Market Reports

Daily Market Report (7 November 2023)
Daily Market Report (7 November 2023)
  • Wall Street took a breather but still closed slightly higher as the market may be consolidating from the recent rally and may have outpaced fundamentals.
  • As such, the DJI Average gained a mere 34 points while the Nasdaq added 40 points as the US 10-year yield climbed to 4.647%.
  • Over in Hong Kong, the HSI jumped by 302 points to almost the 18,000-level buoyed by a possible early cut in interest rates and more assistance from China to stabilize the market.
  • On the home front, the FBM KLCI surged past the 1,460 mark from broad-based buying amid the improving market sentiment.
  • We reckon stock accumulation to persist predominantly from foreign funds thus expect the index to hover within the 1,460-1,470 range today and may surpass the 1,500 mark anytime soon.
Download
Daily Market Report (6 November 2023)
Daily Market Report (6 November 2023)
  • Wall Street rallied as sentiment turned positive following a weaker than expected job data indicating that the Federal Reserve rate hike campaign could be over.
  • As a result, the DJI Average gained 222 points while the Nasdaq added 184 points with the US 10-year yield easing to 4.577%.
  • In Hong Kong, the HSI jumped 433 points taking the positive cue from Wall Street coupled with data showing that China’s services activity in October grew higher than the previous month.
  • Back home, the FBM KLCI closed higher at almost the 1,450 mark as buyers returned amid an improving investment climate.
  • We believe the improving market undertone should spur the local bourse higher today thus expect the index to hover within the 1,450-1,460 range.
  • Meanwhile, the Ringgit strengthened against the US$ to around 4.72 from almost 4.80 previously on expectations that the Fed will pause with their rate hikes.
Download
Daily Market Report (3 November 2023)
Daily Market Report (3 November 2023)
  • Wall Street closed positively with all 3 major indices surged as traders are betting that the Federal Reserve may be done with rate hikes for the year.
  • The DJI Average added 564 points while the Nasdaq climbed 233 points higher as the US 10-year yield eased to almost a month low at 4.661%.
  • Over in Hong Kong, the HSI gained 129 points as sentiment turned dovish as the Hong Kong Monetary Authority (HKMA) maintains its base rate after the Fed pauses rate hikes signaling a possible end to the rate hike cycle.
  • On the home front, the FBM KLCI ended higher taking cue from improved regional performance.
  • Meanwhile as expected, Bank Negara Malaysia (BNM) kept its BLR at 3% which should be good news for all.
  • Underpin by a spate of positive news, we believe the local bourse to see the return of buyers thus expect the benchmark index to hover within the 1,440-1,450 range today.
  • Again, we advocate investors to stay with the Banks as we anticipate the financials to chart decent earnings growth for 2023.
Download
Daily Market Report (2 November 2023)
Daily Market Report (2 November 2023)
  • Wall Street staged a mini rally following the US Fed decision to pause rate hike during its latest FOMC meeting yesterday.
  • Nonetheless, the Fed stressed that it will be open for assessment of the economic situation come the next FOMC in mid-December.
  • As such, the DJI Average gained 221 points while the Nasdaq jumped by 210 points with the US 10-year yield easing to 4.734%.
  • In Hong Kong, the HSI closed marginally lower from selling on BYD and some major tech companies namely Alibaba and JD.com as traders were mostly sidelined, waiting for the policy decision from the US Fed.
  • At home, the FBM KLCI closed broadly lower attributed to selling activities during the late session.
  • Nonetheless, we believe the local bourse to stage a rebound today taking cue from Wall Street and no rate hike thus expect the index to hover within the 1,440-1,450 range as bargain hunting should emerge on the Banks, Telco and Utilities ahead of the impending results season.
Download
Daily Market Report (1 November 2023)
Daily Market Report (1 November 2023)
  • Wall Street closed firmer while traders are still debating whether the Federal Reserves will raise interest rates or not.
  • Many are expecting the Feds to pause with the rate hike amid the strong US economic data with inflation remains at elevated levels.
  • As a result, the DJI Average gained 124 points while the Nasdaq added 62 points despite the US 10-year yield climbing higher to 4.926%.
  • Over in Hong Kong, the HSI declined by 294 points as sentiment was spooked by China’s unexpected decline in manufacturing activities last month.
  • In addition, traders also sold-down BYD as many fear that the EV maker may not be able to sustain its earnings growth going forward.
  • Back home, the FBM KLCI added almost 3 points to stay above the 1,440 mark as market participation remains muted.
  • We believe in line with other regional currencies, the pressure on the Ringgit versus the US$ is still an ongoing concern.
  • For today, we expect the benchmark index to hover within the 1,440-1,450-range attributed to buying support from local institutions.
  • Meanwhile, crude oil prices ease due to build up in inventory as the Brent crude dipped to below the US$88/barrel.
Download