Market Reports

Daily Market Report (29 July 2021)
Daily Market Report (29 July 2021)
  • Wall Street closed mixed amid the Federal Reserves continued bond buying activities to maintain interest rates low.
  • The Federal Reserves will maintain its easy money policy until the US economy made substantial progress.
  • While the DJI Average lost 128 points to end below the 35,000 mark, the Nasdaq jumped by 102 points.
  • Meanwhile, Asian markets are expected to remain mixed today despite yesterday’s recovery in China and Hong Kong equities.
  • Locally, the FBM KLCI closed flat from some late buying by the local institutions amid lower daily volume.
  • We do not expect the index to make much progress today as statements from the authorities that Covid cases are expected to increase over the immediate term before a recovery can be seen may stifle sentiments.
  • Therefore, we anticipate another muted day today and the index to trend within the 1,510-1,520 range.
Download
Daily Market Report (28 July 2021)
Daily Market Report (28 July 2021)
  • US equities were broadly lower as profit taking activities set in.
  • Ongoing meeting of the Federal Reserves coupled with inflationary concerns saw all 3 major indices closed in negative territory despite some intra-day recoveries.
  • The DJI Average lost 86 points while the Nasdaq closed 180 points lower.
  • Amid the heightened volatility, we reckon regional markets to remain mixed today.
  • As for the local bourse, the FBM KLCI barely stayed above the positive territory as selling from foreign funds persisted.
  • As we approach the 2Q results soon, industry players may see corporate earnings to be negatively affected if the prevailing lockdown continues.
  • For today, we anticipate the index to hover within the 1,510-1,520 as trading participation remains rather muted.
Download
Daily Market Report (27 July 2021)
Daily Market Report (27 July 2021)
  • Wall Street closed broadly highly as all 3 major indices ended at record highs again as traders are optimistic of sustained better than expected earnings.
  • The DJI Average was 83 points higher at 34,145 while the S&P 500 gained 10 points to end at 4,422.
  • Meanwhile, the ongoing crackdown of Chinese tech companies have weighed down the regional markets as selling gained momentum.
  • On the local front, we saw continued selling by the foreign funds as the FBM KLCI weakened further yesterday.
  • Though we expect some bargain hunting activities to emerge, buying may be muted as the local bourse remains stuck in this prolonged consolidation phase thus expect the index to hover around the 1,510-1,520 range today.
Download
Daily Market Report (26 July 2021)
Daily Market Report (26 July 2021)
  • Better than expected earnings boosted sentiments as major indices on Wall Street hit record highs again.
  • The DJI Average gained 238 points to close above the 35,000 mark whilst the Nasdaq was 152 points higher at above the 14,800 level.
  • As a result, we believe regional markets to possibly trend higher today following a mixed bag last Friday.
  • Locally, the FBM KLCI that saw some profit taking on Friday may see more selling pressure today as the country’s Covid-19 cases surged to a new daily high on Sunday hence any hopes of an easing of prevailing lockdown may not occur anytime soon.
  • Meanwhile, the Parliament will reconvene today for 5 days thus today may be a rather interesting day.
  • As for the local bourse, we anticipate the index to trend within the 1,520-1,530 range today.
Download
Daily Market Report (23 July 2021)
Daily Market Report (23 July 2021)
  • US equities eked out gains propped up by solid earnings expectations despite a higher than expected jobless claims.
  • Though the DJI Average closed relatively flat at 34,823 or 25 points higher, the Nasdaq was up 53 points closing in on the 14,700 level.
  • Contrary to expectations, regional markets performed broadly higher amid the surging Covid-19 cases yesterday thus we reckon profit taking activities may appear today.
  • At home, the FBM KLCI performed better than expected buoyed by late buying support from local institutions as well as the strengthening of regional bourses.
  • We reckon this may not be sustainable as yesterday’s buying could be due to some quarterly window dressing activities.
  • As such, we anticipate the index to possibly hover within the 1,520-1,530 range today.
  • Meanwhile, keep an eye on both the crude palm oil and crude oil prices as both of our main exports are beginning to show some strength again.
Download