Market Reports

Daily Market Report (9 Feb 2021)
Daily Market Report (9 Feb 2021)
  • Wall Street closed on fresh record highs as traders are optimistic of another stimulus relief package soon.
  • The DJI Average gained 238 points to almost the 31,400 mark whilst both the S&P 500 and Nasdaq climbed 0.7% and 1.0% respectively.
  • Domestically, the FBM KLCI again succumbed to some late selling in particular on rubber glove stocks. We noticed sentiments remained fragile as investors maintained their short term mode.
  • Nonetheless, we are still adamant that the index will reverse its downtrend to test the 1,580/90 range as buying interests on rubber gloves could be back following days of selling down.
  • Meanwhile, we expect Oil & Gas stocks to stay upbeat as the Brent Crude finally breached the US$60/barrel mark to close at US$60.50 which is more than a 1-year high.
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Daily Market Report (8 Feb 2021)
Daily Market Report (8 Feb 2021)
  • Worse than expected job data has prompted fresh hopes of more stimulus package as Wall Street closed at new highs last Friday.
  • The DJI Average ended 92 points higher to almost at 31,150 whilst both the S&P 500 and Nasdaq ended at record high again.
  • On the local front, we reckon volatility to again dominate trading as the FBM KLCI again experienced late selling last Friday.
  • Nonetheless, we reckon some stability for the market today as both of our largest exports in crude palm oil (CPO) and crude oil saw prices hitting solid levels.
  • The CPO is closing in to the RM4,000/metric tonnes while the Brent crude is now within touching distance of US$60/barrel.
  • Barring the volatility of glove counters, we would expect the benchmark index to test the 1,590 level today.
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Daily Market Report (5 Feb 2021)
Daily Market Report (5 Feb 2021)
  • Solid corporate earnings and better than expected economic data pushed US equities higher as Wall Street closed on record highs again.
  • While the DJI Average gained 332 points to around 31,055, both the S&P 500 and Nasdaq ended the session at record highs. Meanwhile on the domestic front, the FBM KLCI remains rather volatile as the index only managed to stay above the positive territory late in the trading session.
  • Thus, we believe such trend to persist as sentiments is still fragile and expect the index to hover within the 1,585-1,595 range today.
  • We noticed that trading on smaller cap companies is gathering momentum hence may be a prelude for more active activities on these companies.

 

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Daily Market Report (4 Feb 2021)
Daily Market Report (4 Feb 2021)
  • Spurred on by solid corporate earnings, Wall Street ended on positive territory after a weak start. Sentiments also improved as the retail buying frenzy dissipated for now.
  • As a result, the DJI Average gained 36 points to above the 30,700 mark having declined to 30,520 at one point. On the local front, we believe market volatility to continue as investors are now on a short term mode.
  • Yesterday’s wild swing seen for the FBM KLCI further suggest that investors sentiments remained rather fragile.
  • Nonetheless, we reckon the index to maintain its uptrend to around the 1,585/90 range with strong resistance at 1,600.
  • We expect buying interests on oil & gas stocks to continue as the Brent crude price inches towards the US$60/barrel as it gained 1.8% hovering at US$58.50 yesterday.

 

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Daily Market Report (3 Feb 2021)
Daily Market Report (3 Feb 2021)
  • Wall Street surged as concerns over the retail trading frenzy began run out of fuel amid ongoing negotiations over the new relief stimulus package.
  • As a result, the DJI Average gained by more than 400 points inching towards the 30,700 mark. Domestically, the FBM KLCI which rebounded strongly yesterday is expected to continue with its uptrend today.
  • Despite a 14-day extension to MCO 2.0, we believe the benchmark index to possibly test the 1,590 level following a 2 week long consolidation.
  • Oil & Gas stocks may be in the limelight today with the Brent crude price trending past the US$56/barrel hovering at US$57.50/barrel at the moment.
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