Daily Market Report (28 Jan 2020)
- Not going to be an auspicious start for the regional stock markets today. The spreading of the Wuhan coronavirus had investors scurrying for cover as many unloaded their position pushing the DJI Index 420 points lower.
- Meanwhile, crude oil price also retreated citing the virus may impact negatively on demand with the Brent crashed through the US$60 level to close at US$58.58/barrel.
- Looking at a plethora of adverse developments, we believe trading on the local bourse to be muted with the FBM KLCI facing some downward pressure with support seen at 1,560 today.
