Market Reports

Daily Market Report (4 January 2024)
Daily Market Report (4 January 2024)
  • Wall Street ended broadly lower from profit taking activities as sentiment will now be dictated by the interpretations of the Federal Reserve stance on interest rates.
  • As a result, the DJI Average lost 284 points while the Nasdaq declined by 174 points mainly due to the sell-down on Apple following a downgrade.
  • Meanwhile, the US 10-year yield dipped slightly to 3.92%.
  • Over in Hong Kong, the HSI maintained its downtrend over the slump on Wall Street and the expectations on interest rates.
  • Pessimism over China’s economic recovery also fueled the selling on the HKSE.
  • At home, the FBM KLCI finally reversed its decline to close above the 1,460 level as bargain hunters appeared during the afternoon session.
  • For today, we reckon accumulation of stocks to persist and maintain that Banks should stay in the limelight.
  • As such, we expect the index to hover within the 1,460-1,470 range today with the 1,465.
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Daily Market Report (3 January 2024)
Daily Market Report (3 January 2024)
  • Wall Street closed on a mixed note as the recent massive rally may have seen some market indigestions as valuations outpaced fundamentals.
  • This is further aggravated to Barclays downgrade on Apple which saw the stock decline by 3%.
  • As such, the DJI Average gained 25 points while the Nasdaq lost 245 points with the US 10-year yield inched higher to 3.941%.
  • Over in Hong Kong, the HSI started the new year on a weak note as sentiment remains cautious following the latest economic data from China which showed uneven recovery and that overall confidence is still subdued.
  • On the home front, the FBM KLCI settled lower as trading remains lacklustre over a mixed regional performance.
  • Additionally, some rumblings on the political scene further set aside interests on the local bourse.
  • Notwithstanding this, we believe the time is right to nibble on some Banking and Construction stocks as we noticed more jobs are in the pipeline thus expect the index to trend within the 1,450-1,460 range today.
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Daily Market Report (2 January 2024)
Daily Market Report (2 January 2024)
  • Wall Street closed lower following a strong showing amid the Santa Claus rally recently.
  • For 2023, all 3 major indices made a sharp recovery with the DJI Average gaining 13.7% while the Nasdaq jumped 43.4% as the S&P 500 ended 24.2% higher.
  • Going forward, interest rates will be the focus of fund flows on anticipation when the Fed will ease its stance.
  • In Hong Kong, the HSI was flat at just above the 17,000 level to end 14% lower year-on-year.
  • However, we notice foreign funds are set to make a massive return on Hong Kong stocks as many deem their valuation as highly enticing.
  • Back home, the FBM KLCI ended 2023 at just below 1,455.
  • At current levels, market valuation is estimated at around the 14x range which offer decent value proposition hence we reckon flow of foreign funds to persists into the local bourse amid a strengthening MYR that dipped below the 4.60 mark against the US$.
  • For today, we believe the index to hover within the 1,455- 1,465 range with Banks to remain as the main focus.
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Daily Market Report (29 December 2023)
Daily Market Report (29 December 2023)
  • Wall Street closed mixed as US equities may have hit the ceiling in terms of their valuations.
  • So, while the DJI Average added 53 points to a fresh new high, the Nasdaq lost 4 points while the S&P 500 gained almost 2 points to a new all time high.
  • Meanwhile, the US 10-year yield inched higher at 3.846%.
  • Over in Hong Kong, the HSI jumped 419 points to breach the 17,000 level or at a 4-week high.
  • As online gaming stocks namely Tencent and NetEase continued to rally.
  • The index was further buoyed by the strength of BYD (+4.1%) attributed to accumulation from foreign funds.
  • Back home, the FBM KLCI edged firmer to close in on the 1,460 mark despite still being stuck in a 2-week consolidation mode of between 1,450/65 range.
  • Curiously, the 1,465 remains a stubborn resistance and to remain as the main stumbling block thus we expect it to trend the 1,455-1,465 range today.
  • Meanwhile, the Ringgit continues to improve against the US$ of around 4.60 or a 4-month high.
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Daily Market Report (28 December 2023)
Daily Market Report (28 December 2023)
  • Santa Claus continues to work his magic on Wall Street as all three major indices have reached or approaching their respective all time highs.
  • The DJI Average closed on a record high added 111 points while the Nasdaq gained 25 points to a 52-week high.
  • Meanwhile, the US 10-year yield declined to 3.789%.
  • In Hong Kong, the HSI jumped by 284 points buoyed by the rebound of both Tencent and NetEase coupled with China’s November Industrial profits which doubled amid improving manufacturing activities.
  • At home, the FBM KLCI ended higher as some bargain hunting activities emerged.
  • The benchmark index closed just below the 1,455 mark as trading remains lacklustre.
  • Spurred by the strengthening MYR, interest on local equities seems decent from foreign funds but the upside has been capped by selling from local institutions.
  • Notwithstanding this, we reckon the index may still have legs to test the 1,500 level thus expect the index to hover within the 1,455-1,470 range today as the domestic stocks are ripe for pickings especially the Banks.
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