Daily Market Report (16 March 2020)
Mon, Mar 16, 2020 8:46 AM
- We are in for a roller coaster ride today. With the FEDs aggressive rate cut over the weekend to near zero, any rebound will be met with selling activities.
- Judging by the US latest QE, we reckon this indicates the scenario is even worse than initially anticipated.
- Locally, we expect the downside pressure on the FBM KLCI to be high with 1,300 as the immediate psychological support level.
- With the outlook on interest rates clearer now, next is to look out for currencies which should be see heightened volatility. Again, we would advocate investors to be cautious and adopt the sell into strength mode, if any.
