Daily Market Report (7 July 2020)
- Wall Street closed broadly higher on better than expected job data that strengthened investors’ confidence in equities despite the surge in Covid-19 cases in the US.
- The DJI Average gained 460 points to just below the 26,300 level. Such resurgence could prompt continue buying on the regional markets today although profit taking may emerge following yesterday’s solid gains.
- As for the local bourse, the strong buying support from domestic investors has helped push the FBM KLCI higher than the pre-MCO levels and may test the 1,600 mark which was last seen in January this year.
- Nonetheless, we caution that profit taking may take place soon with immediate support at the 1,570 level.
