Market Reports

Daily Market Report (17 Nov 2020)
Daily Market Report (17 Nov 2020)
  • More positive vaccine news helped pushed Wall Street higher as the DJI Average jumped by 470 points to within touching distance of the magical 30,000 mark.
  • Meanwhile, the S&P 500 had already touched an all time high. In view of this, we expect regional markets to maintain with their uptrend.
  • Domestically, we believe rotational play to continue with funds withdrawing from glove related counters and ploughing back into broader base sectors namely the banks, gaming and plantation.
  • The planters especially will also benefit from the higher Crude Palm Oil prices which remain at a rather solid RM3,500/mt. We suspect traders may also start to look at the Oil & Gas counters as the recovery play continues and that the Brent prices seems to be inching towards the US$45/barrel level.
  • Therefore, we believe the FBM KLCI to challenge the year high to 1,620 soon.
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Daily Market Report (16 Nov 2020)
Daily Market Report (16 Nov 2020)
  • Wall Street resumed with its uptrend as traders continue with their rotational plays. Despite the surging pandemic cases in the U.S., traders remained optimistic that the vaccine news would continue to buoy the stock market.
  • As such, the DJI Average jumped by almost 400 points to close at almost the 29,500 level. Regional markets are seen to make a reversal of sorts following a mixed session last Friday supported by the stronger Dow Futures hovering at almost 180 points higher currently.
  • On the local front, the FBM KLCI may also see some rotational plays as investors are likely to focus on cyclical stocks whilst the Rubber Glove segment may continue to experience some volatility.
  • Therefore, the FBM KLCI will consolidate with some upside bias with the 1,600 as the immediate resistant. Meanwhile, recent strengthening of the MYR against the USD to a post Covid-19 high may not bode well for exporters.

 

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Daily Market Report (13 Nov 2020)
Daily Market Report (13 Nov 2020)
  • US Markets were lower as the stimulus plan seem delayed with transition between US president still in the works while Covid-19 cases continue to soar with talk of tougher lockdown in the US that may see economic activity curtailed.
  • Regional markets will likely be in cautious tone echoing US markets fall overnight however US futures were marginally higher today likely to provide some support to the market sentiment.
  • While on our local market, the bullish undertone is seeing our KLCI closing on the 1,600 level and we’re seeing sporadic foreign net inflow to our markets with trading volume surging again.
  • We reckon focus would remain centred on glove bandwagon with companies venturing in healthcare and glove, personal protective equipment continues. With crude palm oil prices continue to hold up at current 8-year high, plantation stocks are also likely to see continued buying interest
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Daily Market Report (12 Nov 2020)
Daily Market Report (12 Nov 2020)
  • Wall Street saw tech stocks rebounded strongly after recent sell off while the overall bullish market sentiment remains.
  • Dow Jones was marginally lower after near record breaking high of 30,000. US futures today continued higher with regional markets expected to  follow suit from the bullish US markets yesterday.
  • On to our local market, yesterday’s profit taking was well absorbed with KLCI recovering to above 1,570. We foresee there would be much trading opportunities in our market today with a slew of bright spots; crude palm oil prices at 8.5 year high, plantation stocks remain key beneficiary while healthcare related, personal protective equipment related stocks remain in focus after recent sell down on vaccine news however global Covid-19 numbers continues to be record breaking numbers and tech related stocks may see some recovery today taking que from positive sentiment on Nasdaq tech rebound.  

 

 

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Daily Market Report (11 Nov 2020)
Daily Market Report (11 Nov 2020)
  • Rotational plays on Wall Street were apparent as funds continued to flow out of technology and into those on a recovery theme.
  • As a result, the Nasdaq declined by 160 points to 11,550 while the DJI Average gained 260 points at almost the 29,500 mark.
  • Although, regional markets are expected to chart higher today we expect some restraint to emerge following the strong rally of late.
  • Locally, the FBM KLCI may see some headwinds ahead after yesterday’s solid show.
  • The benchmark index which enjoyed broad based buying may continue to see funds looking at value propositions at the expense of Covid-19 related ones namely the glove counters.
  • Therefore, we reckon the FBM KLCI to trend within the 1,560-1,580 range today.

 

 

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