Market Reports

Daily Market Report (25 November 2022)
Daily Market Report (25 November 2022)
  • Wall Street was closed for Thanksgiving Day and will resumed trading on a shortened session on Friday.
  • Meanwhile, all eyes must be on the local bourse as Datuk Seri Anwar Ibrahim has been appointed as the nation’s 10th Prime Minister.
  • In reaction to the news, the FBM KLCI jumped to above the 1,500 level as optimism reigns across the board.
  • We believe buying activities to continue as we expect foreign funds to emerge as well thus see the index to trend between the 1,510-1,530 range today.
  • Though we anticipate buying to be wide spread, we reckon focus to centre on the Banks and Telcos in particular plus Technology stocks that will excel amid the less aggressive interest rate hike in the US.
  • To recap, we are maintaining our year-end FBM KLCI target at 1,580 for now as we expect valuations for the local bourse to experience some upside readjustments.
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Daily Market Report (24 November 2022)
Daily Market Report (24 November 2022)
  • Wall Street closed into positive territory as traders perceived that the Federal Reserves will be less aggressive with the pace of rate hikes.
  • The DJI Average rose by 96 points while the Nasdaq added 111 points as the US 10-year yield continued with its decline to 3.69%.
  • As for the FBM KLCI, buying support possibly from the local institution, saw the index to end above the 1,440 level.
  • For today, statement that UMNO had decided to support the Yang di-Pertuan Agong’s proposal of a unity government potentially ending prevailing political impasse may inject some optimism into the local bourse.
  • As such, we reckon the index may trend between the 1,440-1,460 range today.
  • Meanwhile, sluggish demand in China saw crude oil prices dampened with the Brent crude declined to below the USD85/barrel thus may see some headwinds for the Energy sector today.
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Daily Market Report (23 November 2022)
Daily Market Report (23 November 2022)
  •  Wall Street rebounded despite a mixed bag of corporate earnings as traders are betting that US inflation may have peaked in line with easing treasury yields.
  • The DJI Average rose almost 500 points while the Nasdaq added 150 points as the US 10-year yield dipped to 3.76%.
  • Back home, the local bourse continued to be affected by the political impasse as the FBM KLCI closed at around the 1,440 level.
  • We reckon sentiment will remain cautious over the next few days until more clarity prevails.
  • As such, we expect the index to possibly hover within the 1,430-1,450 range today as speculations continue with market participants staying sidelined.
  • Meanwhile, OPEC’s denial of increasing output saw crude oil improves with the Brent crude trouncing almost the USD89/barrel.
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Daily Market Report (22 November 2022)
Daily Market Report (22 November 2022)
  • Wall Street closed lower as traders wait for a slew of economic data this Wednesday amid fresh worries of higher interest rate hike.
  • The DJI Average lost 45 points while the Nasdaq declined by 121 points as the US 10-year yield inched higher to 3.84%.
  • At the home front, the FBM KLCI ended flat following a weak opening as uncertainties persist within the political arena.
  • We reckon market sentiment to remain cautious until a new Government is formed by today.
  • Therefore, market volatility is expected to remain heightened and see the index to trend between the 1,430-1,450 range today.
  • Meanwhile, crude palm oil weakened to a 1-month low at RM3,850/tonne on the back of high inventory hence may see some selling on the Plantation sector today.
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Daily Market Report (21 November 2022)
Daily Market Report (21 November 2022)
  • Though Wall Street closed in positive territory last Friday, overall sentiment was cautious on concerns of more rate hikes to quell inflation.
  • The DJI Average rose 199 points while the Nasdaq was flat as the US 10-year yield surged past the 3.83% mark.
  • Back home, the local bourse saw late buying support as the FBM KLCI ended at almost the 1,450 level.
  • For today, we reckon mood on the domestic market to be cautious following the results from the just concluded GE15.
  • As we enter into a new normal within the political scene, local equities may experience some selling today until a new Government is formed.
  • Therefore, we expect the index to trend between the 1,435-1,455 range today.
  • The finalization of the merger between Celcom and Digi may prompt some buying interests on the Telcos today.
  • Meanwhile, the Brent crude slipped to below the USD88/barrel as China cuts its oil purchases thus Energy stocks may face with some headwinds today.
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