Market Reports

Daily Market Report (30 August 2021)
Daily Market Report (30 August 2021)
  • Wall Street rebounded as traders perceived the Federal Reserves statement on tapering as very well managed.
  • As a result, both the Nasdaq and S&P 500 closed at record highs with the DJI Average ended 243 points higher to almost the 35,500 mark.
  • Therefore, we reckon regional markets to perform better today following a rather mixed showing last week.
  • Locally, the FBM KLCI continued with its impressive performance as buying from foreign funds persisted.
  • For last week alone, the index jumped by almost 5% and we expect it to continue with the uptrend.
  • Though a correction is anticipated, we believe the intermittent profit taking activities to soften the impact.
  • For today, we expect the benchmark index to inch closer towards the 1,600 level and hover within the 1,590-1,600 range today.
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Daily Market Report (27 August 2021)
Daily Market Report (27 August 2021)
  • Sentiments turned cautious as major indices on Wall Street closed lower ahead of the Federal Reserves symposium today.
  • The mood worsened on mixed economic data as the DJI Average lost 192 points from some late selling.
  • Back home, the FBM KLCI maintained its impressive performance as foreign funds continue mopping up shares on the local bourse.
  • The benchmark index had jumped by more than 6% to a 2 month high.
  • Though we may see some intermittent profit taking, we expect the local bourse to preserve its bullish phase over the medium term.
  • For today, we anticipate the index to charge ahead and possibly test the 1,600 mark amid the announcement of the cabinet today.
  • Still, we believe profit taking to emerge thus expect it to trend within the 1,585-1,595 today.
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Daily Market Report (26 August 2021)
Daily Market Report (26 August 2021)
  • Major indices on Wall Street inched to record highs again despite the higher US 10-year Treasury yield to around 1.35%.
  • However, trading was cautious as traders are keeping an eye on the Federal Reserves regarding the bond buying process.
  • On the local front, political stability has been secured as the opposition is in agreement with the current administration to unite combating the pandemic and revive the prevailing economic crisis.
  • As a result, the FBM KLCI performance of late has been rather impressive.
  • Over the last 2 weeks, the index had improved by almost 5% or 70 points and we believe it to strengthen further.
  • For today we expect the index to possibly test the 1,580 level as sentiments are turning more positive.
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Daily Market Report (25 August 2021)
Daily Market Report (25 August 2021)
  • Wall Street closed higher as buying emerged on recovery stocks as well as bargain hunting on Chinese tech stocks which took a beating of late.
  • The DJI Average closed slightly higher by 30 points while both the S&P 500 and Nasdaq finished the session at record highs.
  • Nonetheless, the Federal Reserves annual event this week will chart the course of the market with respect to the tapering this year.
  • Locally, the FBM KLCI surged by 31 points to break the 1,550 mark as buyers came out with a vengeance.
  • Political clarity and hopes of more economic easing spur the local bourse to a 2-month high.
  • Supported by improving market volume and solid corporate earnings, we believe the index to continue with its ascension and expect the index to possibly chart around the 1,555-1,565 range today as market valuation remains at attractive levels.
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Daily Market Report (24 August 2021)
Daily Market Report (24 August 2021)
  • Major indices on Wall Street continued to trend higher as buying activities gathered pace predominantly on recovery stocks spurred by reopening of the economy.
  • Whilst the DJI Average and the S&P 500 jumped by 215 points and 38 points respectively, the Nasdaq came into life and closed at a record high to almost the 15,000 mark or up 230 points.
  • On the domestic front, the FBM KLCI maintained its uptrend albeit in a muted manner.
  • The index has gained 20 points since last week and we reckon bargain hunting activities to persists as the combat against Covid-19 continues.
  • Yesterday’s dip in cases to below 18,000 may instill some optimism to the otherwise fragile sentiment as shown from the improved market volume.
  • For today, we anticipate the index to possibly stabilise at around the 1,520-1,530 range.
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