rakuten trade market reports : Page 9

US markets which have taken a beating for the past week will certainly play a part on the regional markets as sentiments remains jittery as Covid-19 numbers continue to grow outside China.
On the local front, the market will largely be focusing on the political updates hence sentiment could be muted hovering around the 1,500 level. Investors should adopt a buy on weakness strategy for trading purposes.

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Looks like investors are abandoning all asset classes with many reverting back to “cash is king” status. Wall Street in particular, is looking vulnerable due to its high valuations propped up by the abundance of liquidity.
We believe the ongoing correction of US stocks are not done as yet hence foresee regional markets to remain jittery.
Locally, the local bourse is seen to be on a downside bias despite yesterday’s 10 points gain. We stick to our expectations that the FBM KLCI could break the 1,470 level and advise investors to accumulate on weakness.

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Regional markets spiralled downwards on fears of the Covid-19 aggression. Wall Street was also spooked by the pandemic as the DJI index slumped over 1,000 points yesterday. The local bourse also declined but predominantly due to our internal political scenario.
All in all, it will be another devastating day for equity markets today as we expect there to be more sell-down. Malaysia not only saw a sell-down on equities as bonds also suffered. As a result, the MYR closed at a 2-year low of RM4.22/US$1.
In view of this, we can expect more selling on the local bourse today with the FBM KLCI expected to test the 1,470 level thereafter the 1,450 mark.

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Wall Street closed on a high yesterday spurred by easing concerns over the impact of Covid-19.
Though this may boost sentiments regionally, we prefer to remain cautious as such a view could merely be just an illusion.
Locally, the FBM KLCI continue to experience a downtrend as investors are opting for the 10-year MGS at the expense of equities.
Currently, the 10-year MGS yield has dipped to 2.92% which is the lowest since 2004.
Nonetheless, we expect there to be some nibbling on equities today with the FBM KLCI immediate resistance of 1,550 to be tested again.

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Dow Jones were flat while Nasdaq & S&P 500 continued breaking new highs as markets digest Federal Reserve’s Jerome Powell preliminary assessment on the coronavirus impact to US economy and markets.
Donald Trump named the four tech giants Microsoft, Apple, Google and Amazon part of trillion-dollar club MAGA, Making America Great Again.
This is expected to see continued focused on tech sector while regional markets are likely to continue trending higher.
On the local front, FBM KLCI may see continued technical rebound and with resistance level at 1,560 level on the back of proposed stimulus plan by the govt.

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