Daily Market Report (9 March 2020)
- It is going to be another volatile day for regional equity markets. Crude oil price had slumped to a multi-year low with the Brent now at below US$40/barrel.
- The US 10-year Treasury yield is also at an all-time low of 0.52% as all seems rather bleak at this juncture. We noticed some funds are already heading towards safe haven like Gold which is now trending towards the US$1,700/oz and could see more upside nearing its high of US$1,900/oz.
- Looking ahead, we expect prevailing consolidation to continue with more downside for the equity markets. Locally, we expect the FBM KLCI to experience some selling pressure albeit not much as foreign shareholding is already at an all-time low.
- Immediate support is expected at the 1,470 level.
