Market Reports

Daily Market Report (28 November 2023)
Daily Market Report (28 November 2023)
  • Wall Street closed marginally lower as traders took a breather following a solid performance this month.
  • As such, the DJI Average lost 57 points while the Nasdaq ended 10 points lower with the US 10-year yield dipping to 4.39%.
  • Meanwhile, despite warnings from major retailers that consumer spending is weakening, many took this as a positive sign that the Federal Reserve’s tightening may have achieved the desirable effects in slowing inflation.
  • Over in Hong Kong, the HSI declined 34 points as sentiment remain cautious ahead of China’s economic report which should suggest a slowdown from the lack of stimulus.
  • Meanwhile, BYD shares tumbled amid a price war amongst the EV makers.
  • On the home front, the FBM KLCI closed below the 1,450 level as trading remained lacklustre due to the lack of fresh catalysts coupled with weak performances across the region.
  • Nonetheless, we expect bargain hunting activities to emerge anytime soon after 5 days of consecutive decline hence expect the index to hover within the 1,445-1,455 range today.
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Daily Market Report (27 November 2023)
Daily Market Report (27 November 2023)
  • Wall Street ended mixed supported by retailers as Black Friday kicked off the holiday shopping season.
  • Meanwhile, traders were mainly sidelined waiting for economic data due later this week.
  • As a result, although the DJI Average gained 117 points, the Nasdaq declined by 15 points whilst the US 10-year yield edged higher at 4.472%.
  • Over in Hong Kong, the HSI dipped 351 points on concerns over weak corporate earnings signals.
  • Meanwhile, speculations over family rift on succession plans saw Chow Tai Fook share price tumbled by 11%.
  • Back home, the FBM KLCI closed on a flat note as trading activities remained lacklustre due to the regional weaknesses.
  • The domestic market undertone is still cautious as we head into the final leg of corporate earnings reporting, which so far has been quite decent.
  • Reflecting the ongoing market volatility, we believe the benchmark index to hover within the 1,450-1,460 range today, expecting some interests on the Plantation stocks with many reporting improving margins from better cost controls.
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Daily Market Report (24 November 2023)
Daily Market Report (24 November 2023)
  • Wall Street was closed for Thanksgiving Day.
  • Meanwhile, key regional markets finished mostly higher, with strong gains in China and Hong Kong due to late buying, particularly in real estate stocks.
  • The HSI gained 176 points or 1% as sentiment improved over Beijing's financing support for the property sector.
  • As for the local bourse, the FBM KLCI pared losses as bargain hunting emerged after the index fell to its day low of 1,451.35.
  • Nonetheless, the benchmark index still ended in negative territory.
  • We remain vigilant despite the rebound in regional markets.
  • Notwithstanding this, we believe the local market is undervalued, providing opportunities for investors to accumulate stocks at attractive levels.
  • We anticipate the FBM KLCI to trend within the 1,450-1,460 range for today.
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Daily Market Report (23 November 2023)
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.
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Daily Market Report (22 November 2023)
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.
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