Market Reports

Daily Market Report (27 September 2022)
Daily Market Report (27 September 2022)
  • Wall Street continue with its decline as all 3 major indices closed steeply lower on rising US yields and turmoil amongst global currencies.
  • The DJI Average was down 330 points while the Nasdaq lost 65 points as the US 10-year yield breached the 3.9% level which is a 12 year high.
  • On the home front, the FBM KLCI closed lower or almost a 3-month low due to continuous selling by foreign funds amid regional weaknesses.
  • Though the local bourse is in oversold territory, sentiment has turned cautious thus we expect limited upside for local equities and see the index to hover within the 1,405-1,420 range today.
  • We expect commodities related stocks to encounter some headwinds today with the heightened volatility between the global currencies.
  • Meanwhile, the Brent crude price has slipped to US$84/barrel on recessionary fears.
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Daily Market Report (26 September 2022)
Daily Market Report (26 September 2022)
  • Wall Street closed steeply lower on recessionary fears as all 3 major indices ended in negative territory despite some signs of bargain hunting activities.
  • The DJI Average was down by 469 points while the Nasdaq declined by almost 200 points as the US 10-year yield inched slightly lower at 3.69%.
  • Back home, the FBM KLCI continued to slide attributed to persistent unloading from foreign funds.
  • With the local bourse now in oversold territory, we reckon the index to stage a rebound anytime soon hence expect it to trend within the 1,420-1,435 range today.
  • Bargain hunting may emerge on Technology and Telco related stocks following last Friday’s sell-down.
  • Nonetheless, Oil & Gas counters may see some selling pressure as crude oil prices decline with the Brent crude dipped to US$86/barrel on global recession concerns.
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Daily Market Report (23 September 2022)
Daily Market Report (23 September 2022)
  • Wall Street ended lower after a volatile session as traders remained concern over the US economy following the Federal Reserves’ aggressive rate hike.
  • The DJI Average declined 107 points while the Nasdaq lost 153 points as the US 10-year yield surged past the 3.7% level.
  • On the home front, the FBM KLCI closed lower attributed to continued selling from the foreign funds.
  • As sentiment is expected to remain cautious, we reckon the index to trend within a narrow range of 1,435-1,450 today.
  • With the steep rising rates in the US, we anticipate the Technology sector to experience some headwinds today as growth may be affected.
  • Nonetheless, some bargain hunting activities may emerge for the Banks and Telcos after consecutive declines.
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Daily Market Report (22 September 2022)
Daily Market Report (22 September 2022)
  • Wall Street saw another steep decline after a 75bps rate hike by the Feds with more to come to tame inflation indicating a possible hard landing for the US economy.
  • As such, the DJI Average lost 522 points while the Nasdaq closed 205 points lower as the US 10-year yield eased slightly to 3.53%.
  • Meanwhile, trading on the local bourse remained subdued as the FBM KLCI ended broadly lower in line with the regional downtrend.
  • For today, we reckon regional volatility to heighten amid the weakness in the US market.
  • Therefore, we expect the index to trend within the 1,440-1,455 range and foresee some selling on the Oil & Gas stocks as the Brent crude dipped to below the US$90/barrel following the rate hike overnight.
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Daily Market Report (21 September 2022)
Daily Market Report (21 September 2022)
  • Wall Street tumbled as traders unloaded their position ahead of the Federal Reserves’ meeting later today with the US 10-year yield surged to a multi year high of 3.57%.
  • The DJI Average declined 313 points while the Nasdaq lost 110 points.
  • Back home, the FBM KLCI which saw some bargain hunting activities yesterday will see sentiment turning cautious today.
  • Therefore, we expect the index to trend within a narrow range of between the 1,455-1,465 range as profit takings are anticipated on Technology stocks today.
  • Oil & Gas stocks may also experience some headwinds, following the decline in crude oil prices with the Brent now at the US$90/barrel due to higher inventory.
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