Daily Market Report (4 March 2020)
- US FOMC held an emergency meeting yesterday slashing rates by 50 basis point with markets reacting positively initially before falling again as the Covid-19 remains the key drag to the global economic growth.
- On the bright side, there are concerted efforts by major central banks around the world that working to reassure their commitment to provide stability and cutting rates to bolster the economy.
- On the local front yesterday BNM have also cut rate by 25 basis point bringing a total 50 basis point cut for the year. We would expect the FBM KLCI to remain volatile with 1,460 being the support level. Investors and traders may look to bargain hunt oversold stocks for rebound play.
