Market Reports

Daily Market Report (19 December 2023)
Daily Market Report (19 December 2023)
  • Wall Street continued with its uptrend albeit at a slower pace as expectations may have hit the ceiling.
  • Easing interest rates and economic growth continue to play their part although valuations may be the road bumps ahead.
  • As such, the DJI Average closed flat while the Nasdaq jumped 91 points as the US 10-year yield climbed marginally to 3.935%.
  • In Hong Kong, sentiment turned cautious as the HSI lost 163 points on concerns of China’s economic recovery.
  • Meanwhile, Xpeng declined 6.7% following Alibaba’s intention to dispose of 25m of the EV maker US-listed shares.
  • On the home front, the FBM KLCI made further progress to close at 1,465 or a 1-month high.
  • We believe the flow of foreign funds to persist into the equity market thus expect the index to trend between the 1,460-1,470 range today.
  • We noticed over the past 6 months, the 1,465 seems to be a strong resistance hence if this level is broken convincingly, we may see the index to possibly challenge the 1,500 level.
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Daily Market Report (18 December 2023)
Daily Market Report (18 December 2023)
  • Wall Street closed mildly positive as traders remained sidelined following a strong performance of late amid the buzz of easing interest rates.
  • As such, the DJI Average gained 57 points while the Nasdaq added 52 points with the US 10-year yield dipped marginally to 3.915%.
  • Over in Hong Kong, the HSI jumped 390 points to end nearly at the 16,800 mark predominantly due to the softer interest rate scenario as opted by the Federal Reserve.
  • Additionally, sentiment was further boosted by China’s latest measures to lower ratios on home repayments and extending deadlines for mortgages.
  • Back home, the FBM KLCI closed above 1,460 underpinned by buying activities during the afternoon session.
  • We reckon there is staying power for the local bourse as diversification of funds may prevail since many will look for values especially amongst the emerging markets thus expect the index to climb further and hover within the 1,460-1,470 range today.
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Daily Market Report (15 December 2023)
Daily Market Report (15 December 2023)
  •  It was another positive day on Wall Street as the US 10-year yield tumbled to below the 4% level at 3.921% for the first time since August buoyed by the recent dovish statement from the Federal Reserve on interest rates.
  • As a result, the DJI Average added 158 points with the Nasdaq closing 28 points higher.
  • In Hong Kong, the HSI jumped 173 points as it joined the regional uptrend taking cue from the Fed’s easing rate stance hence giving the business community a sigh of relief.
  • Back home, the FBM KLCI rebounded to surge past the 1,450 mark underpinned by broad-based buying.
  • We believe buying activities to persist and expect the index to hover within the 1,455-1,465 range today, taking advantage of the attractive valuation of the domestic market.
  • Meanwhile, crude oil prices edged higher with the Brent closing above US$76/barrel as demand is seen to improve due to the US economy staying upbeat.
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Daily Market Report (14 December 2023)
Daily Market Report (14 December 2023)
  •  Wall Street rallied as the DJI Average closed at a record high above the 37,000-level following the Federal Reserve’s forecasts that it will cut interest rates 3 times in 2024 amid the slowing inflation trend.
  • Meanwhile, the Nasdaq added 200 points as the US 10-year yield eased to 4.024% or around a 4-month low.
  • Over in Hong Kong, the HSI retreated after losing 145 points to end at a YTD low following the lack of new measure to aid the troubled property sector during China’s policy meeting recently.
  • Back home, the FBM KLCI ended flat as the accumulation of blue chips remains prevalent.
  • Taking the positive cue from Wall Street, we believe the local bourse’s performance to improve and expect the index to hover within the 1,450-1,460 range today.
  • We expect buying interests will focus on the Banks, Telcos and possibly Construction stocks.
  • Meanwhile, crude oil prices rebounded attributed to lower inventory as the Brent crude closes above the US$74.50/barrel.
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Daily Market Report (13 December 2023)
Daily Market Report (13 December 2023)
  • Wall Street closed broadly firmer as the Santa Claus rally continues, aided by the latest CPI figure that came in within expectations prompting beliefs that the Feds may leave rates unchanged.
  • As a result, the DJI Average gained 173 points while the Nasdaq added 101 points as the US 10-year yield eased marginally to 4.21%.
  • In Hong Kong, the HSI jumped 173 points higher after touching a 14-month low, on optimism that the political and economic meeting in Beijing this week could deliver some good news in terms of stimulus to revive the Chinese economy.
  • On the local front, the FBM KLCI ended flat as late accumulation activities helped lift the index higher amid a lacklustre session.
  • Though we noticed bargain hunting is prevalent, overall sentiment remains cautious coupled with a neutral reaction towards the latest Cabinet reshuffle.
  • For today, we reckon the index to scale higher taking cue from the clearer picture in the US thus expect it to hover within the 1,445-1,455 range.
  • As for crude oil prices, the Brent slumped even further to US$73/barrel due to a combination of record US inventory plus weaker demand from China.
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