Daily Market Report (9 August 2022)
  • Wall Street closed on a mixed note as all 3 major indices ended off their day’s high as worries over hike in interest rate resurfaced.
  • The DJI Average gained 29 points while the Nasdaq declined by 13 points as the US 10-year yield weakened to 2.75%.
  • Back home the FBM KLCI continued with its decline as it closed below the 1,500 mark.
  • For today, we reckon the index to possibly consolidate within the 1,490-1,500 range today.
  • Meanwhile, crude palm oil continues with its uptrend as it ends above the RM4,000 level at RM4,070/tonne tracking the upswing in soya oil price.
  • If this continue, we expect buying interests on Plantation stocks to emerge as the prevailing weak Ringgit is also a catalyst for crude palm prices.
Daily Market Report (8 August 2022)
  • Wall Street closed mixed as fears of more possible aggressive rate hikes by the Federal Reserves following a stronger than expected US job data last Friday.
  • Although the DJI Average rose by 77 points, the Nasdaq was down 63 points as the US 10-year yield jumped to 2.83%.
  • On the home front, the FBM KLCI ended lower to just above the 1,500 mark.
  • As uncertainties over the US economy linger, we reckon sentiments to turn cautious hence anticipate the benchmark index to trend within the 1,490-1,505 range today.
  • Meanwhile, crude palm oil staged a minor uptrend to close at RM3,880/tonne attributed to gains by soya oil as the Brent crude also closed higher at almost US$95/barrel on solid US job data.
Daily Market Report (5 August 2022)
  • Wall Street ended on a mixed note as traders await for the latest US job data to gauge the Federal Reserves stance on interest rates going forward.
  • The DJI Average was down by 86 points while the Nasdaq gained 52 points as the US 10-year yield declined further to 2.69%.
  • As for the local bourse, persistent buying from foreign funds saw the FBM KLCI surged pass the 1,500 mark.
  • As market undertone continues to improve, we reckon the benchmark index to remain steady despite the escalating US/China tension on Taiwan.
  • Therefore, we expect the index to trend within the 1,500-1,515 range today.
  • Meanwhile, Brent crude price fell further to settled at US$94/barrel on concerns of weaker demand amid recessionary fears while the crude palm oil also decline to RM3,820/tonne on higher output.
Daily Market Report (4 August 2022)
  • Wall Street closed sharply higher on improved economic data indicating that the US economy is able to withstand the Federal Reserves fight on inflation.
  • The DJI Average jumped by 416 points while the Nasdaq ended 319 points higher as the US 10-year yield declined to 2.71%.
  • Back home, the FBM KLCI closed off the day’s low attributed to buying support by foreign funds.
  • Therefore, we reckon the index is in good stead and is expected to trend higher today to re-test the 1,500 mark and beyond.
  • Meanwhile, a rebound in vegetable oils prices helped push crude palm oil higher to RM3,864/tonne while the Brent crude slumped to below US$97/barrel on higher inventory build up.
Daily Market Report (3 August 2022)
  • It was another choppy session on Wall Street as all 3 major indices ended lower on escalating US/China tension and a softening US labour market.
  • The DJI Average lost 402 points while the Nasdaq closed 22 points lower as the US 10-year yield climbed higher to 2.75%.
  • On the home front, the FBM KLCI declined amid a weak regional performance as the tension over Taiwan intensifies.
  • Thus we reckon sentiments will turned cautious and the index may encounter some selling pressure today hence we expect the index to trend within the 1,480-1,500 range today.
  • Meanwhile, crude palm oil skidded lower to RM3,840/tonne as Indonesia continues to ease its exports quota.