Market Reports

Daily Market Report (17 Sept 2021)
Daily Market Report (17 Sept 2021)
  • Global markets struggled to gain momentum on Thursday as Wall Street trended slightly lower with mixed sentiment, weighed by concerns about a possible slowdown in the economic recovery from COVID-19.
  • Investors are carefully weighing economic data for signals of how the economic backdrop could impact the earnings picture for major companies.
  • The DJIA fell by 63 points to 34,781.32.
  • Back home, the FBM KLCI ended flat after a roller coaster trading session on Wednesday.
  • The local market is well supported around the 1,550 region by continuous foreign inflow which we believe a positive news for local equities. 
  • Sustained buying support from foreign funds should see the benchmark index to be well supported at current levels.
  • For today, we anticipate the FBM KLCI to hover between the range of 1,560-1,570.
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Daily Market Report (15 Sept 2021)
Daily Market Report (15 Sept 2021)
  • It was a rocky day for US equities as all three major indices closed at negative territory yesterday as many feared that the US economy may not be as strong as initially expected.
  • The DJI Average lost 292 points to around the 34,580 while the Nasdaq declined 68 points to just above the 15,000 level.
  • Meanwhile, sentiments on the local bourse turned cautious as news on interest waiver under loan moratorium and windfall tax emerged.
  • We reckon the selling was overdone as impact from the proposed interest waiver may not be that significant on banks as it will be only for 4Q21.
  • While details remain sketchy, we believe the timing of a windfall tax on glove and plantation companies may be off as consensus see earnings for both to peak this year amid the declining selling prices going forward.
  • Therefore, we feel some bargain hunting to emerge and expect the index to trend within the 1,560-1,570 range today.
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Daily Market Report (14 Sept 2021)
Daily Market Report (14 Sept 2021)
  • US equities rebounded amid a mixed session on hopes that the receding Covid cases in the US may see a swift reopening of the economy.
  • The DJI Average jumped 262 points to almost 34,900 while Nasdaq was flat.
  • In view of this, we reckon regional markets to see some improvements today following weak show yesterday.
  • On the home front, the FBM KLCI remained on consolidation mode, but we expect there to be some bargain hunting activities to emerge today.
  • Sustained buying support from foreign funds should see the benchmark index to be well supported at current levels.
  • For today, we anticipate the FBM KLCI to hover between the 1,570-1,580 range today.
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Daily Market Report (13 Sept 2021)
Daily Market Report (13 Sept 2021)
  • Wall Street continued to be plagued by the recent poor job data coupled with concerns over the delta variant which may hamper US recovery.
  • The latest court ruling against Apple further weighed the DJI Average as the DJI Average declined by 272 points to just above the 34,600 level.
  • As for the local bourse, the FBM KLCI continued with its correction as profit taking activities persisted.
  • The index had lost 25 points since hitting a high above 1,600 on end-August and we reckon it to be under some pressure today amid the heightened volatility amongst the regional markets.
  • Therefore, we expect the benchmark index to consolidate further and anticipate it to trend around the 1,570-1,580 range today.
  • One positive is that the Klang Valley continues to display a decline in Covid cases.
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Daily Market Report (10 Sept 2021)
Daily Market Report (10 Sept 2021)
  • Wall Street closed lower as sentiments remained cautious following a resurgent of Covid cases in the US plus expectations of the Federal Reserves prospective tapering.
  • The DJI Average declined 152 points to below the 35,000 level whilst both the Nasdaq and the S&P 500 also ended in negative territory pushing market volatility higher.
  • In view of this, we reckon regional markets to stay mixed today.
  • As for the local bourse, heavy profit taking saw the FBM KLCI dipped below the 1,580 mark to a 2 week low.
  • Bank Negara’s latest move to maintain interest rates may be a prelude for rate hikes going forward.
  • Nonetheless, we believe low valuations remain as the major attraction for foreign funds inflow hence we expect there to be some bargain hunting today and anticipate the index to trend within the 1,575-1,585 range today.
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