Market Reports

Daily Market Report (4 January 2023)
Daily Market Report (4 January 2023)
  • Wall Street closed on a weak note dragged by both Apple and Tesla due to demand concerns on recessionary fears.
  • The DJI Average lost 11 points while the Nasdaq gave up almost 80 points despite the US 10-year yield ended lower at 3.75%.
  • Over in Hong Kong, the HSI welcomed 2023 on a strong note as it jumped by 364 points to above the 20,000 mark buoyed by optimism on China’s reopening notwithstanding the resurgence of Covid cases.
  • Macau casino operators led gainers while tech giants also jumped on better regulatory conditions.
  • Back home, the FBM KLCI slumped on broad-based selling as the market is digesting the recent buying activities towards the close of 2022.
  • However, we reckon this present excellent opportunity for investors to accumulate on stocks especially on the large sectors namely Banks, Plantation and Telco hence expect the index to trend between the 1,470-1,485 today.
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Daily Market Report (3 January 2023)
Daily Market Report (3 January 2023)
3 Jan 2023
  • Stock markets were closed for New Year yesterday.
  • Nonetheless, trading activities on Wall Street has been quite lacklustre with all 3 major indices ended in negative territory last Friday.
  • For 2022, the DJI Average lost 8.8% while the Nasdaq declined by a massive 33% amid persistent rate hikes that saw the US 10-year yield ended at 3.88%.
  • For Hong Kong, the HSI closed positively last Friday betting on China’s reopening but is still 15.5% down for 2022.
  • Back home, the FBM KLCI closed the year just below the 1,500 mark despite initial solid window dressing activities to end 4.6% lower in 2022.
  • For today, we expect accumulation on stocks to persist as we enter into 2023 with fresh a portfolio thus see the index to trend between the 1,490-1,500 range.
  • Construction stocks should see some buying interests today as we noticed emergence of positive newsflow while the Oil & Gas stocks may also attract buying interests with the Brent crude price trending near the US$86/barrel.
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Daily Market Report (30 December 2022)
Daily Market Report (30 December 2022)
  • Wall Street staged a relief rally as traders remained stuck within inflationary and recessionary worries going into 2023.
  • The DJI Average gained 345 points while the Nasdaq jumped by 265 points as the US 10-year yield eased slightly to 3.82%.
  • Hong Kong equites retreated as the Hang Seng Index lost 158 points on heightening concerns that surging Covid cases in China may impact economic recovery prompting many countries being wary of the emergence in Chinese tourists.
  • Back home, the local bourse made a strong comeback in the afternoon session as the FBM KLCI surged past the 1,490 level on broad-based buying.
  • We reckon the FBM KLCI to test the 1,500 mark being the final trading day for 2022 hence expect it to trend between the 1,495-1,515 range today.
  • Meanwhile, concerns over the spike in China’s covid cases had pushed crude oil prices lower as the Brent crude declined to around the US$82/barrel.
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Daily Market Report (29 December 2022)
Daily Market Report (29 December 2022)
  • Wall Street closed broadly lower as sentiment remained jittery spooked by a plethora of economic headwinds in the US.
  • The DJI Average lost 366 points dragged mainly by Apple as the stock dipped to a new 52-week low.
  • Meanwhile, the Nasdaq declined by almost 140 points as the US 10-year yield inched higher to almost the 3.89% level.
  • As for the local bourse, late buying activities lifted the FBM KLCI to 1,480 justifying our views that window dressing is in the works thus anticipate the index to trend higher possibly between the 1,475-1490 range today.
  • As China is preparing for more easing next month, we reckon tourism related stocks to benefit as we prepare for an influx of Chinese tourists.
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Daily Market Report (28 December 2022)
Daily Market Report (28 December 2022)
  • Wall Street ended on a mixed note as US housing data showed that prices declined.
  • The DJI Average rose 37 points while the Nasdaq lost 144 points as the US 10-year yield spiked to above 3.85%.
  • Back home, the FBM KLCI closed flat attributed to some last minute buying activities.
  • We believe some window dressing may be in the offing due to some broad-based buying support for the local bourse of late.
  • As China is scrapping its zero Covid policy, we reckon economic activities within Asia to escalate especially domestic demand in China and tourism within the region.
  • We expect some rebound for the Banks after suffering a sell-down yesterday plus the Plantation stocks as the crude palm oil surged pass the RM4,000/tonne on the reopening of China.
  • Therefore, we anticipate the index to trend between the 1,470-1,485 range today.
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