Market Reports

Daily Market Report (25 March 2024)
Daily Market Report (25 March 2024)
  • Wall Street closed mixed amid the uncertainties over interest rates despite dovish comments by the Federal Reserve on interest rates during the recent FOMC meeting.
  • Therefore, despite the DJI Average losing 305 points, the Nasdaq was up 27 points with the US 10-year yield easing to 4.202%.
  • Over in Hong Kong, the HSI declined by 191 points over concerns of corporate earnings and latest moves by US lawmakers to restrict US funds investing in certain Chinese entities.
  • Back home, the FBM KLCI managed to end marginally higher mainly attributed to late buying in Banking stocks.
  • Though sentiment remains cautious, the average daily volume surpassed the 5bn shares level, mainly due to strong accumulation in counters within the Construction and Property sectors.
  • Taking cue from the uncertainty on Wall Street, we believe trading on the local bourse to be stuck in a tight range of between 1,535-1,545 today.
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Daily Market Report (22 March 2024)
Daily Market Report (22 March 2024)
  • Wall Street finished higher after the Federal Reserve reiterated its forecast of three rate cuts for the year.
  • Yesterday's movements followed a triumphant day on Wall Street, with the three major indexes hitting new closing highs.
  • Notably, the S&P 500 surged above 5,200 for the first time.
  • Concurrently, the Dow soared by 0.68%, settling just below the 40,000 mark.
  • In Hong Kong, the HSI closed sharply higher with strong buying in tech stocks as Beijing announced fresh measures to support the economy.
  • As for the local bourse, the FBM KLCI rebounded as bargain-hunting activities emerged following the earlier sell-off.
  • We believe that buying in local stocks will continue following the news on the rate, which strongly lifted investor sentiment.
  • As such, we anticipate the benchmark index to trend within the range of 1,540-1,550 for today.
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Daily Market Report (21 March 2024)
Daily Market Report (21 March 2024)
  • Wall Street rallied as all 3 major indices closed at record highs after traders acknowledged the Federal Reserve’s maintained interest rates with 3 adjustments until year end.
  • As a result, the DJI Average gained 401 points while the Nasdaq jumped by 203 points with the US 10-year yield easing to 4.277%.
  • In Hong Kong, the HSI ended flat as sentiment remained cautious ahead of the Federal Reserve meeting.
  • Meanwhile, China left lending rates unchanged in line with market expectations but strong earnings from Tencent injected some positivity.
  • Back home, the FBM KLCI slumped to below the 1,540 level or down by 20 points over the last 2 days amid continuous selling from foreign funds.
  • While we are perplexed of the recent sell-down, we believe the index will see a rebound today after a clearer picture from the Fed overnight.
  • Hence, we expect the index to hover within the 1,540-1,550 range today, underpin by interests on the Banks, Construction and Utilities sectors.
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Daily Market Report (20 March 2024)
Daily Market Report (20 March 2024)
  • Wall Street closed broadly higher following a brief correction recently as traders are now keeping a close tab on the FOMC meeting that started yesterday.
  • As such, the DJI Average jumped 320 points while the Nasdaq added 63 points as the US 10-year yield eased slightly to 4.293%.
  • Over in Hong Kong, the HSI lost 208 points as sentiment turned cautious over the forthcoming corporate earnings which are expected to be weak coupled with a less positive outlook for interest rates from the FOMC meeting following recent hot US inflation data.
  • At home, the FBM KLCI underwent a minor consolidation as profit-taking activities emerged amid a dampened market undertone after a 3-day climb.
  • In line with this, both YTL International and YTL Corp closed lower after a solid opening.
  • We believe the prevailing trading mode to persist until the outcome from the FOMC is revealed hence we see the index to hover within the 1,540-1,550 range today.
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Daily Market Report (19 March 2024)
Daily Market Report (19 March 2024)
  • Wall Street closed higher amid a cautious mode as many are expecting another stagnant rate outlook ahead of the FOMC meeting.
  • As such, the DJI Average gained 76 points while the Nasdaq benefited from rotational play, jumped 130 points despite the US 10-year yield edging higher at 4.328%.
  • In Hong Kong, the HSI reversed earlier losses to end in positive territory as traders are expecting more policy easing process after the latest batch of China’s economic data remained rather dull.
  • Back home, the FBM KLCI ended flat as overall sentiment is still cautious notwithstanding the ongoing accumulation of blue chips.
  • This time around we believe the buying is predominantly from the local institutions as more funds are being ploughed back into the domestic market thus expect the index to hover within the 1,550-1,560 range today.
  • Meanwhile, the Brent crude jumped to almost US$87/barrel underpinned by strong demand hence may see interests shift to the Energy counters today.
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