Market Reports

Daily Market Report (27 April 2021)
Daily Market Report (27 April 2021)
  • Wall Street ended mostly higher as investors geared up ahead the quarter earnings season. S&P500 rose 0.18% to all time high at 4,187.62 while Nasdaq climbed 0.9% to 14,138.78, hitting its first fresh record close since February as investors are expecting strong results on tech and related heavyweights such as Microsoft, Apple, Facebook and Google.
  • Nonetheless, the Dow Jones Industrial Average lost 61.92 points, or 0.2%, to 33,981.57, dragged down by P&G, Walmart and Coca Cola.
  • Regionally, key indices are set to open mixed as investors await the Bank of Japan’s interest rate decision.
  • In the local front, the FBMKLCI surged 0.94% or 15.04 points yesterday to close at 1,623.47, breaking the strong resistance 1,610 level thanks to rally in rubber glove, telco and healthcare counters.
  • We expect the local market to continue its momentum given strong investor sentiments testing the immediate resistance of 1,635.
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Daily Market Report (26 April 2021)
Daily Market Report (26 April 2021)
  • Wall Street closed higher following a volatile session as news of a proposed hike in capital gains tax on the rich emerged.
  • While many believe that a hike is likely, most think that the quantum may be lower than the proposed rate.
  • As such the DJI Average ended the session 227 points higher to close above the 34,000 mark again.
  • We believe market volatility should be erratic with the developments on Wall Street thus reckon regional markets to be rather subdued today.
  • As for the local bourse, the FBM KLCI remained stuck within a consolidation mode as it fails to decisively break the 1,610 level since mid-March.
  • Therefore, in the absence of fresh catalysts we expect the index to continue with its consolidation to trend within the 1,600-1,610 range.
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Daily Market Report (23 April 2021)
Daily Market Report (23 April 2021)
  • Wall Street ended lower as investors were shocked over President Biden’s proposal to double the capital gain tax for the wealthy.
  • The DJIA fell 321 points to close at 33,815.9. S&P500 erased earlier gains to close 0.9% lower at 4,134.98 while Nasdaq slipped 131.81 points to end at 13,818.41.
  • The sell down on US stock may cause some negative sentiment on regional markets, furthermore, we expect some profit taking activities on the regional market today following 2 days of rally.
  • On the local front, stocks ended higher with bargain hunting activities, sending the FBMKLCI 11 points higher to end at 1,607.73.
  • As for today, we expect the local market to trend sideways due to lack of catalysts and reckon the index to hover circa 1,605- 1,610 level.
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Daily Market Report (22 April 2021)
Daily Market Report (22 April 2021)
  • Wall Street rebounded as traders turned buyers on recovery stocks amid some bargain hunting.
  • The DJI Average jumped by more than 300 points to surpass the 34,000 mark while the Nasdaq gained 164 points closing in on the 14,000 level.
  • As such, we reckon regional markets to see some upside today after a rather downbeat performance yesterday.
  • On the local front, we believe some bargain hunting to emerge after the FBM KLCI dipped below the 1,600 yesterday.
  • Thus, we foresee the index to trend higher possibly around the 1,600-1,605 range today.
  • Despite the lack of interest, the crude palm oil (CPO) is performing quite well at above the RM4,000/metric tonne so far this month.
  • The CPO closed at almost the RM4,190/metric tonne yesterday.
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Daily Market Report (21 April 2021)
Daily Market Report (21 April 2021)
  • Wall Street slumped as sellers came out in force on concerns of a spike in global Covid-19 cases.
  • All 3 major indices declined with the Nasdaq leading the way losing 128 points to close below the 13,800 level while the DJI Average closed around the 33,800 level after giving up more than 250 points.
  • In view of this, we reckon regional to remain mix today as a mild consolidation takes place.
  • On the home front, late buying helped pushed the FBM KLCI to above the 1,605 mark from broad based buying.
  • Nonetheless, we doubt the buying is sustainable hence the index is expected to remain stuck within a narrow range of between 1,600-1,610 today.
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