Market Reports

Daily Market Report (18 March 2024)
Daily Market Report (18 March 2024)
  • Wall Street ended broadly lower as the US inflation remains hot hence dashing hopes of early rate cut ahead of the FOMC meeting over the next 2 days.
  • As such, the DJI Average lost 191 points while the Nasdaq declined by 155 points with the US 10-year yield edged higher to 4.308%.
  • Over in Hong Kong, the HSI closed weaker as China holds its policy rate unchanged amid a slack property market.
  • The HSI had tumbled by more than 300 points over the last 2 days.
  • On the home front, the FBM KLCI surged past the 1,550 mark attributed to some last minute buying.
  • However, we reckon market undertone may have turned cautious taking cue from Wall Street thus expect the index to hover within the 1,545-1,555 range today.
  • Meanwhile, it is worthwhile to note that daily volume has improved to above the 4bn shares level as more money is being ploughed back into the blue chips of late.
  • Hopefully this is sustainable as this will certainly cascade onto the smaller caps in due course.
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Daily Market Report (15 March 2024)
Daily Market Report (15 March 2024)
  • Wall Street ended lower as reality bites after the PPP (producer price index) came in hotter than expected thus pushing the US 10-year yield higher at 4.292%.
  • As such, the DJI Average lost 138 points while the Nasdaq declined 49 points.
  • In Hong Kong, the HSI dipped below the 17,000 mark ahead of earnings announcement by prominent companies coupled with fresh tension between China/US over the possible ban on Tik-Tok.
  • Back home, the FBM KLCI rebounded, attributed to some late buying on the Banks and Planters.
  • We see such positive performance along with our regional peers as encouraging illustrating that confidence remains apparent within the South Esat Asia region thus anticipate more foreign funds to flow in.
  • Nonetheless, sentiment may be somewhat affected by Wall Street performance overnight thus expect the index to hover within the 1,540-1,550 range today.
  • Meanwhile, the CPO charged to almost the RM4,300/tonne level or a 1-year high buoyed by increases in edible oils across the board.
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Daily Market Report (14 March 2024)
Daily Market Report (14 March 2024)
  • Wall Street closed on a mixed note as its major indices may be in for some consolidation following recent record-breaking runs.
  • Therefore, despite the DJI Average adding 38 points, the Nasdaq declined by 88 points with the US 10-year yield inching higher at 4.188%.
  • As for Hong Kong, the HSI ended slightly lower after charting a 700 point uptrend over the last 3 days.
  • Nonetheless, sentiment on Hong Kong equities is on the mend coupled with more aggressive share buy-backs.
  • Back home, the FBM KLCI underwent a transition as it closed below 1,540 after adjustments for dividends amongst some heavyweights.
  • We believe stock accumulation will return hence we expect the index to continue its march towards the 1,600 level.
  • For today, we reckon the index to hover within the 1,540-1,550 range.
  • Meanwhile, Plantation counters continue to see some positive interest after the CPO charted a 52-week high of RM4,200/tonne due to lower inventory.
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Daily Market Report (13 March 2024)
Daily Market Report (13 March 2024)
  • Wall Street closed broadly firmer as traders ignored recent hotter than expected inflation data which saw the US 10-year yield higher settling at 4.151%.
  • Citing that the US economy remains robust, the DJI Average gained 236 points while the Nasdaq jumped by 246 points.
  • Over in Hong Kong, the HSI surged 506 points to above the 17,000 mark attributed to more aggressive share buybacks and optimism that China will be more willing in assisting the troubled Chinese property market.
  • Back home, the FBM KLCI maintained its uptrend to close on a 2-week high buoyed by the positive performance regionally.
  • We noticed daily volume traded for the local bourse improved above the 4bn shares level which hopefully may be sustainable or even improve further.
  • Taking cue from Wall Street’s massive jump overnight, we believe the index to possibly hover within the 1,555- 1,565 range today.
Daily Market Report (12 March 2024)
Daily Market Report (12 March 2024)
  • Wall Street closed mixed as traders were sidelined ahead of February’s CPI figure due today.
  • As a result, the DJI Average added 47 points while the Nasdaq lost 66 points with the US 10-year yield inched marginally higher at 4.098%.
  • In Hong Kong, the HSI jumped 244 points to above the 16,500 level as sentiment improves over optimism on the proposal to relax barriers to trade Hong Kong stocks for mainland Chinese.
  • Back home, the FBM KLCI continued with its climb despite the market lacking trading excitement.
  • We suspect retail participation will remain low due to the lack of leads at the moment.
  • While we expect the market’s run-up to persist, we expect the index may be somewhat affected by Wall Street thus expect the index to hover within the 1,540-1,550 range today.
  • Meanwhile, the ongoing CPO uptrend that breach the RM4,100/tonne should maintain interests on the Plantation sector especially the laggards.
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