rakuten trade market reports : Page 5

Reflecting the fragility amongst investors, Wall Street has had a very volatile day despite news of the US$2 trillion rescue package.
The DJI Average managed to break the 22,000 mark before ending up at just above the 21,000 mark as selling pressure took over.
As such, we would expect some volatility today on the regional markets with some downside bias.
On the local front, we would expect some profit taking activities to emerge following 2 days of uptrend with the FBM KLCI seen to re-test the psychological 1,300 support level.

Download

Wall Street saw one of its finest spike-up yesterday ahead of some aggressive stimulus incentives.
Whether this is sustainable remains to be seen as we are still sceptical of this sharp reversal because the western world may now be the new epicentre of the dreaded coronavirus judging from the high fatalities and new cases of late.
Nonetheless, we believe some positivity today as regional markets are poised to trend higher.
Locally, we expect the FBM KLCI to see the same with the initial target of 1,320 thereafter at 1,350.
Let’s not be overwhelmed by Wall Street’s strong performance as we are still highly susceptible to Covid 19 and believe we haven’t seen the peak yet.
Therefore, we would use this window as sellers into strength.

Download

Investors remained unconvinced of the Feds latest move to shore up US assets as many are still stuck in selling mode particularly for equities.
As a result, the DJI Average declined another 3% yesterday breaking the 19,000 mark.
On the flipside, investors opted to buy up the US 10-year Treasury with the yield now hovering at the below the 0.8% from above 1.2% only a few days ago.
Nonetheless, we may see some buying support today for regional markets following yesterday’s sharp decline.
On the local front, we expect the FBM KLCI taking cue from the regional market and may see some buying today.
Therefore, we expect the FBM KLCI to trend between the 1,250/80 range with some upside bias.

Download

We believe many is still underestimating the impact from Covid-19 as we are near to a global lockdown.
As expected, Wall Street succumbed to more selling and closed almost 1,000 points lower last Friday.
As a result, we would expect regional markets to remain volatile with some downside bias today.
Though the FBM KLCI was up rather impressively last week, we would expect some selling pressure today with immediate support at 1,250 thereafter at the 1,220 mark.

Download

Wall Street rebounded yesterday but we remained unimpressed. With the quadruple witching due tonight for US options, market volatility is expected to heighten.
As such, many may view yesterday’s market stability as temporary. As a result, we would expect regional markets to remain volatile with some downside bias today.
Locally, we continue to see selling with immediate support at 1,200 for the FBM KLCI despite the 1% cut in SRR by Bank Negara yesterday.
The only saving grace for the market is that crude price rebounded with the Brent surpassed the US$30/barrel.

Download

Market Reports