rakuten trade market reports : Page 4

Investors sentiments again were severely tested yesterday as Wall Street saw another wave of selling.
The DJI Average declined by almost 1,000 points on concerns over the US economic health as Covid-19 cases in the US has broken the 200,000 mark.
With this, we reckon regional markets may experience some selling pressure today.
Locally, following the FBM KLCI decline yesterday breaking the 1,330 support level effortlessly, we envisage the next support at 1,300 to be under threat.

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The way Wall Street penned out yesterday hopping between positive and negative territory, displayed the uncertainty amongst investors.
At the close, the DJI Average succumbed to the sellers as it closed 400 plus points lower.
Sentiments were also affected by the surge of Covid-19 cases in the US which is closing in to 190,000.
Reflecting the weaker close on Wall Street, we reckon regional markets to be rather mixed today.
As for the local bourse, we expect some pressure on the FBM KLCI today with 1,330 being the immediate support level.

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The tug of war between buyers and sellers continues as Wall Street ended the session stronger yesterday.
Though we foresee regional markets to follow suit backed by some relief buying, volatility is seen to remain high.
Locally, we expect to see the market to be firmer and expect the FBM KLCI to trend within a tight range of between 1,320/1,340.
Meanwhile, Spain has overtaken China to No.3 in position with its Covid-19 cases closing to 90,000 rendering the western world as the new epicentre of the pandemic.

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Donald Trump finally admitted that Covid-19 is more serious than he first thought as he is extending the US closure from April 12 to April 30 citing US deaths could even touch 100,000.
This could have adverse impact on the financial markets and could see sellers overwhelm activities again.
We anticipate heighten volatility and envisage the FBM KLCI to be under a bit of selling pressure re-testing the 1,320 support level.

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Despite a higher than expected unemployment rate and the surge in Covid-19 cases in the US, Wall Street gave us another solid performance predominantly due to the stimulus package yesterday.
Nonetheless, we prefer to remain cautious as we reckon such uptrend is not sustainable.
Regionally we anticipate a volatile regional performance today as traders may heighten their selling ahead of the weekend.
On the local front, we envisage the FBM KLCI to be under a bit of selling pressure and may test the 1,320 support level.

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