Market Reports

Daily Market Report (5 July 2023)
Daily Market Report (5 July 2023)
  • Wall Street was closed for Independence Day yesterday and a look at the futures showed that all 3 major indices are now hovering marginally lower.
  • Meanwhile, the chip tension between China and the US took a twist as China imposed export restrictions of gallium and germanium, 2 raw metals vital in semicon production.
  • In Hong Kong, the HSI added 109 points to almost a 2-week high buoyed by the share price surge in BYD, the world’s largest EV maker.
  • However, the tech sector was affected by the latest export ban.
  • On the local front, the FBM KLCI closed off the day low due to some late bargain hunting activities amid a mixed regional trend.
  • For today, though we believe BNM will maintain the OPR during the MPC meeting today, we reckon market sentiment will stay cautious waiting for the outcome.
  • Thus, we expect the index to hover within the 1,390-1,400 range today with interests possibly on the Financial and Telco sectors.
  • Meanwhile, the Brent crude price ended at above the USD76/barrel in response to production and exports cut by Saudi Arabia and Russia respectively.
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Daily Market Report (4 July 2023)
Daily Market Report (4 July 2023)
  • Wall Street closed marginally higher on a shortened trading session ahead of the 4th of July holiday today.
  • Gains were mostly attributed to enthusiasm on AI related stocks as the Nasdaq added 29 points while the DJI Average was up by 11 points despite the US 10-year yield closing higher at 3.858%.
  • Hong Kong equities improved with the HSI jumped 390 points as sentiment improved over Janet Yellen’s imminent visit to China indicating the tension between China and US may be easing.
  • Back home, the FBM KLCI added 19 points to almost the 1,400 mark buoyed by broad-based buying on heavyweights amid a stronger regional performance.
  • Hopefully yesterday’s buying spree was spearheaded by foreign funds and if this is true, then we may see more funds flowing back into Asia as foreign funds begin to diversify.
  • For today, we reckon Financials and Tech stocks may experience continuous buying support despite market undertone to stay cautious ahead of BNM’s meeting tomorrow.
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Daily Market Report (3 July 2023)
Daily Market Report (3 July 2023)
  • Wall Street maintained its impressive run spearheaded by technology big names.
  • However, sentiment has turned cautious as traders are expecting heightening volatility.
  • The DJI Average gained 285 points while the Nasdaq jumped by 196 points despite the US 10-year yield ended above the 3.8% mark at 3.841%.
  • Meanwhile in Hong Kong, the HSI closed marginally lower as economic activities remained lacklustre as Chinese manufacturing contracted while loan demand fell in the 2nd Quarter.
  • Back home, the FBM KLCI closed broadly lower attributed to the selling on financials.
  • \With BNM Monetary Policy Committee set to meet this Wednesday and Thursday.
  • Though we maintain that OPR will not be adjusted this week, sentiment is expected to stay fragile thus we anticipate the index to hover within the 1,370-1,380 range today.
  • Tech stocks are set to see some buying interests today taking cue from Wall Street.
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Daily Market Report (30 June 2023)
Daily Market Report (30 June 2023)
  • Wall Street closed higher as major banks passing their US Fed annual stress test.
  • Following this, banking and financial stocks rallied causing the DJIA and S&P500 to jump almost 270 points and 20 points respectively.
  • Despite concerns of an impending recession, a range of encouraging economic indicators pointed towards resilience in the economy.
  • Particularly, there was a significant upward revision in the first-quarter GDP, accompanied by a decline in weekly jobless claims, reaching their lowest level since May.
  • Meanwhile in Hong Kong, the HSI closed lower due to profit takings after the recent rally.
  • Back home, the FBM KLCI ended higher on Wednesday following the strong regional rally.
  • As for today, we expect trading to be muted due to long weekend in conjunction of the Hari Raya Haji holidays.
  • Nonetheless, we expect buying interests to return to banking stocks reflecting the strong performance of banks in Wall Street.
  • As such, we anticipate the FBM KLCI to trend within the range of 1,385-1,395.
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Daily Market Report (28 June 2023)
Daily Market Report (28 June 2023)
  • Wall Street rebounded as sentiment improved following a solid set of economic data illustrating that the US economy remains strong with no recession in sight.
  • As a result, the DJI Average gained 212 points while the Nasdaq jumped by 220 points despite the US 10-year yield inched higher at 3.772%.
  • In Hong Kong, the HSI recovered to above the 19,000 level after a 5-day decline on earnings upgrade plus expectations of more stimulus package from Beijing.
  • As for the local bourse, the FBM KLCI ended lower due to selling activities in the afternoon session especially on the Telcos.
  • For today, we reckon the index to see a slight recovery with buying interests returning to the financials and Tech stocks following bouts of profit taking over the last 3 days.
  • Therefore, we expect the index to hover within the 1,380-1,390 range today.
  • Meanwhile, concerns over global demand saw crude oil prices dipped further with the Brent crude closing around the USD72/barrel.
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