Market Reports

Daily Market Report (19 August 2022)
Daily Market Report (19 August 2022)
  • Wall Street ended in positive territory with all 3 major indices struggled to stay marginally higher as traders remain in cautious mode.
  • The DJI Average closed 19 points higher while the Nasdaq gained 27 points as the US 10-year yield fell slightly to 2.89%.
  • On the home front, the FBM KLCI closed slightly lower due to profit taking activities during the afternoon session particularly on Telcos which performed rather well earlier this week.
  • As corporate results reporting has begun, we noticed earnings from the Oil & Gas related stocks to be rather weak so far amid the sector’s volatility.
  • As such, we expect some selling pressure on the O&G counters over the immediate term.
  • Meanwhile, the Brent crude edged higher to almost US$97/barrel on expectations of improving demand.
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Daily Market Report (18 August 2022)
Daily Market Report (18 August 2022)
  • Wall Street closed lower as all 3 major indices retreated as concerns over Federal Reserves’ stance on interest rate hike re-emerged.
  • The DJI Average lost 172 points while the Nasdaq ended 164 points lower with the US 10-year yield edged higher to just above the 2.9%.
  • As for the local bourse, the FBM KLCI ended marginally lower following a strong opening as profit taking activities appeared during the afternoon session attributed to weaker Wall Street futures.
  • As we enter into earnings season this month, we suspect both the Banking and Plantation stocks to shine thus expect buying interests to remain on these sectors.
  • For today, we anticipate the index to trend within the 1,510-1,525 range.
  • Meanwhile, the Brent crude price improved to almost US$94/barrel on higher demand.
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Daily Market Report (17 August 2022)
Daily Market Report (17 August 2022)
  • It was a mixed day on Wall Street as solid earnings from Walmart and Home Depot showed that consumer spending should be strong enough to avert a recession in the US.
  • The DJI Average jumped by 240 points while the Nasdaq was down by 25 points as the US 10-year yield inched slightly higher at 2.81%.
  • Back home, the FBM KLCI rallied mainly due to broad based buying especially on Telcos which we recommended on Monday.
  • With more inflows of foreign funds expected to take advantage of the reasonable valuation of the local bourse and cheap MYR, we believe buying should remain on underperformers namely the Utilities and Telcos sectors.
  • Thus, we anticipate there to be more leg from the index which is seen to hover between the 1,515-1,530 range today.
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Daily Market Report (16 August 2022)
Daily Market Report (16 August 2022)
  •  Wall Street closed on a strong note following a weak opening despite a lower than expected economic data from China.
  • The DJI Average was up 151 points while the Nasdaq ended 81 points higher as the US 10-year yield skidded to below 2.8%.
  • Back home, the FBM KLCI was marginally lower due heavy selling on glove counters.
  • For today, we reckon the broad market to trend within a narrow range with the index anticipated to hover around the 1,500-1,510 range.
  • The surprise rate cut by China’s central bank may have prompted some recessionary fears which saw both the crude palm oil and Brent crude closed lower overnight.
  • Meanwhile, we believe buying interests to continue on tech stocks in view of the strong performance by Nasdaq of late.
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Daily Market Report (15 August 2022)
Daily Market Report (15 August 2022)
  •  Wall Street rebounded on Friday as many believe that US inflation may have peaked.
  • As a result, the DJI Average rose 424 points while the Nasdaq gained 267 points as the US 10-year yield eased marginally to 2.84%.
  • On the home front, the FBM KLCI is expected to stay resilient, and we anticipate the index to maintain its uptrend today hovering between the 1,510-1,520 range.
  • As for sectors to look at, Telcos especially the network operators have underperformed of late and we reckon should be ripe for accumulation.
  • Meanwhile, crude palm oil jumped above RM4,400/tonne tracking the higher soya oil while the Brent crude fell to US$98/barrel as concerns over weakening demand.
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