Market Reports

Daily Market Report (1 September 2023)
Daily Market Report (1 September 2023)
  • Wall Street ended mixed as all 3 major indices closed on a day’s low as traders are looking at August job data later today.
  • Reflecting the cautious sentiment, the DJI Average lost 168 points while the Nasdaq added 16 points as the US 10-year yield slid slightly to 4.106%.
  • Over in Hong Kong, the HSI declined by another 100 points as the exodus of foreign funds continue.
  • Concerns over the slump in China’s manufacturing activity and debt woes amongst the Chinese developers persist to plague sentiment as recent supportive measures implemented may be insufficient to spur overall demand.
  • Back home, the FBM KLCI closed lower ahead of the National Day celebration yesterday but maintained at above the 1,450 mark.
  • For today, we reckon some buying to return albeit at a muted level amid another mix regional performance thus expect the index to trend between the 1,450-1,460 range today with focus possibly shifted to the Planters following another impressive trend by the CPO currently at around the RM4,000/tonne level.
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Daily Market Report (30 August 2023)
Daily Market Report (30 August 2023)
  • Wall Street closed broadly higher as sentiment was boosted by the latest decline in consumer sentiment and job opening in July illustrating that the US economy may be cooling down.
  • As a result, the DJI Average gained 293 points while the Nasdaq jumped by 239 points as the US 10-year yield eased to 4.12%.
  • In Hong Kong, the HSI maintained its upward trajectory as investors’ confidence continued to be elevated by China’s recent cut in transaction costs coupled with improved earnings amongst the Hang Seng Index constituents.
    Back home, the FBM KLCI surged past the 1,450 mark underpinned by solid buying support from foreign funds across the board.
  • Though we believe the same can be expected today, we reckon buying may be muted somewhat as the local bourse will be closed in celebration of Hari Merdeka tomorrow.
  • Therefore, we expect the index to hover between the 1,450-1,460 range with interests to focus on the telcos in view that the equity holdings in Digital Nasional Bhd (DNB) will be finalized today.
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Daily Market Report (29 August 2023)
Daily Market Report (29 August 2023)
  • Wall Street kicked off the week with gains, rising for a second consecutive session and recouping some losses from the summer stock-market slide despite the strong bond yields with the DJIA added 213 points charging ahead the 35,000 level.
  • In Hong Kong, the stock market experienced an upward trend following Beijing's move to reduce the stamp duty on onshore equity transactions by 50% and to loosen margin requirements.
  • These policy adjustments were implemented to restore trust and optimism among investors.
  • It's worth mentioning that China Evergrande's stock value plummeted after it concluded a 17-month trading suspension.
  • On the domestic front, shares in Bursa Malaysia ended broadly higher with buying interests mainly on property and construction stocks.
  • Nonetheless, the FBM KLCI closed marginally lower due to lack of buying interests as investors have shifted their focus to smaller stocks.
  • We expect bargain hunting will emerge given the improving global market sentiment and expect the benchmark index to trend within the range of 1,440-1,450 for today.
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Daily Market Report (28 August 2023)
Daily Market Report (28 August 2023)
  • Wall Street closed higher after a volatile session, primarily due to bargain hunting activities following three days of selling.
  • As a result, the DJI Average gained 247 points, while the S&P 500 and Nasdaq jumped by 29 and 127 points, respectively.
  • Moving to Hong Kong, the HSI tumbled 256 points due to heavy selling across the region.
  • Back home, the FBM KLCI managed to pare losses due to late buying.
  • Nonetheless, the benchmark index ended in the red amid the regional sell-off.
  • Despite the cautious sentiment, the support on the benchmark index stayed strong and we reckon the performance of FBM KLCI to remain steady given the cheap valuations.
  • We expect bargain hunting activities to return today, with the FBM KLCI to trend within the range of 1,440-1,450.
  • However, we anticipate some headwinds for the plantation sector may continue following the decline in CPO futures to below RM4,000 per tonne.
  • Meanwhile, we believe investors might pick up banking stocks at lower levels after Friday's selling.
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Daily Market Report (25 August 2023)
Daily Market Report (25 August 2023)
  • Wall Street slumped as the recent tech rally fizzled out with traders now bracing themselves for a key speech from the Feds chairman Jerome Powell later today.
  • As such, the DJI Average lost 374 points while the Nasdaq declined by 257 points as the US 10-year yield edged higher to 4.241%.
  • Over in Hong Kong, the HSI surged past the 18,000 mark as sentiment was buoyed by a solid set of corporate earnings while traders were also taking the opportunity to bargain hunt.
  • On the home front, the FBMKLCI closed in positive territory as market’s undertone remains positive.
  • It is interesting to note that buying on Plantation counters remains strong as the recent spike in the crude palm oil price should boost earnings in the 3Q2023 thus investors are anticipating for a better performance from the planters this year.
  • For today, we believe the index to possibly hover between the 1,440-1,450 range.
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