Market Reports

Daily Market Report (16 June 2021)
Daily Market Report (16 June 2021)
  • Wall Street closed lower as traders became jittery over the possible outcome from the ongoing Federal Reserves policy meeting.
  • The tech heavy Nasdaq dropped 101 points at 14,700 level while the DJI Average ended 94 points lower at the 34,300 mark.
  • With expectation that interest rates may increase, we reckon regional market will continue to be mixed and weaker today.
  • On the local front, the FBM KLCI saw some buying support from the foreign funds in late trading hours and we would expect the index to again hover within a tight trading range with some upside of around the 1,580-1590 range today.
  • Meanwhile, the Brent crude oil price remains resilient at US$74/barrel.
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Daily Market Report (15 June 2021)
Daily Market Report (15 June 2021)
  • Wall Street saw traders returned to tech stocks ahead of the Federal Reserves meeting betting on extension of low interest rates.
  • As a result, the tech heavy Nasdaq surged 105 points to close at a new record high at 14,175 whilst the DJI Average lost 86 points to end at below 34,400.
  • Therefore, we reckon market volatility to remain within the regional markets and expect trading to be mixed today.
  • As for the local market, the FBM KLCI performed rather credibly yesterday but we noticed there remain some uncertainty on the buying interests.
  • Thus, we expect there may be some profit taking today possibly on Plantation stocks with the recent reversal on the crude palm oil prices to below the RM4,000/metric tonne.
  • As such, we expect the index to trend within the 1,575-1,585 range today.
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Daily Market Report (14 June 2021)
Daily Market Report (14 June 2021)
  • European stocks hit record high, ended its best week since May buoyed by hopes that major central banks would remain accommodative, despite signs of rising inflation.
  • Wall Street closed higher to end a lacklustre week with few market-moving catalysts. The DJIA inched up 13.36 points to end at 34,479.6. Nasdaq grew 0.35% to 14,069.4 while S&P500 surged 0.19%, ended at all time high at 4,247.4.
  • Regionally, stocks ended mixed as US bond yields eased despite data showing soaring US consumer prices in May.
  • Back home, the FBM KLCI closed 0.3% lower to settle at 1,575.16, mainly dragged down by glove stock.
  • We expect the local market to trend within the range of 1,570-1,590 for the week with immediate resistance at 1,600 while support at 1,573.
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Daily Market Report (11 June 2021)
Daily Market Report (11 June 2021)
  • US equities closed higher across the board with the S&P 500 setting a record finish as investors brushed aside the latest evidence of accelerating inflation.
  • Health care and technology companies were among the biggest gainers.
  • The DJIA and Nasdaq gained 19.1 points 108.58 points to end at 34.466.24 and 14,020.33 respectively.
  • Meanwhile S&P500 advanced 19.63 points or 0.5% higher to settle at 4,239.18, surpassed the record of 4,232.60 set on May 7.
  • European stock index surged after the US Labour Department noted CPI in the 12 months ended in May accelerated 5.0%, the biggest year-on-year increase since August 2008.
  • Locally, the FBM KLCI edged down 1.58 points, or 0.1% to 1,579.90.
  • We expect the local market to trend sideways with slightly bias towards positive given the overall positive sentiment globally with immediate resistance at 1,600 while support at 1,573.
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Daily Market Report (10 June 2021)
Daily Market Report (10 June 2021)
  • US equities retreated as traders remained cautious ahead of inflationary concerns.
  • The DJI Average declined by 150 points to end up at the 34,400 level. 
  • Meanwhile, the US 10-year yield fell to below the 1.5% or the lowest in 3 months.
  • With the prevailing uncertainties, we expect regional markets to remained mixed today.
  • On the home front, market undertone is expected to remain weak amid the unrelenting Covid cases.
  • Hence, we reckon the FBM KLCI to hover within the 1,570-1,580 today.
  • Meanwhile, the premium for the takeover of IJM Plantation by KLK may be a good indication that the prevailing elevated crude palm oil prices may be here to stay.
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