Market Reports

Daily Market Report (12 December 2023)
Daily Market Report (12 December 2023)
  • Wall Street continue with its positive momentum as all 3 major indices closed on a high on expectations that the Federal Reserves is able to balance inflation and strong job data into a soft-landing scenario.
  • As such, the DJI Average added 157 points while the Nasdaq gained 28 points with the US 10-year yield edging higher at 4.237%.
  • Over in Hong Kong, the situation looks less promising as the HSI lost 133 points hanging just above the 16,000 mark as fears of a deflation in China following the 0.5% drop in consumer prices in November that would potentially affect corporate earnings growth going forward.
  • As for the local bourse, some late bargain hunting activities managed to pull the FBM KLCI out from its rut as it ended above the 1,445 level.
  • In view of this, we may even see window dressing activities to prevail as we approach the final 2 trading weeks for 2023.
  • Therefore, we expect the index uptrend to persist and expect it to trend within the 1,445-1,455 range today.
  • Following recent pull-back, there could be some buying interest back on the Construction and Technology counters today.
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Daily Market Report (11 December 2023)
Daily Market Report (11 December 2023)
  • Wall Street trended broadly higher as traders are looking at the Federal Reserves reaction towards a slew of positive economic data.
  • The higher than expected job data coupled with improving consumer sentiment may indicate that the US economy be recessionary for the time being.
  • Therefore, the DJI Average jumped 130 points while the Nasdaq gained 64 points as the US 10-year yield inched higher at 4.229%.
  • Over in Hong Kong, the HSI ended slightly lower as sentiment remains affected by China’s import contraction which reduces the appetite for Hong Kong equities.
  • Back home, the FBM KLCI closed on a flat note to stay just above the 1,440 level due to the lack of catalysts and regional weaknesses especially from China and that Japan may reverse its low interest rate policy.
  • Expectations of bargain hunting and window dressing activities are still absent but may emerge anytime soon.
  • Nonetheless, we noticed market’s undertone is still cautious hence do not anticipate any strong run-up.
  • As such, we reckon the index to hover within the 1,440-1,450 range today.
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Daily Market Report (8 December 2023)
Daily Market Report (8 December 2023)
  • Wall Street finished higher with strong buying on tech stocks following softer-than-expected job openings heightening expectations of lower interest rates in the coming year.
  • The DJIA gained 63 points or 0.17% while Nasdaq surged 193 points or 1.37%.
  • In Asia, major indices ended lower following lower than expected China’s export figures.
  • Meanwhile Moody's issued downgrade warnings for Hong Kong, Macau, and large portions of China's state-owned companies and banks.
  • As a result, the HSI dived 117 points of 0.71%.
  • On the home front, the FBM KLCI fell to below its 1,445 support level.
  • Nonetheless, the benchmark index is near oversold level, hence we reckon bargain hunting may occur.
  • Despite this, investors are advised to stay vigilant due to the rising global volatility and uncertainties.
  • We anticipate that the FBM KLCI to trend higher within the range of 1,440-1,450 for today.
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Daily Market Report (7 December 2023)
Daily Market Report (7 December 2023)
  • Wall Street ended lower as traders remain sidelined pondering the latest labour and wage growth for November that declined more than expected.
  • Overall sentiment turned quite cautious as the DJI Average lost 70 points while the Nasdaq dipped by 83 points with the US 10-year yield continuing to slide at 4.113%.
  • In Hong Kong, the HSI rebounded to just below the 16,500 mark as the market has been technically oversold in addition to some share buyback programs launched by Meituan, WuXi Bio, Swire Pacific and Sands China to a tune of US$2.6bn.
  • At the home front, the FBM KLCI maintained its consolidation as the index closed lower to just above the 1,445 level.
  • Nonetheless, we reckon bargain hunting activities to emerge anytime soon as the decline of the local bourse has been broad-based.
  • We believe interest may return to the Construction and Financial stocks after the recent selling activities thus expect the index to trend within the 1,445-1,455 range today.
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Daily Market Report (6 December 2023)
Daily Market Report (6 December 2023)
  • Wall Street closed on a mixed note as US equities took a breather as many see recent strong performances may have outrun the underlying fundamentals amid a cooling labour market.
  • As such, the DJI Average lost 80 points while the Nasdaq gained 44 points with the US 10-year yield dipping below the 4.2% at 4.167%.
  • Over in Hong Kong, the HSI slumped 318 points to below the 16,500 mark or a 13-month low after Moody’s downgraded China rating outlook to negative from stable while maintaining the sovereign bond rating at A1.
  • Back home, late buying activities lifted the FBM KLCI off the day’s low as the index declined marginally to just below the 1,450-level prompted by weaknesses across the region following Moody’s rating on China’s outlook.
  • Despite recent good corporate earnings showing, sentiment remains cautious in the absence of strong inflows of funds.
  • Therefore, we expect the index to maintain its consolidation and oscillate within the 1,445-1,455 for today.
  • Meanwhile, higher US inventory coupled with weakening demand had sent crude oil prices lower with the Brent crude hanging around the US$77/barrel.
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