Market Reports

Daily Market Report (19 April 2024)
Daily Market Report (19 April 2024)
  • It was another mixed day on Wall Street as traders were sidelined, unwilling to commit themselves amid the numerous headwinds.
  • Due to US equities’ high valuations, any shortcomings from the upcoming earnings reporting will see another bout of selling.
  • In view of the choppy session, the DJI Average added 22 points, while the Nasdaq lost 82 points with the US 10-year yield edged higher at 4.637%.
  • In Hong Kong, the HSI jumped 134 points from bargain hunting activities as many traders are attracted by the low valuations of HK stocks as the banks, insurers and casino operators all ended higher.
  • Locally, the FBM KLCI rebounded attributed to broad-based buying in line with the regional recovery.
  • However, we believe overall sentiment remains jittery and there is a bias that investors may eventually go “Cash is King”.
  • For today, we expect the index to hover within the 1,540-1,550 range.
  • Anyhow, we noticed that a correction has started amongst the commodities namely CPO which dipped to below RM4,000/tonne and the Brent crude that eased to US$86/barrel.
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Daily Market Report (18 April 2024)
Daily Market Report (18 April 2024)
  • Wall Street closed on a weak note as traders are opting to lock in profits following a decent run over the past months amid the prevailing uncertainties on interest rates, geopolitical tension and the upcoming results season.
  • As a result, the DJI Average declined 46 points while the Nasdaq slipped by 182 points despite the US 10-year yield easing lower at 4.589%.
  • Over in Hong Kong, the HSI ended on a flat note after a choppy session as sentiment remains very much entrench on the Federal Reserve’s inability to decide on rate adjustments as yet.
  • Back home, the FBM KLCI rebounded to the 1,540 mark attributed to broad-based buying.
  • Nonetheless, we noticed market undertone remains cautious as illustrated by the lower daily volume yesterday.
  • Though we reckon bargain hunting may persist today, trading activities are expected to be lacklustre hence anticipate the index to hover within the 1,535-1,545 range today.
  • Meanwhile, the CPO which have had a decent run recently saw price declined to almost the RM4,000/tonne level in line with weaker soy and crude oil prices.
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Daily Market Report (17 April 2024)
Daily Market Report (17 April 2024)
  • Wall Street ended mixed amid a choppy session as sentiment remains cautious whereby traders are trying to balance the narratives on interest rates coupled with the tension in the Middle East.
  • As such, though the DJI Average gained 64 points, the Nasdaq lost 20 points as the US 10-year yield inched higher at 4.669%.
  • In Hong Kong, the HSI slumped to hover precariously just above the 16,000 level as China’s higher than expected economic growth for the 1Q2024 failed to convince investors as both the retail and industrial output data came in lower than anticipated.
  • Back home, the FBM KLCI saw more selling on blue chips possibly by foreign funds as the index dipped below the 1,540 mark.
  • The selling was broad-based in line with the regional bloodbath.
  • We believe yesterday’s selling was more of a knee jerk reaction to the escalation tension in the Middle East amid the flight of funds to other asset classes.
  • Therefore, we believe some bargain hunting activities to emerge anytime soon and expect the index to trend within the 1,530-1,540 range today.
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Daily Market Report (16 April 2024)
Daily Market Report (16 April 2024)
  • Wall Street closed lower as tension in the Middles East escalates coupled with that March’s retail sales came in higher than estimated indicating that inflation in the US is here to stay.
  • As a result, the US 10-year yield ended at almost a 6-month high of 4.61%.
  • Despite a strong opening, the DJI Average ended 248 points lower while the Nasdaq declined by 290 points.
  • In Hong Kong, the HSI closed 121 points lower ahead of China’s GDP report for 1Q2024 plus a slew of other economic data over the next few days.
  • Back home, the FBM KLCI slumped to almost the 1,540 level amid a weak regional performance attributed to heightened tension in the Middle East.
  • Selling on the local bourse was broad based as none of the sectors were spared.
  • In the event if prevailing support at the 1,540 mark is smashed decisively, the next support is seen at around the 1,520 level.
  • Nonetheless, an immediate rebound is needed thus expect there to be some accumulation activities as a flight of funds will occur from the US considering the high valuation of US stocks.
  • Thus, we anticipate the index to hover within the 1,540-1,550 range today.
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Daily Market Report (15 April 2024)
Daily Market Report (15 April 2024)
  • Wall Street slumped as sentiment was again dented by inflationary worries coupled with the escalating tension in the Middle east.
  • With Iran coming into the picture against Israel thus pushing crude oil prices higher, investors are wary that inflation will weigh on the market.
  • As such, the DJI Average lost 476 points while the Nasdaq declined by 276 points as the US 10-year yield slid slightly to 4.518%.
  • In Hong Kong, the HSI fell 373 points as the Chinese Yuan hit a 5-month low against the greenback.
  • Back home, the FBM KLCI ended lower in line with the weak regional performances as investors remained in a cautious mood.
  • The lack of fresh catalysts plus the geopolitical tension saw trading on the local bourse to be rather muted.
  • For today, we expect the trading pattern to be lacklustre attune to the decline on Wall Street hence anticipate the index to hover within the 1,550-1,560 range.
  • Meanwhile, the Brent crude closed above the US$90/barrel again.
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