Market Reports

Daily Market Report (9 October 2023)
Daily Market Report (9 October 2023)
  • Wall Street rebounded following strong job data amid a slower than expected rise in overall wages.
  • For September, the US economy added 336,000 jobs beating expectations of 170,000 thus maintaining unemployment rate at 3.8%.
  • As such, the DJI Average added 288 points while the Nasdaq jumped by 211 points with the US 10-year edging higher at 4.795%.
  • However, the situation remains unclear if the Feds will adjust interest rates as consensus reckons, they will maintain status quo (no change).
  • In Hong Kong, the HSI gained 272 points as traders turned positive on China’s strengthening economic recovery coupled with speculations of more easing of measures for the property market.
  • Back home, though the FBM KLCI ended in positive territory, trading remained in cautious mode.
  • Nonetheless, we believe recent statements by PM Datuk Seri Anwar that more foreign investments into the country may be announced soon could spur buying interests and prop up the local bourse.
  • Hence, we believe the index will hover between the 1,415-1,425 range today.
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Daily Market Report (6 October 2023)
Daily Market Report (6 October 2023)
  • Wall Street ended marginally lower as traders are waiting for big jobs data later today that could determine the next move for interest rates.
  • In addition are also concerns over the potential Government shutdown come mid-November may prompt more downgrades on the US credit rating.
  • As a result, the DJI Average lost 10 points while the Nasdaq declined by 16 points as the US 10-year yield eased to 4.721%.
  • In Hong Kong, the HSI staged a mild rebound from bargain hunting activities amid an oversold market following a month-long slump.
  • Back home, the FBM KLCI closed flat as traders were sidelined in the absence of fresh buying catalysts.
  • We noticed there were some accumulations on Construction counters ahead of next week’s 2024 Budget as we expect numerous infra-related projects may be announced then.
  • For today, we expect some accumulation to emerge after a week of consolidation thus expect the index to hover within the 1,410-1,420 range.
  • Meanwhile, the decline of crude oil price continues with the Brent crude dipping to US$84/barrel as worries on demand persists.
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Daily Market Report (5 October 2023)
Daily Market Report (5 October 2023)
  • Wall Street staged a relief rebound after days of decline following a lower than expected private payroll additions for September notwithstanding that the US 10-year yield remains elevated at 4.739%.
  • Bargain hunting activities lifted the DJI Average 127 points higher while the Nasdaq jumped by 176 points.
  • In Hong Kong, the HSI declined 135 points as sentiment remains impacted by interest rates movements despite a mild rally from China Evergrande.
  • The HSI had tolerated a volatile month so far hovering between the 17,200-18,500 range.
  • Back home, the FBM KLCI continues to slide to close around the 1,415 mark due to the lack of catalysts amid a mixed regional performance.
  • However, we believe a rebound should occur anytime soon thus expect the index to hover within the 1,415-1,425 range today.
  • Meanwhile , Energy stocks may face with some road bumps today following the slump in crude oil price that saw the Brent tumbled to below the US$86/barrel from US$91/barrel overnight attributed to expected weakening demand amidst the high interest rates environment.
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Daily Market Report (4 October 2023)
Daily Market Report (4 October 2023)
  • Reality finally sets in on Wall Street as traders sold-down equities in view of the surging treasury yields as August job data came in stronger than expected.
  • As such, the DJI Average tumbles by 431 points while the Nasdaq fell 248 points as the US 10-year yield touched the 4.795% level.
  • Over in Hong Kong, the HSI shed 478 points as sentiment remains impacted by the US interest rate scenario coupled with the ongoing debt problems amongst the Chinese property developers.
  • Back home, the FBM KLCI struggled to maintain its buying momentum despite the FBM KLCI closing just above the 1,420 mark.
  • Domestic market undertone stayed cautious amid a mixed regional performance as knee-jerk reactions from the interest rate scenario in the US is expected to take central stage particularly heightening the volatility of regional currencies in the short term.
  • Notwithstanding this, we expect Bank Negara to maintain the OPR at current level circa. 3%.
  • Meanwhile, we anticipate trading to be lacklustre today and expect the index to hover between the 1,415-1,425 range.
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Daily Market Report (3 October 2023)
Daily Market Report (3 October 2023)
  • Despite avoiding a shutdown via a short-term agreement, Wall Street closed mixed as sentiment remains jittery against a high US 10-year yield backdrop.
  • As a result, though the DJI Average declined by 74 points the Nasdaq added 88 points as the 10-year yield surged to 4.685%, the highest since 2007.
  • The stockmarket in Hong Kong was closed yesterday for National Day celebration.
  • On the home front, the FBM KLCI declined to end below the 1,420 level as market undertone remains cautious amid a mixed regional performance.
  • Though this is deemed healthy as the local bourse digested the uptrend since July, we reckon a swift rebound is necessary to evade a prolong consolidation phase.
  • Therefore, we anticipate some bargain hunting to emerge, especially for the utilities sector as yesterday’s selling may be a tad overdone.
  • For today, we expect the index to hover between the 1,420-1430 range.
  • Meanwhile, higher crude oil output in September saw easing crude prices with the Brent dipped to the US$90/barrel.
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