Market Reports

Daily Market Report (23 December 2022)
Daily Market Report (23 December 2022)
  • Wall Street tumbled as concerns over more rate hikes returned following strong economic showing in the US.
  • Although all 3 major indices closed off their day’s low, the DJI Average lost almost 350 points while the Nasdaq declined by 233 points as the US 10-year yield inched marginally higher at 3.69%.
  • Back home, the FBM KLCI finally closed positively as bargain hunting emerged despite market undertone remained jittery.
  • Persistent selling by foreign funds has been rather surprising so far this month with a net outflow of around RM1.34bn albeit an improving political climate domestically.
  • Nonetheless, we reckon sentiment to remain cautious as news that China may see a spike in Covid cases hence expect the index to possibly hover between the 1,460-1,470 range today.
  • Meanwhile, the Brent crude price remained around the US$81/barrel as expectations that demand will improve during the winter period may see some accumulation on Oil & Gas stocks today.
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Daily Market Report (22 December 2022)
Daily Market Report (22 December 2022)
  • Wall Street rebounded buoyed by encouraging corporate earnings coupled with positive economic data from the US as the DJI Average surged by 527 points while the Nasdaq jumped by 162 points.
  • The US 10-year yield eased marginally to 3.67%.
  • Domestically, the FBM KLCI fell for the 3rd consecutive day to close near the 1,460 level amid persistent foreign selling.
  • Nonetheless, we reckon some bargain hunting activities to emerge soon with the RM75bn East Coast Railway Link (ECRL) project given the greenlight that should boost interests on the Construction sector.
  • As such, we expect the index to hover within the 1,460-1,475 range today.
  • Meanwhile, crude oil prices recovered with the Brent crude moving past 82USD/barrel on a weaker US$.
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Daily Market Report (21 December 2022)
Daily Market Report (21 December 2022)
  • Wall Street ended in positive territory albeit marginally as sentiment remained jittery on interest rates following Bank of Japan’s move to tighten its monetary policy that pushed the US 10-year yield to above the 3.69% level.
  • As such, the DJI Average added 92 points while the Nasdaq closed flat. Back home, the FBM KLCI was dragged down by broad based sell-down regionally attributed to the rate hike in Japan which saw the domestic index dipped to below the 1,470 mark.
  • Despite the improving political scene, we reckon sentiment to remain cautious and expect the index to trend between the 1,465-1,480 today. D
  • ue the aggressive stance by Bank of Japan on interest rates, the Japanese Yen strengthened against the Ringgit which may put some pressure on the local Auto stocks making Japanese imports more expensive.
  • Meanwhile, the Brent crude closed lower to below the US$80/barrel due to higher build up of inventory.
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Daily Market Report (20 December 2022)
Daily Market Report (20 December 2022)
  • Wall Street continued with its decline after a choppy session on growing concerns of a recession in the US.
  • Selling was broad-based as the DJI Average lost 163 points while the Nasdaq closed almost 160 points lower with the US 10-year yield inching higher to around the 3.60% level.
  • As for the local bourse, the FBM KLCI ended marginally lower amid some buying support from the local institutions following a lacklustre session.
  • However, we reckon sentiment to improve somewhat with Datuk Seri Anwar winning the vote of confidence thus clearing the air of uncertainty within the political scene.
  • As such, we expect the index to trend between the 1,475-1,490 today with focus on Banks and Plantation stocks.
  • Plantation stocks should see some buying today as the crude palm oil price returns to around the RM4,000/tonne in view of current bad weather which may impact supply.
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Daily Market Report (19 December 2022)
Daily Market Report (19 December 2022)
  • Wall Street closed lower as traders are battling between inflation and recession amid more rate hikes by the Federal Reserves next year.
  • As such, the DJI Average lost 282 points while the Nasdaq declined by 105 points with the US 10-year yield inched slightly higher at 3.49%.
  • At the home front, the FBM KLCI surprisingly ended in positive territory attributed to some last-minute buying activities.
  • Nonetheless, we reckon this may not be sustainable as we expect overall sentiment to remain cautious on the local bourse. Therefore, we foresee the index to trend between the 1,465-1,480 range today.
  • Meanwhile, crude oil prices weakened across the board on recessionary fears and a buildup in inventory as the Brent crude dipped to US$79/barrel hence we may see some profit takings on the Oil & Gas stocks today following a rather good performance last week.
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