Market Reports

Daily Market Report (10 November 2022)
Daily Market Report (10 November 2022)
  • Wall Street slumped following recent sharp gains as profit taking activities emerged instigated by the indecisive mid-term US election results coupled with a crypto sell-off.
  • As a result, the DJI Average declined by 647 points while the Nasdaq lost 263 points as the US 10-year yield closed marginally lower at 4.1%.
  • Back home, the FBM KLCI stayed above water despite a weak regional performance underpinned by buying support from foreign funds.
  • For today, we reckon the local bourse to maintain its rebound following a sell-down in end-October thus expect the index to trend between the 1,440-1,455 range with buying to focus on the Banks and Telcos.
  • Meanwhile, Brent crude continued to slide on news of higher inventory to close at below the USD93/barrel mark.
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Daily Market Report (9 November 2022)
Daily Market Report (9 November 2022)
  • Wall Street continued with its uptrend as traders are waiting for the outcome of the US mid-term elections of which many are hoping the Republican to do well to put President Biden under pressure.
  • The DJI Average jumped 334 points higher while the Nasdaq added 52 points as the US 10-year yield eased to 4.13%.
  • On the home front, the FBM KLCI maintained its range bound performance as it closed flat attributed to some late buying on Financial and Healthcare counters.
  • We expect regional performance to remain mixed ahead of the US election results thus expect the index to trend between the 1,435-1,450 today.
  • It is also anticipated that the Plantation and Oil & Gas stocks may experience some selling pressure today as prices of crude palm oil and crude oil weakened due to demand concerns.
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Daily Market Report (8 November 2022)
Daily Market Report (8 November 2022)
  • Wall Street closed higher as focus was shifted to politics towards the US mid-term elections 2022 today following a choppy session.
  • The DJI Average jumped 424 points higher while the Nasdaq gained 89 points as the US 10-year yield edged higher to almost the 4.22% level.
  • Back home, trading on the local bourse had been lackluster despite the FBM KLCI closed higher attributed to some late buying activities on Plantation and Telco stocks.
  • For today, we reckon regional market volatility to heighten ahead of the election outcome from the US therefore expect the benchmark index to hover between the 1,435-1,450 range.
  • Meanwhile, crude prices eased on news that China will continue with their Covid containment strategy as the Brent crude ended at below the USD98/barrel thus we may see some headwinds for the Oil & Gas counters today.
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Daily Market Report (7 November 2022)
Daily Market Report (7 November 2022)
  • Wall Street staged a relief rally while traders remain divided on the state of the US economy and inflation.
  • The DJI Average gained 402 points while the Nasdaq added 132 points as the US 10-year yield inched marginally higher at 4.16%.
  • Back home, the FBM KLCI performed beyond expectations as it closed higher to almost the 1,440 level attributed to solid performances from both the Telco and Plantation stocks.
  • For today, we reckon buying may return on Technology stocks and should continue on Banks as well.
  • As such, we expect the index to re-test the 1,450 mark today.
  • Meanwhile, crude oil performed stronger with the Brent crude closing in to the USD99/barrel on expectations that China may ease some of its Covid regulations thus Energy stocks may be in the limelight as well.
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Daily Market Report (4 November 2022)
Daily Market Report (4 November 2022)
  • Chaos continued to reign on Wall Street with all 3 major indices closed lower as traders are still digesting the Federal Reserves’ stance on interest rate hikes.
  • As such, the DJI Average declined by 146 points while the Nasdaq ended 182 points lower as the US 10-year yield inched higher at 4.15%.
  • On the domestic front, the FBM KLCI weakened to the 1,420 level, wiping out all the gains from the past week.
  • The local bourse was dragged down by the broadly lower regional performances in addition to the 25bps increase by BNM.
  • For today, we see limited upside for local equities as sentiment have turned cautious although some bargain activities may emerge.
  • Therefore, we anticipate the index to hover between the 1,415-1,425 range today with some degree of accumulation on Banking stocks.
  • Meanwhile, Brent crude fell to below USD95/barrel on declining demand from China.
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