Daily Market Report (5 June 2020)

  • US stocks took a breather yesterday but hopes of a quicker economic recovery remains. Expectations are also high that the US unemployment rate would be within forecasts of around 20%.
  • Meanwhile, the positive equity performance saw many funds selling down the US treasury as the 10-year bond rate has risen to above 0.8%, the highest since end-March.
  • Today we reckon the regional markets to retreat somewhat following a solid performance this week.
  • Locally we expect some profit taking to emerge over the longer weekend with the FBM KLCI to test the immediate support of 1,555 level.