![\"bursa\n\"](\"https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05-1024x539.jpg\")
<\/figure><\/div>\n\n\n\nBank Islam chief economist Dr. Mohd Afzanizam Abdul Rashid said there seems to be a risk-off mode in light of the recent spike in the number of new COVID-19 infections\u00a0in the US.<\/p>\n\n\n\n
At the same time, the International Monetary Fund\u00a0has downgraded its call for a global recession from 3.0 percent, which was made in April, to -4.9 percent\u00a0for 2020.<\/p>\n\n\n\n
The Chicago-based CBOE Volatility Index\u00a0also went up to 34.73 points last Friday, signaling market jittery over the latest news on higher COVID-19 infection rates.<\/p>\n\n\n\n
Mohd Afzanizam said the main worry would be that it may derail the reopening of the economy which has been taking place since May.<\/p>\n\n\n\n
Going forward, he said\u00a0the markets will be focusing on the extent of the rise in the new COVID-19 cases and how it would evolve, especially with respect to the reopening of the economy.<\/p>\n\n\n\n
\u201cThe Purchasing Managers Index (PMI) data releases have been quite decent and therefore, it has yet to take into account the recent increase. As such, markets participants are expected to remain guarded next week,\u201d he told Bernama today.<\/p>\n\n\n\n
He said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) has corrected quite significantly, given that it has fallen below the 200-day moving average.<\/p>\n\n\n\n
\u201cPerhaps, the markets are trying to see whether the recent spike in the number of new COVID-19 infections in the US could derail the reopening of their economy.<\/p>\n\n\n\n
\u201cAs such, the FBM KLCI is expected to trade within a tight range of between 1,480 and 1,490 points. Thus far, the data points such as the US Composite PMI, which jumped to 46.8 points in June from 37 points in May, have been reasonable,\u201d said Mohd Afzanizam.<\/p>\n\n\n\n
Similarly, in the United Kingdom and Eurozone, the Composite PMI rose to 47.6 points (May: 30.0 points) and 47.5 points (May: 31.9 points), respectively, in June.<\/p>\n\n\n\n
Additionally, the US initial jobless claims could shed more light on the state of the economy and the recent that jobless claims were higher than consensus estimates for the week ended\u00a0June 19.<\/p>\n\n\n\n
— BERNAMA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" KUALA LUMPUR, June 28 — Foreign funds continued to remain net sellers exiting Bursa Malaysia\u00a0last…<\/p>\n","protected":false},"author":1,"featured_media":4259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05.jpg",1093,575,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05-150x150.jpg",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05-300x158.jpg",300,158,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05-768x404.jpg",640,337,true],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05-1024x539.jpg",640,337,true],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05.jpg",1093,575,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05.jpg",1093,575,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05.jpg",1093,575,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05.jpg",1024,539,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/06\/0cb345b30a8c2c682917e74ce674e05b5e980f7d7da05.jpg",720,379,false]},"author_info":{"info":["Editor"]},"category_info":"Uncategorized<\/a>","tag_info":"Uncategorized","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/4747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4747"}],"version-history":[{"count":1,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/4747\/revisions"}],"predecessor-version":[{"id":4748,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/4747\/revisions\/4748"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/4259"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}