Daily Market Report (6 Jan 2020)
- Fresh tension in the middle east has had investors scurrying for shelter into safe havens namely the Japanese Yen and Gold. Gold prices especially has climbed to a multi-year high surpassing the US$1,570/oz mark.
- As a result, we reckon equities will be under some selling pressure following the 200 plus points decline in the DJI Average index last Friday.
- The FBM KLCI is seen to trend lower today with 1,600 being the psychological support level.
- Nonetheless, we believe any drastic selling should present as windows of buying opportunity since usually there will be knee jerk reactions during such events.
