Market Reports

Daily Market Report (9 December 2022)
Daily Market Report (9 December 2022)
  • Wall Street rebounded on higher jobless claims which may see the Federal Reserves toning down the pace of rate hikes.
  • The DJI Average rose 183 points while the Nasdaq added 123 points as the US 10-year yield inched higher at 3.49%.
  • At home front, the FBM KLCI closed marginally lower attributed to continuous selling from foreign funds amid a weak regional performance.
  • Nonetheless, buying support from local institutions had been rather apparent coupled with improving retail participation within the local bourse.
  • In view of a positive reversal in US equities, we reckon the index to show a more positive performance and expect it to hover between the 1,460-1,475 range today.
  • We noticed performance of the Construction sector to be quite encouraging of late which could be a pre-cursor of more positive newsflow for the contractors going forward.
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Daily Market Report (8 December 2022)
Daily Market Report (8 December 2022)
  • Wall Street closed mixed following a choppy session as sentiment have turned cautious between the fight against inflation and a soft landing for the US economy became less clear.
  • The DJI Average ended flat while the Nasdaq lost 56 points as the US 10-year yield dipped further to 3.42%.
  • Back home, foreign selling persisted late in the trading session as the FBM KLCI declined to below the 1,470 level.
  • While we continue to expect stock accumulation to emerge, recent selling by foreign funds had somewhat dampened the local bourse’s performance.
  • Nonetheless, possible year-end window dressing activities may prevail which could limit the downside thus we anticipate the index to trend between the 1,460-1,480 range today.
  • Meanwhile, concerns of a global slowdown saw crude oil prices to weaken further as the Brent crude decline to around the USD77/barrel which is almost at a YTD low.
  • As such, Oil & Gas stocks should continue to face with some headwinds today.
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Daily Market Report (7 December 2022)
Daily Market Report (7 December 2022)
  • Wall Street continued to slide as traders are now worried of a potential hard landing for the US economy amid fresh recessionary fears.
  • The DJI Average closed 350 points lower while the Nasdaq declined by 225 points as the US 10-year yield ended lower at 3.53%.
  • On the domestic front, the FBM KLCI ended flat as persistent buying support helped recoup earlier losses despite a broadly weaker regional performance.
  • As such, we reckon the local bourse is ripe for a rebound after a 30-point decline over the past 3 days.
  • Meanwhile, the staggered easing of Covid regulations in China should bode well for regional markets performance.
  • As such, we expect the index to hover between the 1,470-1,490 range today with focus possibly shifting to the Plantation stocks with the crude palm oil topping above the RM4,000/tonne on news of Indonesia’s biofuel plans that could reduce supply for exports.
  • As for crude oil, prices slumped on concerns of slowing global demand as the Brent crude price dipped to below the USD80/barrel that may see some knee jerk reactions on the Oil & Gas stocks today.
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Daily Market Report (6 December 2022)
Daily Market Report (6 December 2022)
  • Wall Street tumbled as fears that the Federal Reserves will continue to be aggressive with rate hikes arose following a stronger than expected economic data.
  • As a result, the DJI Average lost 483 points while the Nasdaq declined by 222 points as the US 10-year yield inched higher to 3.58%.
  • Back home, the FBM KLCI fell to almost the 1,470 level as profit taking activities continued.
  • Nonetheless, we reckon buying activities to emerge anytime soon as recent sell-down seems unjustified as the latest easing of Covid restrictions in Shanghai and Hangzhou may continue to support regional markets.
  • Therefore, we expect the index to rebound and hover within the 1,470-1,490 range today despite the downturn on Wall Street overnight.
  • Meanwhile, special draws for 4D to revert to 8 from 22 next year may see some headwinds for the NFOs (Number Forecast Operators) today.
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Daily Market Report (5 December 2022)
Daily Market Report (5 December 2022)
  •  Wall Street closed mixed as traders remained confident that the Federal Reserves will tone down rate hikes despite the higher than expected job data.
  • The DJI Average gained almost 35 points while the Nasdaq lost a mere 21 points as the US 10-year yield continue to slide to the 3.49% level.
  • At home, profit taking activities saw the index slipped to almost the 1,480 level.
  • However, with the recent announcement of the Cabinet of which was broadly well received, we reckon the index may see a reversal today as we expect it to trend between the 1,480-1,500 range.
  • We anticipate buying interest to return on the Banks following a week of decline.
  • Meanwhile, the Ringgit continue to strengthen against the USD currently hovering at 4.38/USD1.
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