Daily Market Reports Issued By Rakuten Trade Research : Page 183

Wall Street saw bouts of late selling on fears of Trump’s move against social media companies plus the worsening US/China relationship.
The DJI Average closed almost 150 points lower at 25,400.
The late selling depicts the fluidity of investors sentiments thus we may see regional markets to experience some downside today.
As for the local bourse, we reckon the FBM KLCI to face with some selling pressure with the index to test the immediate support of 1,450.

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Hopes on the reopening of the US economy coupled with more potential stimulus from the Feds pushed Wall Street higher as traders ignored all aspects the negatives.
The DJI Average added another 500 plus points to push the index above the 25,000 mark.
This is despite total Covid-19 related deaths in the US have topped the 100,000 mark together with the escalating US China tension.
Amid the uncertainties, we reckon regional markets may stall today following days of uptrend. On the local front, the FBM KLCI is seen to oscillate between the 1,445/55 range.

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Wall Street surged on hopes of the reopening of economic activities in the US as the DJI Average jumped by more than 500 points to close a tad below the 25,000 mark.
As such regional markets may continue with their positive performances today.
Nonetheless, any sharp upturn may be capped by the increasing tension between the US and China.
On the local front, the FBM KLCI reopens today and may see some pent-up buying activities having missed out on the regional uptrend over the past 2 days.
Thus, we expect the benchmark index to re-test the 1,450 today.

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Wall Street finally corrected as traders took profits citing the escalating US/China tension and a rebound of Covid-19 cases in the US.
The DJI Average declined by around 100 points to close below the 24,500 level. Therefore, we reckon regional markets to continue with their consolidation today.
Following a rather positive week, where the FBM KLCI had gained by more than 70 points we believe the benchmark index to experience some correction.
As such the FBM KLCI may dip below the 1,450 mark to around the 1,445 level today.

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Sentiments on Wall Street turned positive on reopening optimism.
The DJI Average gained almost 370 points to stay well above the 24,000 mark. We reckon such optimism may spread across the regional markets today.
However, potential upside may be curtailed by some profit taking activities.
On the local front, we believe the FBM KLCI may attempt with its uptrend with an eye at 1,450 mark as crude oil price continues with its ascension as the Brent is now hovering around the US$36/barrel level from only US$27/barrel a week ago.
Nonetheless, we may see some resistance for the benchmark index around the 1,440/45 range.

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