rakuten trade market reports : Page 7

US markets suffered its biggest drop in a day since 1987 Black Monday crash. Dow Jones has fallen from 29,551.42 in Feb 12 to the current level 21,200.62, a fall of 28.2% in a month ending the longest bull markets by definition.
Panic has gripped the markets globally on the fear of Covid-19 prompting Fed to step in and has announced a total US1.5 trillion liquidity into the financial system which is akin to start of quantitative easing to calm the markets.
Regional markets are expected to take a big hit and mirror the drop. Back to our markets, KLCI is going to see the same trend with support level at 1,360.

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A regional bloodbath was averted yesterday as investors came out in force to prop equity markets into positive territory. Nonetheless the broader market sentiments remain fragile as we believe yesterday’s performance was only a relief rally.
Locally, the FBM KLCI at one point gained by more than 20 points before it closed a mere 6 points higher yesterday.
As such we reckon investors will take any opportunity to sell into strength thus any upside will be curbed and expect more pressure on the FBM KLCI with immediate support at 1,420. We continue to advocate caution.

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Another day, another potential bloodbath. Following the steep fall on Wall Street overnight, we expect regional markets to experience another selling-down today.
The domino effect has already started as investors sentiments is now even more jittery.
Locally, notwithstanding the new Cabinet announced yesterday we believe the unloading of equities to persist.
As such, we reckon the FBM KLCI to break the 1,400 level today with the next support at the 1,380/90 levels.

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It is going to be another volatile day for regional equity markets. Crude oil price had slumped to a multi-year low with the Brent now at below US$40/barrel.
The US 10-year Treasury yield is also at an all-time low of 0.52% as all seems rather bleak at this juncture. We noticed some funds are already heading towards safe haven like Gold which is now trending towards the US$1,700/oz and could see more upside nearing its high of US$1,900/oz.
Looking ahead, we expect prevailing consolidation to continue with more downside for the equity markets. Locally, we expect the FBM KLCI to experience some selling pressure albeit not much as foreign shareholding is already at an all-time low.
Immediate support is expected at the 1,470 level.

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US markets remains volatile as wide swings between 1,000 point is becoming a norm recently suggesting mixed signals and expectations. The US 10-year Treasury yield fell below 1% to a record low as investors look for safe haven.
Regional market is expected to be in the red today taking cue from the US markets. Domestically, we expect the FBM KLCI to remain range bound within 1,480 to 1,500 level.
There are ample opportunities for investors for deep value rebound play on oversold stocks such as Genting Malaysia featured in our technical view today.

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