Market Reports

Daily Market Report (22 March 2021)
Daily Market Report (22 March 2021)
  • US equities fell following the Feds decision not to extend the capital breaks expiring end-March for banks during the pandemic era. As such, the DJI Average lost 234 points to close at around the 32,600 level.
  • Nonetheless, the Nasdaq gained 99 points despite the US 10-year Treasury yields surged beyond the 1.70%.
  • Along with the mixed trading pattern on Wall Street, we believe regional markets to remain mixed today.
  • Back home, we reckon the FBM KLCI to see some selling pressure following last Friday’s strong closing as bargain hunting emerged when the index hovered near the 1,615 level.
  • Therefore, we believe the index to again test the 1,620 level today with a more meaningful support around the 1,610/15 range.
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Daily Market Report (19 March 2021)
Daily Market Report (19 March 2021)
  • Wall Street plunged as the US 10-year Treasury yield spiked to a 14-month high. Hopes that a stronger US economic recovery and higher rates saw traders sold down equities as the 10-year yield crossed over the 1.7% mark.
  • The DJI Average closed 153 points lower at around the 32,800 level with the Nasdaq fared even worse losing 410 points or around 3%.
  • As volatility heightened, we expect regional markets to be adversely impacted today. On the domestic front, the FBM KLCI is expected to experience some weaknesses today in line with the regional markets.
  • Therefore, we believe the index to test the 1,620 level today with a more meaningful support around the 1,610/15 range. In such case, we would advocate investors to accumulate on weakness especially when the index breaks the 1,615 threshold.
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Daily Market Report (18 March 2021)
Daily Market Report (18 March 2021)
  • US equities rebounded following the Feds statement that there will be no rate hike over the next 2 years. All 3 major indices closed positively after earlier losses with the DJI Average closing at a record high above the 33,000 mark.
  • Regionally, we may see a firmer performance after a rather mixed closing yesterday. As for the local bourse, we noticed that the FBM KLCI remains stuck in a consolidation mode despite yesterday’s later buying activities.
  • As such, we would expect the index to again trend within a narrow range of within the 1,625/30 range today.
  • Nonetheless, the broader market undertone is quite positive with trading activities centred predominantly on the smaller caps as market volume has been building up over the past week.

 

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Daily Market Report (17 March 2021)
Daily Market Report (17 March 2021)
  • Profit taking activities emerged on Wall Street as traders took the opportunity to lock in profits ahead of the Feds statement today. With the 10-year yields hovering at 1.62%, traders are keeping a close eye on the Feds guidance on rates. The DJI Average lost 128 points to around the 32,825 level whilst both the S&P 500 and Nasdaq closed flat.
  • As such, we expect the regional markets to see some pullbacks today after yesterday’s positive performances.
  • For the local bourse, we reckon the FBM KLCI to remain positive on the presence of some bargain hunting activities especially the Plantation stocks as indicated by the 1% gain by the Plantation index yesterday.
  • Nonetheless, we expect the FBM KLCI to make small strides like yesterday and see it hovering around the 1,625/30 range today.
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Daily Market Report (16 March 2021)
Daily Market Report (16 March 2021)
  • Wall Street surged as traders are optimistic of the reopening of US economy soon with both the DJI Average and the S&P 500 closed on record highs.
  • The DJI Average was up 175 points to almost the 33,000 mark while the S&P 500 is closing in on the 4,000 level. As for the regional markets, we reckon performance today may be rather mixed as investors are wary of the buying exuberance over in the US.
  • On the domestic front, we believe the FBM KLCI to remain stuck within a trading band from the lack of strong buying interests.
  • Therefore, we expect to see the index to hover around the 1,620/25 levels today.
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