Market Reports

Daily Market Report (15 May 2023)
Daily Market Report (15 May 2023)
  • As Wall Street is facing a myriad of economic concerns, the latest to hog the limelight would be the US debt ceiling which many expect a blow-out by early June if it’s not raised.
  • A latest check already indicated that the US total debt has surpassed the US$31.4 trillion ceiling now at US$31.7 trillion as negotiations will resume this week.
  • As a result, trading on Wall Street has been cautious as the DJI Average eased 9 points while the Nasdaq declined by 44 points as the US 10-year yield inched slightly higher at 3.463%.
  • In Hong Kong, sentiment was affected by the slowdown in China’s credit growth pointing towards a possible slowdown in economic activities going forward.
  • Thus, the HSI lost 116 points to around the 19,600 level dragging its consolidation longer since the mid-April downtrend.
  • Back home, the FBM KLCI ended in negative territory impacted by the weak regional performance.
  • We were surprised by the persistent selling of banking stocks of late despite expectations of a solid performance from the sector this year.
  • Therefore, we reckon banks should be ripe for some accumulation soon.
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Daily Market Report (12 May 2023)
Daily Market Report (12 May 2023)
  • Wall Street closed broadly lower as new inflation data came in cooler than expected, putting pressure on equities amid concerns around regional banks.
  • The Dow fell by almost 222 points, while the S&P500 lost 7 points, dragged down by Disney.
  • However, Nasdaq gained 22 points.
  • In Hong Kong, stocks closed lower following a major sell-off across the region.
  • On the domestic front, the FBM KLCI ended in negative territory due to selling during the final minutes of trading.
  • Nonetheless, we expect local equities to remain steady due to their cheap valuations and the strength of the local economy.
  • Hence, we anticipate the benchmark index to trend higher within the range of 1,425-1,435 for today.
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Daily Market Report (11 May 2023)
Daily Market Report (11 May 2023)
  • Wall Street rebounded after inflation data came in better than anticipated.
  • The Nasdaq surged almost 127 points while S&P500 gained 18 points.
  • Nonetheless, the Dow declined 30 points.
  • Over in HK, stocks ended lower as investors were cautious ahead of the release of US inflationary data.
  • Back home, the FBM KLCI closed lower in tandem with the weak regional performance.
  • As for today, we expect bargain hunting to emerge given the cheap valuations of the FBM KLCI particularly banks and telco stocks.
  • Hence we anticipate the benchmark index to trend within the 1,425-1,435 range for today.
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Daily Market Report (10 May 2023)
Daily Market Report (10 May 2023)
  • Wall Street ended lower as investors are cautious ahead for key inflation reports sue later in the week.
  • The Dow finished 574 points lower, S&P500 erased 19 points while the Nasdaq declined 77 points.
  • In HK, the HSI fell by 2% as China’s trade data that showed a decline in imports of 1.4% while exports were slower by 8.5%.
  • Back home, the FBM KLCI pared losses due to late buying activities.
  • As for today, we reckon the local market to face some headwinds following weakened regional sentiment and negative cue from Wall Street.
  • We anticipate the benchmark index to trend within the range of 1,425-1,435.
  • Meanwhile CPO price rose to above RM3,700/MT hence may see some buying interests on plantation stocks.
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Daily Market Report (9 May 2023)
Daily Market Report (9 May 2023)
  • Wall Street closed mixed ahead of key inflation reports.
  • The Dow slipped 56 points while S&P500 and Nasdaq added 1.9 and 21.5 points respectively.
  • Over in HK, stocks ended sharply higher as investors are positive ahead of China’s economic report scheduled to be released on Thursday.
  • As for the local bourse, the FBM KLCI closed marginally higher with buying support on heavyweights such as telco and banks.
  • We are cautiously optimistic about the local market in the near term due to support from local institutional and returning foreign funds.
  • Hence, we anticipate the FBM KLCI to trend within the range of 1,425-1,440 for today.
  • We may see some selling pressure on O&G stocks as the Brent crude oil fell to USD76.60 per barrel.
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