Daily Market Report (30 Apr 2020)
- Wall Street surged overnight as news of a potential drug that will speed up the recovery rate of Covid-19 emerged.
- The DJI Average gained by more than 530 points threatening to test the 25,000 mark.
- As such, we expect regional markets to see firmer performances today as sentiments are buoyed by the positive developments.
- On the local front, we anticipate the FBM KLCI to test the 1,400 level today but continue to advise caution as we envisage a plethora of bear traps as the higher the market, the more susceptible it will be to negative news.
- We maintain our sell into strength strategy as the market remains volatile.
