27 Apr 2020)
- Wall Street trended firmer last Friday on the pretext that crude oil prices are stabilising.
- However, all is not that rosy as US unemployment rate has spiked up to 4.4% so far in April from 3.5% at the beginning of this year.
- Therefore, we foresee equity markets to remain shaky as the regional indices may be stuck within a consolidation phase.
- On the local front, the FBM KLCI that has been rather resilient succumbed to the selling hence closed the week on a weaker note.
- We expect the lack of indicators may see the index to trend lower to test the weak support of 1,360 as investors may want to stay sideline for now.
