Market Reports

Daily Market Report (2 Feb 2021)
Daily Market Report (2 Feb 2021)
  • Notwithstanding a stronger closing, volatility reigned on Wall Street as sentiments were affected by the GameStop saga.
  • The DJI Average gained 229 points to top the 30,000 level but was still off by 100 points from the day high.
  • As for the local bourse, we would expect some rebound today after a frenzy session last Friday as the index ended at 1,566 after having nearly touched the 1,600 mark during early session.
  • We would expect investors to bargain hunt on a broader basis today thus the FBM KLCI is seen to possibly test the 1,575 level today.
  • Meanwhile the crude palm oil remains rather solid with prices rebounded to almost the RM4,000/metric tonne again.
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Daily Market Report (29 Jan 2021)
Daily Market Report (29 Jan 2021)
  • Wall Street rebounded following Wednesday’s massive sell-off amid US corporate earnings season.
  • The DJI Average jumped 300 points to close at above 30,500 mark but way off intra-day high of almost 31,000. In this regard, we reckon regional markets to see some uptrend today though activities may be muted.
  • On the local front, we believe the market weak undertone to remain as the FBM KLCI should see some downside today.
  • Thus, we expect to see the index to possibly trend around the 1,570/75 range today ahead of a long weekend as the market is close next Monday.
  • Meanwhile, with crude palm oil prices still solid at RM3,800/metric tonne, interests on the plantation sector may return.
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Daily Market Report (27 Jan 2021)
Daily Market Report (27 Jan 2021)
  • US equities were flat as traders became cautious ahead of corporate earnings especially from major companies over the next few days. The DJI Average which was up 150 points at the start closed 23 points lower to around the 30,937 mark.
  • As such, we expect regional markets to remain listless today due to the lack of clear catalysts. On the local front, the FBM KLCI again fell in late session possibly attributed to selling pressure from foreign funds.
  • The benchmark index which was up to 1,610 earlier ended flat at 1,575 mainly due to profit taking activities on glove stocks. With market sentiments now becoming jittery, we reckon trading today to remain lacklustre and see the FBM KLCI to trend within a narrow range between the 1,570-1,580 range.
  • Meanwhile, it is worthwhile to note that construction activities are still ongoing with both Advancecon Holdings Bhd (5281) and Gabungan AQRS Bhd (5226) getting new contracts.
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Daily Market Report (26 Jan 2021)
Daily Market Report (26 Jan 2021)
  • It was a “yo-yo” day on Wall Street as US equities rebounded off lows following a weak start as bargain hunters emerged to push both the S&P 500 and Nasdaq to close at record highs.
  • The DJI Average which declined by more than 400 points at one time ended the session 37 points lower at 30,960. Back home, we reckon yesterday’s selling was a tad overdone thus expect the FBM KLCI to stage a rebound today.
  • Talks of a stricter lockdown, spooked sentiments on the local bourse as the benchmark index lost 20 points to break the support of 1,580.
  • Nonetheless, we believe bargain hunters should prop the index up possibly to above the 1,590 today.
  • Amongst the KLCI constituents, top 5 losers yesterday were Dialog, Petronas Chemical, Press Metal, Hap Seng and CIMB and we noticed both Dialog and MISC may have been in oversold territory now.
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Daily Market Report (25 Jan 2021)
Daily Market Report (25 Jan 2021)
  • Traders became cautious as uncertainty looms over Biden’s latest US$1.9 trillion stimulus package Though the Nasdaq closed on another record high on solid earnings from the big tech companies, the DJI Average was 179 points lower to end just below the 31,000 mark.
  • As such, we believe regional markets to remain mixed today from the lack of catalysts. On the local front, the FBM KLCI again suffered from late selling but managed to remain in positive territory.
  • Nonetheless, we reckon the benchmark index to climb above the 1,600 today and trend possibly around the 1,605 level amid the price volatility amongst the glove stocks.
  • Interests may continue to centre on the smaller caps today spearhead by the tech companies following a strong close last week.
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