Daily Market Report (3 Apr 2020)
- Despite the positive close on Wall Street, latest Covid-19 infections which surpassed 1m globally coupled with the surge in US unemployment that is expected to be worse than that in 2015, prompted us to remain cautious of the regional market performance today.
- Therefore, we expect any upside bias could be limited as investors may opt to take profit in view of the uncertainties.
- On the domestic front, following yesterday’s rather surprising uptrend we would expect some profit taking to emerge today despite that Brent surged to almost US$30/barrel overnight.
- The FBM KLCI is anticipated to trend between the 1,320-1,340 range today with some downside bias.
