Market Reports

Daily Market Report (11 January 2024)
Daily Market Report (11 January 2024)
  • Wall Street closed broadly higher amid a muted trading session as traders are waiting for fresh inflation data later today.
  • The DJI Average gained 171 points while the Nasdaq jumped 112 points higher with the US 10-yaer yield edging higher at 4.03%.
  • In Hong Kong, the HSI continues to slide attributed to the lack of catalysts.
  • Nonetheless, the decline in China’s 10-year bond yield has prompted expectations that a cut in interest rates could be in the offing.
  • Back home, the FBM KLCI solid uptrend fizzled out as profit taking activities emerged in line with the regional weaknesses.
  • Nonetheless, we deem such a correction is healthy as a foundation for a more sustainable uptrend for the index.
  • Therefore, we expect the emergence of bargain hunters today and expect the index to hover within the 1,485-1,495 range supported by interests on the Banks.
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Daily Market Report (10 January 2024)
Daily Market Report (10 January 2024)
  • Wall Street remains weak but all 3 major indices managed to close off their respective lows.
  • Traders stayed cautious as many are waiting for key inflation data over the next 2 days.
  • As such, the DJI Average declined 158 points while the Nasdaq added 14 points while the US 10-year yield dipped slightly lower at 4.015%.
  • In Hong Kong, the HSI resumes with its decline to close below the 16,200 level mainly from sell-down on giant tech companies namely Alibaba, JD.com, Tencent and Meituan.
  • On the local front, the FBM KLCI finally breached the 1,500 mark albeit briefly as profit taking activities surfaces during the afternoon session curbing the index uptrend.
  • Nonetheless, we believe there are still legs for the FBM KLCI amid the intermittent consolidation hence we reckon the index to trend within the 1,495-1,505 range today.
  • Construction and Energy counters may attract some interests after some selling yesterday.
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Daily Market Report (9 January 2024)
Daily Market Report (9 January 2024)
  • Wall Street rebounded as bargain hunting activities emerged after a tough week.
  • Technology stocks led the gainers with the Nasdaq adding 320 points while the DJI Average was 217 points higher as the US 10- year yield eased marginally to 4.027%.
  • Over in Hong Kong, the HSI maintained its worst start to a new year losing a further 311 points as outlook for China remains bleak.
  • Back home, the FBM KLCI continued with its impressive start for 2024 as foreign funds continue mopping up local equities.
  • Though the 1,500 level may act as the immediate psychological resistance, we believe this to be breached anytime soon in view of recent improving daily trading volume.
  • Thus, we anticipate the index to hover within the 1,490-1,500 range today.
  • Meanwhile, crude oil prices declined following the price cut by Saudi Arabia amid weakening demand.
  • As such, the Brent crude dipped to around US$76/barrel.
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Daily Market Report (8 January 2024)
Daily Market Report (8 January 2024)
  • Wall Street finished broadly higher last Friday due to bargain hunting following the recent sell-off.
  • The DJIA gained 26 points or 0.07%, while Nasdaq added 14 points or 0.1%.
  • In Asia, key indices ended mixed, however selling of tech stocks continues in HK while at the same time, sluggish real estate market exerted pressure on property stocks.
  • As a result, the HSI dipped by 111 points or 0.66%.
  • On the home front, the FBM KLCI continues to trend higher with strong buying on energy and banking stocks.
  • We expect buying on local stocks to persist, given the strong support from foreign funds and improved market sentiment, although we do not discount the possibility of profit-taking activities.
  • We anticipate that the FBM KLCI will trend within the range of 1,485-1,495 for today.
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Daily Market Report (5 January 2024)
Daily Market Report (5 January 2024)
  • Wall Street closed mixed as sentiment remains cautious on interest rates and the stretched valuations of US equities.
  • The latest strong job data can be interpreted as the Fed may not lower interest rates anytime soon.
  • Thus, despite the DJI Average ending 10 points higher, the Nasdaq lost 81 points as the US 10-year yield inched higher to above the 4.00% level.
  • Over in Hong Kong, the HSI was flat as expectations on lower interest rates from the Federal Reserve dissipates.
  • Back home, the FBM KLCI finally came to life from the influx of buyers on a broad based basis.
  • The index managed to break above the 1,465 mark to close in on the 1,480 level hence we reckon the uptrend seems sustainable.
  • As such, we expect the index to trend between the 1,475-1,485 range today as accumulation on the big caps continues.
  • Meanwhile, crude oil, prices remain soft attributed to the building up of US inventory.
  • As a result, the Brent crude dipped to US$77/barrel.
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