Market Reports

Daily Market Report (25 April 2024)
Daily Market Report (25 April 2024)
  • Wall Street closed mixed as sentiment was affected by rising US treasury yields ahead of key US GDP and inflation data to be released today and tomorrow.
  • As such, though the DJI Average added 43 points, the Nasdaq declined by 11 points as the US 10-year yield rose to 4.648%.
  • Meanwhile, Wall Street may also be further impacted by the less than inspiring earnings released after market from both Meta and IBM that saw falling US stock futures.
  • Over in Hong Kong, the HSI broke the 17,000 threshold to close on a 5-month high on optimism that corporate earnings will pick up coupled with upgrades from both Goldman Sachs and UBS.
  • Back home, the FBM KLCI continued with its impressive uptrend to close at a YTD high underpin by broad-based accumulation on blue chips.
  • Notwithstanding the choppy performance in US stocks, we reckon foreign funds may be forced to re-look at SEA markets which are better value propositions.
  • As we enter into the 1Q earnings season, corporate Malaysia is forecast to churn out a decent 16% earnings growth for 2024.
  • Hence, we expect the index to hover between the 1,565-1,580 range today.
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Daily Market Report (24 April 2024)
Daily Market Report (24 April 2024)
  • Wall Street closed higher as confidence was buoyed by a spate of solid corporate earnings which many see as a precursor of those from the mega caps which will be reported over the next few days.
  • As such, the DJI Average jumped 264 points while the Nasdaq added 245 points while the US 10-year yield eased to 4.607% due to a latest US manufacturing data which hit a 4-month low.
  • Over in Hong Kong, the HSI gained to almost the 17,000 level as traders welcomed China’s latest reforms to boost the Hong Kong market coupled with optimism of corporate earnings from major tech companies.
  • On the home front, the FBM KLCI closed on a positive note but off the day’s high attributed to late profit takings.
  • The local benchmark index managed to test a YTD high but failed to sustain the uptrend.
  • Buying was broad based and we believe the Construction, Finance and Telco sectors to be centre of buying interests today thus expect the index to hover within the 1,560-1,570 range.
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Daily Market Report (23 April 2024)
Daily Market Report (23 April 2024)
  • Wall Street rebounded as sentiment improves after Iran said that it will not escalate the conflict with Israel.
  • Meanwhile, earnings reports, GDP and personal consumption expenditure data for March will all be out this week that will be crucial for the Federal Reserve’s stance on interest rates.
  • As a result, the DJI Average rose 253 points while the Nasdaq added 169 points as the US 10-year yield eased marginally to 4.611%.
  • In Hong Kong, the HSI jumped by almost 290 points after Chinese regulators unveiled a series of market reforms to enhance the city’s status as an international financial hub.
  • Back home, the FBM KLCI surprisingly closed on a strong note at almost the 1,560 mark underpinned by a rather solid regional performance.
  • We suspect there may be some bargain hunting activities by foreign funds following an exodus over the past few weeks.
  • Hence, we believe the index may see more upside after the rebound from US equities overnight and expect it to hover within the 1,555-1,570 range today.
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Daily Market Report (22 April 2024)
Daily Market Report (22 April 2024)
  • Wall Street close mixed amid mounting tension in the Middle east.
  • Confidence is further eroded over the interest rate uncertainty coupled with earnings of some mega caps this week that should instigate some profit taking activities.
  • As such, though the DJI Average added 211 points, the Nasdaq lost 319 points as the US 10-year yield eased marginally to 4.621%.
  • The situation in Hong Kong was also unpromising with the HSI losing 162 points as traders sold equities in favour of safe haven namely gold.
  • Back home, the FBM KLCI managed to close positively underpinned by accumulation from local institutions amid a regional bloodbath.
  • Nonetheless, we believe trading to be muted today as sentiment would have turned cautious in view of the heightened volatility.
  • Therefore, we expect the index to hover within the 1,540-1,550 range today.
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Daily Market Report (19 April 2024)
Daily Market Report (19 April 2024)
  • It was another mixed day on Wall Street as traders were sidelined, unwilling to commit themselves amid the numerous headwinds.
  • Due to US equities’ high valuations, any shortcomings from the upcoming earnings reporting will see another bout of selling.
  • In view of the choppy session, the DJI Average added 22 points, while the Nasdaq lost 82 points with the US 10-year yield edged higher at 4.637%.
  • In Hong Kong, the HSI jumped 134 points from bargain hunting activities as many traders are attracted by the low valuations of HK stocks as the banks, insurers and casino operators all ended higher.
  • Locally, the FBM KLCI rebounded attributed to broad-based buying in line with the regional recovery.
  • However, we believe overall sentiment remains jittery and there is a bias that investors may eventually go “Cash is King”.
  • For today, we expect the index to hover within the 1,540-1,550 range.
  • Anyhow, we noticed that a correction has started amongst the commodities namely CPO which dipped to below RM4,000/tonne and the Brent crude that eased to US$86/barrel.
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