Market Reports

Daily Market Report (5 February 2024)
Daily Market Report (5 February 2024)
  • Wall Street finished higher on strong tech earnings while January jobs report came in much better than expected.
  • The Dow rose 135 points (0.35%) while the Nasdaq surged 267 points (1.7%).
  • In Asia, key indices closed higher following positive cue from global equities overnight.
  • However, HK stocks in HK remained under pressure due massive selling on real estate stocks.
  • As a result, the HSI fell 33 points (0.2%). 
  • As for the local bourse, the FBM KLCI closed below its day-high due to late selling.
  • Nonetheless the benchmark index was able to finish on a positive note.
  • We reckon the market undertone is still cautious due to the increasing global volatility, however, the valuation of the FBM KLCI remains attractive, trading at CY24 forward PER of 14.5x against its 5-year average of 17x.
  • Thus, we anticipate the benchmark index to trend within the range of 1,510-1,520 for today.
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Daily Market Report (2 February 2024)
Daily Market Report (2 February 2024)
  • Wall Street finished higher as bargain hunting emerged particularly on tech stocks following the earlier sell-off.
  • The DJIA gained 60 points (0.16%), while Nasdaq lost 55 points (0.36%) led by selling on Intel.
  • The Dow rose 370 points (0.97%) while the Nasdaq surged 198 points (1.3%).
  • In Asia, key indices closed lower following negative cue from global equities overnight as the US Fed quashed expectations for interest rate cuts in March 2024.
  • Nonetheless, bargain hunting activities are seen in HK given their cheap valuations with the with led to a 76 points or 0.5% rise in the HSI. 
  • As for the local bourse, the FBM KLCI close relatively flat on Wednesday impacted by the cautious sentiment across the region.
  • We remain vigilant and expect benchmark index to stay in consolidation mode at this juncture until more clarity surfaces.
  • Thus, we anticipate the FBM KLCI to trend within the range of 1,510-1,520 for today.
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Daily Market Report (31 January 2024)
Daily Market Report (31 January 2024)
  • Wall Street closed mixed on the back of a mixed bag of corporate earnings and strong labour market as traders wait for the outcome from the FOMC latest meeting.
  • As such, while the DJI Average gained 134 points, the Nasdaq lost 118 points despite the US 10-year yield continuing to slide hovering at 4.036%.
  • In Hong Kong, the HSI declined by 374 points to end below the 16,000 level impacted by Evergrande’s liquidation order coupled with concerns on corporate earnings outlook.
  • Back home, the FBM KLCI ended lower after a solid opening attributed to some profit taking activities and impacts from the sharp drop in Hong Kong equities.
  • Nonetheless, we reckon this is only an intermittent correction and will not distract recent inflows of foreign funds thus recent dips offer excellent opportunities to bargain hunt.
  • For today, we believe the index to hover within the 1,510-1,520 range with interests on the Financials and Plantation counters to persist.
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Daily Market Report (30 January 2024)
Daily Market Report (30 January 2024)
  • Wall Street closed broadly firmer ahead of some mega-cap tech earnings and economic data to be released soon.
  • Meanwhile, many are also expecting the FOMC to maintain interest rates when they meet later today.
  • As such, the DJI Average gained 224 points while the Nasdaq jumped by 173 points with the US 10-yeat yield eased slightly to 4.076%.
  • Over in Hong Kong, the HSI continued with its rebound to close above the 16,000 level but off the day’s high following the court sending China’s Evergrande into liquidation.
  • Back home, the FBM KLCI maintained its upward trajectory underpin by a more consistent inflow of foreign funds of late.
  • Now that the benchmark index has broken the 1,500 mark rather decisively, we believe there are more legs for the index to go with the 1,600 as the next strong resistance.
  • Thus, we expect the index to hover within the 1,515-1,525 range today amid a more conducive environment whereby regional central banks are maintaining their respective interest rates so far.
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Daily Market Report (29 January 2024)
Daily Market Report (29 January 2024)
  • Wall Street finished mixed as investors awaited the release of key inflation data to gauge when the US Fed may start cutting interest rate.
  • The DJIA gained 60 points (0.16%), while Nasdaq lost 55 points (0.36%) led by selling on Intel.
  • In Asia, major indices trended mixed with profit taking activities seen in Japan and Hong Kong following their recent gains.
  • The HSI fell 260 points (1.6%) to finish below the 16,000 mark.
  • As for the local bourse, the FBM KLCI continued to trend higher, added 2 points (0.15%) to finish at 1,506.28 with broad based buying.
  • We remain cautiously optimistic on the local market driven by the improving sentiment although profit takings may arise.
  • Thus, we anticipate the benchmark index to trend within the range of 1,500-1,510 for today.
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