rakuten trade market reports : Page 1

Trading pattern over on Wall Street has been erratic to say the least as traders are having a field day with equities thus far.
As expected, following the sell-down on Tuesday, the DJI Average recouped most of its losses by closing 450 points higher as if everything has stabilised.
As such, we reckon regional markets may start the day on a positive note but may close off highs as many would prefer to lock in some profits.
Locally, the FBM KLCI continued with its resilience to close above the 1,380 level yesterday.
As for today, we expect the index to hover between the 1,370/90 levels with some downside bias.

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There is no place to hide as almost all asset classes are being affected by the chaotic situation from both Covid-19 and crude oil prices alike.
Therefore, we would expect market correction to continue today as displayed by the broad base decline on Wall Street overnight.
The 630 points drop by the DJI Average should put some pressure on regional markets. On the local front, the FBM KLCI should see selling to persist today with the 1,370 as the immediate support level.

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Finally, the correction that we have been anticipating should happen today.
With crude oil doing something unprecedented where its May futures went negative, Covid-19 in the US remains unrelenting.
As a result, the DJI Average declined by almost 600 points in a volatile late session yesterday.
As such, we expect regional markets to experience some selling across the board today.
On the local front, the FBM KLCI which have had surprised many of late will see some downside pressure today with immediate support level at the 1,400 mark.
Though trading opportunities still prevails we still advise investors to exercise caution.

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Wall Street was higher last Friday on hopes of an early opening of the US economies as mooted by Trump.
However, judging from the Covid-19 figures in the US where total cases are closing in at 800,000 with deaths surpassing 40,000, we believe Trump’s wish is only wishful thinking and is playing a highly dangerous game.
Nonetheless, we reckon after a rather strong performance last week, regional markets may look to take a breather today.
Locally, the FBM KLCI which was up by 50 points last week may see some easing today with 1,400 as the immediate support level.
Meanwhile with crude oil prices plunging to a low again, this may put additional pressure on the MYR currently hovering at the RM4.40/US$1.

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Wall Street recovered on hopes that the US economy will be reopened sooner rather than later.
Trump in his usual defiant self, has declared that the pandemic in the US has peaked and may introduce to reopen the US economy in several stages.
Meanwhile, US added another 28,000 new cases yesterday pushing Covid-19 cases to 680,000.
Anyhow, it is widely anticipated that regional markets to be firmer today following the rebound on Wall Street.
Yesterday the FBM KLCI at one point was hovering close to 1,400 but succumbed to some late selling activities pushing the index to close flat hence we believe the downside bias to be greater than otherwise for today.
Though there may be a chance for the index to re-test the 1,390 mark we expect selling pressure to emerge with immediate support at the 1,380 level.
We advise investors to remain cautious and sell into strength.

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