Daily Market Report (23 November 2023)
  • Wall Street closed higher after the 10 year treasury yield briefly fell 4.369% on early session and the easing oil price.
  • The DJIA rose 185 points (+0.53%) while Nasdaq advanced 66 points (+0.46%).
  • In Hong Kong, the HSI finished flat ended the day without much change, reflecting the negative sentiment on Wall Street due to the Federal Reserve's November meeting minutes, which indicated a likelihood of maintaining higher interest rates for an extended duration.
  • On the domestic front the FBM KLCI ended lower with selling mainly on commodity related stocks.
  • We expect accumulation to persist given the attractive valuations of the local equities accompanied by the improved sentiment following the rally on Wall Street overnight.
  • As such, we expect the benchmark index to trend higher within the range of 1,455-1,465 for today.
  • Meanwhile Brent crude oil slipped 0.38% to US$81.65 per barrel.
Daily Market Report (22 November 2023)
  • Wall Street fell on Tuesday as traders began to assess the Federal Reserve minutes which did not mention any rate cut.
  • Instead, it indicated that the policy would remain restrictive amid concerns inflation may return.
  • As such, the DJI Average lost 63 points while the Nasdaq declined by 85 points with the US 10-year yield sliding to 4.398%.
  • In Hong Kong, the HSI closed on a weak note reversing earlier gains as Chinese investors turned to profit taking mode despite the Chinese Yuan strengthened to a 4-month high.
  • The HSI managed to trend above the 18,000 mark in the earlier session before selling emerged to pressure the index lower.
  • Back home, the FBM KLCI rebounded and managed to hover above the 1,460 level throughout the day from bargain hunting on stocks that were trashed down previously namely the Telcos and Energy sectors.
  • For today, we reckon sentiment to stay cautious thus expect the index to trend between the 1,460-1,465 range today.
Daily Market Report (21 November 2023)
  •  Wall Street ended steeply higher, predominantly from renewed interests on tech related stocks namely Microsoft and Nvidia.
  • Sentiment was also fueled by the cooling inflation data that saw a declining bond yield.
  • As a result, the DJI Average gained 204 points while the Nasdaq jumped by almost 160 points as the US 10-year yield eased marginally to 4.424%.
  • Over in Hong Kong, the HSI added 324 points on optimism that the Chinese regulators will support the financial activities by property developers in a bid to stabilize economic growth.
  • Back home, the FBM KLCI continued to slide as the FBM KLCI tested the 1,455 level due to selling activities across the board.
  • Nonetheless, we are confident that earnings especially from the Banks which are expected to remain solid for the CY2023 may entice buyers back thus anticipate the index to hover within the 1,455-1,465 range today.
  • The Ringgit is also heading higher against the greenback currently at RM4.66/US$1, which is a 2-month high.
Daily Market Report (20 November 2023)
  • Wall Street ended barely in positive territory as traders began to digest the recent rally combined with mixed comments from the Feds officials on the outlook of inflation in the US.
  • As a result, the DJI Average edged up 2 points while the Nasdaq inched 12 points higher with the US 10-year yield remaining flattish at 4.439%.
  • Over in Hong Kong, the HSI slumped by almost 380 points mainly dragged down by the sell-down on Alibaba after it scrapped plans to spin off its cloud-computing business amid the heightened tech war coupled with Jack Ma’s intention to reduce his stake later this month.
  • Back home, the FBMKLCI continued to slide due to broad based selling.
  • Though we noticed 1,460 as the immediate psychology support level, we reckon this as a weak link thus expect the index to possibly hover between the 1,455-1,465 range today predominantly from the lack of positive catalysts.
  • Meanwhile, the Brent crude price rebounded to US$80/barrel but traders remain unconvinced as global demand is expected to weaken.
Daily Market Report (17 November 2023)
  • Wall Street closed on a mixed note as it took a breather from the recent rally.
  • Traders are concerned if stock prices may have outpaced fundamentals.
  • As such, while the DJI Average lost 46 points, the Nasdaq ended almost 10 points higher as the US 10-year yield eased further to 4.441%.
  • In Hong Kong, the HSI tumble by almost 250 points as traders were no encouraged by the recent highly anticipated Xi-Biden meeting.
  • In addition, EV maker Xpeng was sold down following a wider quarterly losses.
  • Back home, the FBM KLCI failed to sustain Wednesday’s uptrend as sellers overwhelmed buyers amid a weak regional performance.
  • Nonetheless, the index managed to close off day’s low underpinned by some late buying activities.
  • We reckon the local bourse to trend within a narrow range today with some upside bias hence expect the index to hover between the 1,460-1,470 range.