rakuten trade market reports : Page 10

Notwithstanding the coronavirus death toll that has crossed the 1,000 mark, US markets continue its rise on the back of robust earnings result thus far.
However, commodity markets are telling another story as it continues to weaken as demand and outlook seems clouded by the pandemic scare.
Regional markets will continue to be cautious with the focus on the coronavirus dampening sentiments.
On the local front FBM KLCI may see some bargain hunting with support level at 1,530 level.
CPO inventory fell to the lowest level since 2017 and may see trading opportunities in plantation counters today.

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With the virus remains unrelenting, latest job data in the US compounded the already battered confidence as Wall Street succumbed to profit taking activities across the board.
Therefore, we believe regional markets to face with some headwinds today. We expect the local bourse the same with the FBM KLCI seen to dip below its immediate support of 1,550 level.
Meanwhile, we reckon if this pandemic is prolonged, there is a high likelihood that the Feds may look at reducing interest rates again to boost the US economy.

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Major global indices rebounded strongly last week following the heavy equities sell down amid the coronavirus outbreak.
Dow Jones Industrial Average Index gained 702.7 points while Hong Kong’s Hang Seng Index recovered more than 1,000 points to above 27,000 level for the week.
On local front, FBM KLCI finished higher to end at 1,554.5. Weekly foreign funds were negative, posted net outflow of RM258m with year-to-date net outflow of RM396.3m.
There were 25 gainers versus 4 losers in FBM KLCI last week. The performers were Hong Leong Financial Group (+6.93%), CIMB (+6.19%) and AIRPORT (+5.58%). Top 3 losers were TOPGLOVE (-2.08%), GENTING (-1.82%) and PUBLIC BANK (-1.19%).

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News of China cutting tariffs on $75bn US goods and Trump’s impeachment acquittal send US markets to record high.
Furthermore, the positive news on the coronavirus patients’ recovery rate improved sentiments, nonetheless total numbers continue to rise.
Regional markets in Asia are expected to take cue from bullish US markets and move higher today.
Locally, we expect to see continued bargain hunting and news on potential economic stimulus package in the making will further support the recovery of FBM KLCI.
We remain positive on the tech related stocks such as UWC, Dufu, Notion, JCY, Mi Technovation, Inari (our technical pick today).

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As expected, there were wild swings in sentiments as investors are now less edgy on the pandemic. Wall Street closed on a record high yesterday which should send positive vibes to Asia.
Commodity prices also improved as both the crude prices and CPO rebounded yesterday.
The CPO in particular jumped by almost 6% to close at RM2,850/MT following a sell-down over the past week. We need to see such improved sentiments in a more sustaining manner before acting with conviction.
Meanwhile, we still consider prevailing market conditions as situational with the broader market environment as fluid. Nonetheless, we anticipate the FBM KLCI to retest the 1,550 mark sooner than later.

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