Daily Market Report (5 March 2020)
- US markets stage a strong rebound with Dow Jones rising over 1,000 points shrugging off the rise of Covid-19 cases globally as IMF has announced US$50bn aid package to combat Covid-19 pandemic. Meanwhile, China continues to see drop in Covid-19 cases.
- The concerted efforts by major central banks globally have managed to calm the markets as US markets have recovered out of “correction territory”.
- Regional markets will follow suit and on the local front, we expect the FBM KLCI to open firmer with 1,480 being the support level and possible moving to back to 1,500 level. Investors and traders should take the opportunity to position themselves for rebound play on oversold stocks.
