Daily Market Report (14 Oct 2020)
  • Wall Street retreated as traders took profit ahead of the corporate earnings season plus the delay in the US stimulus package. The DJI Average lost 158 points to close just below the 28,700 level.
  • Therefore, we reckon regional markets to be quite mixed today as some selling may emerge.
  • On the local front, the FBM KLCI will be under some pressure today as the country’s political situation remains fluid.
  • As we enter the 1st day of CMCO within the Klang Valley, we believe the benchmark index to possibly test the 1,510 level which is the immediate support level.

 

 

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Daily Market Report (8 Oct 2020)
  • Wall Street yet again was dictated by Trump’s tweet as he backtracked and urged a swift approval for the US stimulus package.
  • As a result, the DJI Average jumped by a massive 530 points surging past the 28,000 mark at 28,300.
  • Therefore, we reckon regional markets to be broadly firmer today. On the domestic front, the FBM KLCI should reverse its losses yesterday following some last-minute selling.
  • We believe the benchmark index to trend above the 1,500 level possibly to around the 1,505/10 range today.
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Daily Market Report (07 Oct 2020)
  • Wall Street was trashed by a tweet as Trump threw a tantrum and call off negotiation of the highly anticipated stimulus package.
  • As a result, all 3 major indices ended the day lower with the DJI Average losing 376 points to end below the 27,800 level.
  • Therefore, we would expect some weakness amongst the regional markets today amid the heightened uncertainty.
  • Locally, late selling activities saw the FBM KLCI to close lower and we reckon investors to stay sidelined today over the uncertainty.
  • As such, the index is seen to trend within the 1,505-1,515 range today.
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Daily Market Report (6 Oct 2020)
  • Wall Street closed broadly higher on news that a stimulus package should be finalised sooner than later coupled with Trump’s release from the hospital.
  • As a result, the DJI Average gained 466 points surging pass the 28,000 mark. For today, we expect regional markets to trend higher following yesterday’s solid performance.
  • On the local front, the FBM KLCI buoyed by yesterday’s late buying should see more upside today to potentially testing the 1,520/30 range.
  • Meanwhile, after a prolonged consolidation amongst the lower liners, we detected liquidity is returning on these stocks hence we advise investors to take advantage of the prevailing low levels.
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Daily Market Report (5 Oct 2020)
  • Concerns over the worsening pandemic and Trump’s health sent Wall Street reeling as sellers swamped trading activities.
  • However, news of an impending stimulus package saw some late buying as the DJI Average closed off lows as it lost 134 points at 27,682.
  • As such, we reckon regional markets to be steadier today following a mixed session last Friday.
  • On the local front, we expect the FBM KLCI to continue with its uptrend as we saw some late buying to push the benchmark index above the 1,500 level.
  • In view of this, we expect the index to trend within the 1,500-1,510 range today.

 

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