Daily Market Report (6 May 2020)
- Trading on Wall Street is certainly not for the faint hearted as sentiments remain highly volatile.
- Nonetheless, the DJI Average closed on a positive note but not before the last hour sell-down which saw the index dipped by around 260 points.
- Meanwhile, we anticipate regional markets to be rather directionless today as investors are also keeping an eye on the US unemployment rate for April this Friday which is expected to jump to 16%.
- On the local front, the FBM KLCI trended closed to 1,400 before it succumbed to last minute selling again.
- As such, we see the index performance to be rather muted today as sellers may be quite evident to lock in profits despite the improving crude oil prices with the Brent closing on a week’s high above US$30/barrel.
- We expect the FBM KLCI to trend between the 1,380/1,405 range today with some downside bias.
