Market Reports

Daily Market Report (11 January 2023)
Daily Market Report (11 January 2023)
  • Wall Street closed positively as bargain hunting activities emerged on beaten-up tech stocks as traders are betting that US inflation may have peaked.
  • The DJI Average gained 186 points while the Nasdaq added 107 points as the US 10-year yield edged higher to almost the 3.62%.
  • Over in Hong Kong, the HSI retreated attributed to some profit taking activities following a solid opening in 2023.
  • The HSI lost 57 points to close off the day’s low as market undertone remains strong.
  • At home, the FBM KLCI also succumbed to profit takings as the FBM KLCI closed below the 1,490 level.
  • Sentiment within the local bourse remains fragile as investors were sidelined, waiting for more solid catalysts.
  • As such, we reckon the index to trend within a tight range of between 1,485-1,495 today as we noticed the 1,500 remains a strong psychological resistance level.
  • Meanwhile, we believe interests on the Telcos may emerge as the sector has underperformed the broader market so far this year.
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Daily Market Report (10 January 2023)
Daily Market Report (10 January 2023)
  • Wall Street ended on a mixed note after a strong opening following remarks that interest rates may exceed 5%.
  • As a result, the DJI Average dropped 113 points while the Nasdaq was up by 66 points as the US 10-year yield eased to below the 3.53% threshold.
  • In Hong Kong, the HSI added another 400 points as the uptrend continues buoyed by the lifting of clampdown on tech giants coupled with China’s reopening.
  • Back home, the FBM KLCI jumped by almost 13 points on strong buying support on Construction, Technology and Energy stocks amid a solid regional performance.
  • For today, we believe the index to maintain its uptrend after a mild consolidation hence expect it to trend between the 1,490-1,505 range and expect buying interests to shift to the Telco and Banking stocks today.
  • Meanwhile, crude oil prices maintain their uptrend as demand is expected to improve on the reopening of travelling by China.
  • As such, the Brent crude closed in on the US$80/barrel again.
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Daily Market Report (9 January 2023)
Daily Market Report (9 January 2023)
  • Wall Street surged as latest economic data suggest that inflation in the US may be cooling off hence possibly less aggressive rate hikes from the Federal Reserves going forward.
  • The DJI Average jumped 700 points while the Nasdaq added 264 points with the US 10-year yield easing to the 3.56% level.
  • Over in Hong Kong, the HSI closed 60 points lower but still capped a brilliant performance for the week on improving confidence buoyed by economic friendly moves from the Chinese government.
  • On the home front, the FBM KLCI ended flat due to some late buying activities depicting some support at current levels.
  • We reckon such stock accumulation to continue thus expect the index to trend between the 1,480-1,495 range today.
  • Though we anticipate buying to be broad based, we reckon interests should remain on the Construction and Tourism related sectors today.
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Daily Market Report (6 January 2023)
Daily Market Report (6 January 2023)
  • Wall Street slumped as the US job data came in better-than-expected prompting concerns that the Federal Reserves will continue to hike rates to combat inflation.
  • The DJIA lost 340 points while the Nasdaq declined by 153 points as the US 10-year yield climbed above the 3.72% level.
  • In Hong Kong, the HSI added another 259 points to above 21,000 maintaining its impressive performance so far for 2023.
  • Supportive policies from China continued to spur buying interests on major tech companies namely Alibaba.
  • As for the local bourse, the FBM KLCI finally rebounded following days of decline as bargain hunting activities emerged particularly on the Banks and Plantation stocks.
  • For today, we reckon sentiment may turn cautious again due to the lack of strong catalysts thus anticipate the index to hover within the 1,475-1,485 range.
  • Nonetheless, we believe the potential influx of Chinese tourists come 8th January will certainly be positive for the domestic tourism sector plus the domestic retail segment.
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Daily Market Report (5 January 2023)
Daily Market Report (5 January 2023)
  • Wall Street closed on a positive note as all 3 major indices staged a relief rebound amid a choppy trading session.
  • The DJI Average gained 133 points while the Nasdaq added 72 points as the US 10-year yield slid to around the 3.69% level.
  • Hong Kong market maintained its impressive performance for 2023 so far underpin by news that China will inject fiscal stimulus to revive the ailing economy.
  • As such, the HSI jumped by almost 650 points to close at a 5-month high.
  • On the home front, the FBM KLCI remained depressed as profit taking activities persists.
  • Though we noticed there were some bargain hunting activities, overall sentiment remain rather dull as the local bourse is undergoing a mild consolidation.
  • Nonetheless, we still reckon local equities are ripe for accumulation and that the index may stage a rebound anytime soon hence expect it to trend within the 1,465-1,475 range today.
  • Meanwhile, concerns over softening US demand saw crude oil prices plummet with the Brent crude weakened to US$78/barrel thus may impact the Oil & Gas stocks today.
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