Market Reports

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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Daily Market Report (3 November 2022)
Daily Market Report (3 November 2022)
  • Wall Street tumbled as the Federal Reserves hiked rates by 75bps and hinted with more to follow as it continues to fight inflation.
  • As a result, the DJI Average lost 505 points with the Nasdaq declined by 366 points while the US 10-year yield inched higher to almost the 4.1% level.
  • For the local bourse, the FBM KLCI rebounded above the 1,450 mark supported by buying on Plantation and Telco related counters.
  • Nonetheless, we anticipate some headwinds for the local bourse as eyes will be on Bank Negara move on interest rates today.
  • Therefore, we expect the index to hover between the 1,440-1,460 range today as sentiment is seen cautious.
  • While many expect BNM to impose a 25bps increase, we reckon Technology stocks to be high on the selling list as regional markets may be drag into negative territory today.
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Daily Market Report (2 November 2022)
Daily Market Report (2 November 2022)
  • Wall Street closed lower as hopes that the Federal Reserves may ease their stance on rate hike were dented from the stronger than expected job data.
  • As a result, the DJI Average lost 80 points after a strong opening while the Nasdaq declined by 97 points as the US 10-year yield remained at the 4.05% level.
  • On the local front, the FBM KLCI ended lower attributed to profit taking activities despite a better regional performance.
  • The benchmark index had lost 20 points over the last 2 trading days and we reckon some bargain hunting activities to emerge although market undertone have turned cautious.
  • For today, we expect the index to hover between the 1,440-1,455 range with buying interests to focus on Plantation stocks.
  • Crude palm oil surged past the RM4,200/tonne level as Indonesia raised their exports reference price.
  • Meanwhile, the Brent crude climbed to almost USD95/barrel due to lower inventory level.
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Daily Market Report (1 November 2022)
Daily Market Report (1 November 2022)
  • As expected, Wall Street closed lower as sentiment turned cautious ahead of the Federal Reserves meeting over the next 2 days.
  • The DJI Average lost 129 points while the Nasdaq declined by 114 points as the US 10-year yield inched higher at 4.05%.
  • Back home the FBM KLCI ended at a 1-month high of attributed to some bargain hunting activities.
  • Though we reckon trading may be rather subdued today with eyes on the rate hikes in the US.
  • Nonetheless, we expect the index to trend between the 1,455-1,470 range today as buying should continue on local equities in particular on Banks and Telco related stocks.
  • Meanwhile, we believe Bank Negara may look to hike rate by 25bps during the Monetary Policy Committee (MPC) meeting on Wednesday and Thursday hence should provide catalyst on the Banking stocks.
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