Market Reports

Daily Market Report (17 November 2023)
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.
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Daily Market Report (16 November 2023)
Daily Market Report (16 November 2023)
  •  Wall Street continued to climb predominantly fueled by weaker US inflationary data which ultimately indicates the end of the Federal Reserves’ battle with rate hikes.
  • Although there are no signs of any rate cut as yet, sentiment remains positive that interest rates may have peaked.
  • As such, the DJI Average jumped by 163 points while the Nasdaq added 9 points as the US 10-year yield inched marginally higher at 4.537%.
  • Over in Hong Kong, the HSI surged past the 18,000 mark on cooling US economy coupled with the US$137bn rescue package for the property sector.
  • Back home, the FBM KLCI maintained its upward momentum underpinned by broad-based buying amid a strong regional performance.
  • We believe the accumulation of stocks to persist today thus expect the index to hover within the 1,465-1,475 range.
  • Meanwhile, we maintain our view that the benchmark index will close at a year high above the 1,500 level with our 2023 target set at 1,560.
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Daily Market Report (15 November 2023)
Daily Market Report (15 November 2023)
  • Wall Street rallied as traders cheered October’s consumer price index (CPI) which came in lower than expected.
  • Core CPI that excludes food and energy prices actually rose the slowest in 2 years suggesting the Feds will end its interest rate hike campaign for good.
  • Therefore, the DJI Average jumped 490 points while the Nasdaq added 327 points as the US 10-year yield eased to 4.453%.
  • Over in Hong Kong, the HSI closed marginally lower as investors were mainly side-lined ahead of US inflation report.
  • The index dipped 29 points to just below the 17,400 mark.
  • On the local front, the FBM KLCI rebounded attributed to bargain hunting activities following last week’s erratic trading pattern.
  • In line with the optimism from the US, we expect the index to maintain its positive momentum thus anticipate the index to trend within the 1,455-1,465 range today.
  • Meanwhile, Plantation stocks could see some buying interests today as crude palm oil (CPO) price improved to above the RM3,900/tonne level due to higher imports from India.
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Daily Market Report (14 November 2023)
Daily Market Report (14 November 2023)
  • Wall Street closed on a mixed note as traders are looking at October’s consumer price index (CPI) which is due later today.
  • Meanwhile, overall sentiment was also affected by Moody’s latest cut in its rating outlook on the US attributed to the huge fiscal deficit and political bickering.
  • Hence, despite the DJI Average adding 55 points, the Nasdaq lost 30 points with the US 10-year yield remaining flat at 4.642%.
  • In Hong Kong, the HSI jumped 223 points on optimism over the easing political tension due to the impending Xi-Biden meeting.
  • The local bourse was closed for Diwali celebration yesterday.
  • For today, we believe the FBM KLCI will stay stuck within a narrow range of between 1,440-1,450 as investors are expected to remain sidelined.
  • Nonetheless, we may see some accumulation on Plantation and Telco stocks today following a sudden sell-down last Friday.
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Daily Market Report (10 November 2023)
Daily Market Report (10 November 2023)
  • Wall Street closed lower as sentiment was affected by the latest comments from Jerome Powell that more may be required to attain the Fed targeted inflation level.
  • Though many are confident that recent economic data are showing signs of slowing down, it was the volatility within the Treasury yields that spooked traders.
  • As such, the DJI Average lost 220 points while the Nasdaq declined by 129 points as the 10-year yield ended higher at 4.632%.
  • Over in Hong Kong, the HSI declined by 57 points as the latest weak data on consumer and producer prices last month ignited concerns on the state of domestic demand thus more stimulus may be needed from the Chinese authorities to spur demand.
  • Back home, the FBM KLCI fell for the 3rd consecutive day due to the lack of catalysts amid a mixed regional performance.
  • The expected bargain hunting activities did not materialize but we remain adamant that this will emerge anytime soon.
  • A check on the corporate results so far indicates that all is well thus we expect the index to trend within the 1,450-1,460 range today.
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