Market Reports

Daily Market Report (29 July 2022)
Daily Market Report (29 July 2022)
  • Wall Street continued with its uptrend despite a disappointing US GDP data as traders looked beyond recessionary fears and that the Federal Reserves will not be as aggressive in raising rates moving forward.
  • The DJI Average rose 332 points while the Nasdaq closed 130 points higher as the US 10-year yield receded at 2.67%.
  • As for the local bourse, persistent buying from the foreign funds pushed the FBM KLCI to almost a 2-month high.
  • As market undertone improves, we reckon the benchmark index may look to test the 1,500 threshold today.
  • Meanwhile, crude palm oil rebounded to RM3,960/tonne with the Brent crude advanced to US$107.10/barrel as supply remains tight.
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Daily Market Report (28 July 2022)
Daily Market Report (28 July 2022)
  • Wall Street surged as the Federal Reserves hiked rates by a highly anticipated 75bps as chairman Powell further hinted that the Feds may slow down future hikes.
  • The DJI Average jumped by 436 points while the Nasdaq closed 470 points higher as the US 10-year yield inched lower to 2.785%.
  • Back home, continuous buying from foreign funds helped pushed the FBM KLCI higher after a weak opening.
  • In view of such buying support, we reckon the local bourse may climb even higher today hence expect the index to trend within the 1,465-1,480 range today.
  • Meanwhile, news that Indonesia will reintroduce its biodiesel program saw crude palm oil price higher at RM3,826/tonne while the tight physical supply saw Brent crude also ended higher at US$106.60/barrel.
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Daily Market Report (27 July 2022)
Daily Market Report (27 July 2022)
  •  Wall Street tumbled following profit warnings from Walmart adding concerns of recession and that the Federal Reserves may hike rate by 75bps.
  • The DJI Average declined by 228 points while the Nasdaq lost 220 points with the US 10-year yield remained stagnant at 2.80%.
  • On the home front, the FBM KLCI closed lower due to some profit taking activities.
  • For today, we reckon sentiments to become cautious as many will wait for the action taken by the federal Reserves later today hence anticipate the index to hover between 1,455-1,470 range.
  • Meanwhile, crude palm oil rebounded to almost the RM3,800/tonne while the Brent crude retreated slightly to US$104.40/barrel.
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Daily Market Report (26 July 2022)
Daily Market Report (26 July 2022)
  •  Wall Street ended rather mixed as traders are bracing for more major corporate earnings reports and a possible rate hike by the Federal Reserves on Wednesday.
  • The DJI Average was up 91 points while the Nasdaq declined by 51 points as the US 10-year yield inched higher to almost 2.81%.
  • On the domestic front, the FBM KLCI edged slightly higher attributed to last minute buying by foreign funds.
  • For today, we reckon some profit taking to take place thus expect the index to hover within the 1,460-1,475 range.
  • Meanwhile, crude palm oil price fell to RM3,646/tonne on worries of more exports from Indonesia while the Brent crude edged higher to US$105.20.
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Daily Market Report (25 July 2022)
Daily Market Report (25 July 2022)
  • Worries over a contracting US economy saw Wall Street closed lower last Friday as traders tool the opportunity to take profit.
  • The DJI Average lost 138 points while the Nasdaq declined by 225 points with the US 10-year yield eased lower to 2.75%.
  • Back home, persistent foreign buying pushed the FBM KLCI to a 1-month high taking advantage of the reasonable valuations of domestic equities.
  • Although sentiments on the local bourse is improving, we reckon some profit taking to emerge following a 55-point jump over the past 2 weeks.
  • Nonetheless, we expect any downtrend to be capped and see the index to trend within the 1,455-1,475 range today.
  • Meanwhile, crude palm oil price ended marginally lower at RM3,704/tonne as Indonesia is looking to enhance its exports.
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