Market Reports

Daily Market Report (3 March 2021)
Daily Market Report (3 March 2021)
  • Wall Street slumped as profit taking took place following a strong rebound the previous day.
  • With the lack of market news, traders took the opportunity to lock in profits as the DJI Average slid 144 points to close a tad below 31,400 while the Nasdaq declined by 230 points.
  • In view of this, we reckon regional markets to be mixed today. As for the local bourse, we expect the FBM KLCI performance to remain muted amid the volatility amongst the glove counters.
  • Nonetheless, we believe the index should stabilise within the 1,570/75 levels today.
  • Meanwhile, judging from Malaysia 10-year yield which is hovering above 3.1% currently from around 2.6% early this year, we see Bank Negara to maintain the Overnight Policy Rate this Thursday.
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Daily Market Report (2 March 2021)
Daily Market Report (2 March 2021)
  • Wall Street rebounded sharply following days of decline amid the uncertainty on rates. Buyers returned in force on hopes of vaccine optimism and the impending reopening of economy.
  • The DJI Average soared 600 points to close above the 31,500 mark again. In view of this, we believe regional markets to improve further today after yesterday’s rather solid performance.
  • On the local front, the FBM KLCI again succumbed to the drastic selling on glove stocks yesterday.
  • Though we expect a broader based buying today, the FBM KLCI performance may be negated by the continuous sell-down on glove companies.
  • Therefore, we foresee the benchmark index to trend within the 1,575/80 range today as bargain hunting activities should emerge after yesterday’s dismal showing.
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Daily Market Report (1 March 2021)
Daily Market Report (1 March 2021)
  • Rising bond yields continued to fuel fears on Wall Street as traders locked in profits over concerns of higher rates. The DJI Average lost a massive 470 points to close below the 31,000 level.
  • Though the equity futures rebounded, we believe trading on regional markets to be muted today. On the home front, the FBM KLCI resumes its volatility as sentiments remain jittery.
  • Despite a rather encouraging set of 4Q20 earnings from corporate Malaysia, investors prefer to stay sidelined from the lack of positive catalysts and buying conviction from the foreign funds.
  • Nonetheless, we believe there may be some bargain hunting today especially on technology stocks following last Friday decline.
  • As for the benchmark index, we expect it to trend within the 1,575/80 range today.
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Daily Market Report (26 Feb 2021)
Daily Market Report (26 Feb 2021)
  • Fears over higher rates returned to haunt traders as the US 10-year Treasury yield topped 1.6% prompting a sell-off on Wall Street. The DJI Average lost 560 points to close at 31,400 mark while the Nasdaq bore the brunt of the selling declined over 3% to just above the 13,100 level.
  • As such, we reckon regional markets may be affected as sentiments turns jittery. At home, the FBM KLCI finally ended higher in the absence of any late selling.
  • Nonetheless, we expect a muted performance today in line with the regional markets. Thus, we believe the benchmark index to trend around the 1,580/85 range today.
  • The Plantation sector remains overlook by investors despite crude palm oil again touched the RM4,000/metric tonne but we expect this to change soon.
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Daily Market Report (25 Feb 2021)
Daily Market Report (25 Feb 2021)
  • Wall Street surged as traders came back in force following Feds chairman Powell eased fears on inflation. As a result, the DJI Average jumped 425 points to close at a record high to almost the 32,000 mark.
  • Therefore, we believe regional markets to see some rebound today after yesterday’s sell-off.
  • On the domestic front, the FBM KLCI continued to be hampered by the selling on glove stocks rendering the prevailing market undertone rather weak.
  • Nonetheless, we reckon buyers should emerged to buy on weakness as the benchmark index had declined by almost 2% week on week basis thus, expect the FBM KLCI to see some upside and trend around the 1,560/70 range today.
  • We continue to like the energy stocks as the Brent crude is inching ever close towards the US$70/barrel after touching US$67/barrel yesterday.
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