Market Reports

Daily Market Report (24 Nov 2020)
Daily Market Report (24 Nov 2020)
  • As the world is bracing for more positive vaccine news, stock markets are all firmly eyeing at a recovery mode with Wall Street as no exception.
  • The DJI Average jumped by more than 300 points to close above the 29,500 mark again. As such regional markets are expected to continue with their uptrend today.
  • With the Brent crude jumping to a 2 month high above the US$46/barrel, we reckon interest will shift to oil related companies as the FBM KLCI continues with its recovery as the 1,600 to be breached with the 1,610 forming as the next resistant level.
  • Meanwhile, with the crude palm oil remains stubbornly above the RM3,500/metric tonnes, plantation stocks are expected to attract interests with year-to-date top 5 laggards namely TDM, Rimbunan Sawit, TSH Resources, FGV and Boustead Plantation still offering reasonable value proposition.

 

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Daily Market Report (23 Nov 2020)
Daily Market Report (23 Nov 2020)
  • U.S. major indices ended in the negative territory last Friday as the rising coronavirus cases is casting doubts on strength of the economic recovery.
  • Regional markets are likely to be on mixed tone mirroring performance of U.S. markets last Friday.
  • On local front, last Friday saw bargain hunting on battered down glove companies due to surging numbers of global coronavirus cases which anchored the recovery of the KLCI to close higher.
  • As such, we may see follow through buying on healthcare related, personal protective equipment related stocks today.
  • Meanwhile, Brent crude oil price ended near USD45 and gained over 5% last week hence investors should start to take position on the oil and gas related stocks as well.
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Daily Market Report (20 Nov 2020)
Daily Market Report (20 Nov 2020)
  • U.S. markets rebounded to close marginally higher with three of the major stock indices ended in positive territory overnight.
  • Regional markets sentiments are expected to be cautious as U.S. futures were lower after news on the clash of stimulus plan between US Treasury and Federal Reserves.
  • On our local market, we may see bargain hunting and rotational play as the vaccine news and Covid-19 numbers continue to rise.
  • Oil & gas related stocks may see renewed interest as brent crude oil has rose to 11-week high. Recent financial results of plantation stocks showing strong growth is also the sector to watch for trading opportunities.
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Daily Market Report (19 Nov 2020)
Daily Market Report (19 Nov 2020)
  • Wall Street declined as the US is grappling with the rising Covid-19 cases overshadowing the positive vaccine developments.
  • As a result, the DJI Average which was in positive territory during the early session lost 345 points and again failed to surpass the 30,000 mark.
  • Therefore, we reckon regional markets to be mixed today. Back home, we should see continued volatility amongst the rubber glove counters as news on the vaccine is becoming a reality.
  • The FBM KLCI which was hanging stubbornly above the 1,600 level yesterday may again see some pressure today and if broken the next support is at 1,590.
  • Meanwhile, we noticed that the crude palm oil (CPO) remain persistently strong and recent good results from the planters should attract interests back into the sector.
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Daily Market Report (18 Nov 2020)
Daily Market Report (18 Nov 2020)
  • Wall Street retreated as traders decided to lock in some profits following a solid run post the Presidential election and positive vaccine news.
  • The DJI Average which gained by more than 5% over the past week again failed to breach the 30,000 mark as the benchmark index declined 170 points to settle at around the 29,780 level.
  • Therefore, we may see some retracement of regional markets today.
  • On the local front, we reckon rubber glove counters to experience continue selling pressures therefore the benchmark index may face with some headwinds today.
  • We believe the FBM KLCI which had jumped by more than 10% since early this month, may see it tough to maintain at current level with the 1,600 as the immediate support.
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