Market Reports

Daily Market Report (24 Sept 2020)
Daily Market Report (24 Sept 2020)
  • Wall Street resumed its fall led by tech sector after a day of reprieve as the rebound has fizzled out on the rising coronavirus numbers and the stalemate in new stimulus plan.
  • The Dow Jones closed 1.92% lower to 26,763.13 level while the Nasdaq went below the 11,000 level down 3.02% at 10,362.98 while the S&P 500 fell 2.37% to 3,236.92.
  • Regional markets will be under pressure today arising from the weaker US markets.
  • On our local front, yesterday’s govt RM10bn Prihatin stimulus and assistance package is likely to lend support to the KLCI with support level seen at 1,480 and investor should adopt the buy on weakness strategy.   
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Daily Market Report (23 Sept 2020)
Daily Market Report (23 Sept 2020)
  • Wall Street staged a technical rebound yesterday as buyers emerged in droves amidst the Feds call to support the US economy indefinitely.
  • The DJI Average gained 140 points to close at almost the 27,300 level while the Nasdaq inched closer to the 11,000 threshold.
  • In view of this, we reckon regional markets to trend higher today after days of decline. Locally, we expect the FBM KLCI to maintain its upward momentum having performed solidly yesterday.
  • Hence, we believe the benchmark index to test the 1,510 mark today after which the 1,520 would be the immediate resistance level.
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Daily Market Report (22 Sept 2020)
Daily Market Report (22 Sept 2020)
  • Wall Street suffered on the uncertainty over the additional stimulus in the US as well as another possible lockdown following a spike in Covid-19 cases in the UK.
  • The DJI Average dropped by 509 points to close above the 27,000 mark. The index at one instance declined by 940 points hovering around the 26,700 level.
  • As such, there will be no reprieve for the regional markets today. On the local front, we expect the FBM KLCI to experience more selling pressure having broken the 1,500 mark yesterday.
  • The rise in Covid-19 cases may spur some buying on glove counters hence we believe the index to hover between the 1,490/1,510 range today.

 

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Daily Market Report (21 Sept 2020)
Daily Market Report (21 Sept 2020)
  • Wall Street declined across the board as investors continued with their unloading of big tech names in the wake of the US/China tension over the imminent ban on both Tik-Tok and Wechat.
  • As such, the DJI Average lost 244 points to close the week at the 27,650 level. With the US futures currently flat, we expect the same for the regional markets from the lack of direction.
  • Locally, we see the FBM KLCI to possibly trend within the 1,500/20 range today.
  • Again, we advocate investors to look at the Plantation sector as the CPO prices had breached the RM3,100/mt level.
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Daily Market Report (18 Sept 2020)
Daily Market Report (18 Sept 2020)
  • Wall Street slid lower from mixed news over potential vaccine and further financial stimulus.
  • The DJI Average which shed almost 380 points at one time recovered to close at the 27,900 level or 130 points lower.
  • For today, we expect regional markets to be flattish following yesterday’s broad-based sell-down.
  • On the local front, we believe the FBM KLCI to see some resistance around the 1,520 level with immediate support at the 1,500 mark.
  • Meanwhile, CPO prices has breached RM3,000/mt thus we expect to see buying interests returning back on the planters.
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