Market Reports

Daily Market Report (30 June 2021)
Daily Market Report (30 June 2021)
  • Wall Street closed higher at record highs again albeit rather unconvincingly as traders are now on a wait and see mode for fresh catalysts.
  • The DJI Average ended flat at almost the 34,300 level whilst the Nasdaq added 28 points to close at almost 14,530.
  • As for the regional markets, we believe trading to be mixed today after a lackluster performance yesterday due to a lack of clear buying indications.
  • On the home front, the FBM KLCI edged higher yesterday as trading continues to be muted despite the announcement of the stimulus package.
  • Nevertheless, we reckon bargain hunting activities to emerge somewhat on the local bourse today as valuations are currently hovering at attractive levels.
  • Therefore, we expect the index to trend higher today and hover within the 1,545-1,555 range today.
  • We noticed accumulation on small caps have had emerged yesterday following the sell-down on Monday and may persists for today.
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Daily Market Report (29 June 2021)
Daily Market Report (29 June 2021)
  • Wall Street closed mixed as the US 10-year yield ended lower to below the 1.5% again.
  • Whilst the DJI Average lost 150 points to below the 34,300 mark, both the S&P 500 and Nasdaq closed at record highs. The Nasdaq in particular, closed 140 points to 14,500 mainly due to Facebook’s triumph for its court case.
  • Nonetheless, we reckon regional markets will continue to be mixed today as the volatility of US equities have certainly heighten.
  • Domestically, the FBM KLCI which slumped quite significantly yesterday may see some bargain hunting activities today albeit on a muted scale.
  • The announcement of the RM150bn PEMULIH economic stimulus package though welcomed however many believe that the overall impact would be minimal.
  • Thus, we believe the index performance to be quite subdued and expect it to trend within the 1,540-1550 range today.
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Daily Market Report (28 June 2021)
Daily Market Report (28 June 2021)
  • US equities closed higher as traders believe inflation will only be temporary as the economy recover from the pandemic.
  • The DJI Average rose 237 points to above the 34,430 level within a touching distance of its record while the S&P 500 closed 14 points higher to 4,280 which is a record high.
  • Meanwhile the US 10-year yield rose to 1.52%.
  • Therefore, we reckon regional markets may see another good day today following a solid performance last Friday.
  • On the home front, the FBM KLCI performed rather unconvincingly as the index crept up 4 points to almost 1,560 last Friday.
  • We believe the index to be quite mixed today as bargain hunting activities to be negated by the indefinite extension of the prevailing MCO.
  • As such, we expect the index to trend within the 1,555–1,565 range today.
  • Meanwhile, crude oil priced remain strong with the Brent now trading above US$76/barrel.
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Daily Market Report (25 June 2021)
Daily Market Report (25 June 2021)
  • U.S. equities ended higher overnight as the progress on a US$559bn federal infrastructure spending deal appeared to boost market sentiment.
  • Nasdaq Composite Index (+0.69%) and S&P 500 Index (+0.58%) both notched record highs at 14,369.7 and 4,266.5 respectively.
  • Moving to Asia, we expect the regional market to mirror U.S. market’s positive development last night.
  • On local front, following a few sessions of selling pressure, we expect some bargain hunting activities to emerge today with support level seen at 1,550 and resistance at 1,567 level.
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Daily Market Report (24 June 2021)
Daily Market Report (24 June 2021)
  • Another day, another yo-yo session on Wall Street as US equities ended lower on some profit taking activities.
  • The DJI Average lost 71 points to close just below the 33,900 level while the Nasdaq inched up 18 points to the 14,270 mark.
  • On the back of such volatile landscape, we expect regional markets to see some mixed reactions today.
  • Domestically, the FBM KLCI performance was again disappointing yesterday.
  • However, we are adamant that some bargain hunting may emerge thus anticipate the index to hover within the 1,565-1,575 range today.
  • Meanwhile, Brent crude oil surpassed US$75/barrel on hopes of global economic recovery.
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