Market Reports

Daily Market Report (20 February 2024)
Daily Market Report (20 February 2024)
  • Wall Street was closed for Washington Birthday yesterday and a look at the futures showed that all 3 major indices remained rather flat.
  • Over in Hong Kong, the HSI lost 184 points and halted its Dragon year rally as the Chinese authority kept interest rates unchanged.
  • At the home front, the FBM KLCI continued with its uptrend to close almost the 1,540 mark attributed to some late buying activities.
  • We expect foreign funds to maintain the accumulation of local equities, taking advantage of the low valuations of both stocks and currencies within the SEA region.
  • Though a correction is anticipated anytime soon, we suspect it’s only for a short period hence expect the index to hover within the 1,535-1,545 range today with interests possibly on the Construction and Utilities stocks.
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Daily Market Report (19 February 2024)
Daily Market Report (19 February 2024)
  • Wall Street retreated as hotter than anticipated inflation data spooked traders and that the Federal Reserve may delay the prospect of rate cuts.
  • As such, the DJI Average lost 145 points while the Nasdaq declined by 130 points as the US 10-year yield edged slightly higher at 4.281%.
  • In Hong Kong, the HSI maintained its uptrend by adding 395 points to above the 16,300 level buoyed by buying from local funds on big tech stocks that are deemed cheap at prevailing levels coupled with that the Hong Kong market remains underinvested by foreign funds.
  • Back home, the FBM KLCI closed on an 18-month high as buying by foreign funds continues.
  • In view of the US markets facing with numerous headwinds, it thus understandable that some funds will flow into this region to find some stability.
  • Nonetheless, we noticed retail participation remains low and will improve this week when all are back to work.
  • For today, we expect the index to hover within the 1,535-1,545 range.
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Daily Market Report (16 February 2024)
Daily Market Report (16 February 2024)
  • Wall Street closed on a positive note as all 3 major indices rebounded with the S&P 500 ended on a record high following a drop in January’s retail sales igniting hopes for rates adjustment amid an easing US economy.
  • As such, the DJI Average jumped 349 points while the Nasdaq gained 47 points as the US 10-year yield ended marginally lower at 4.234%.
  • Over in Hong Kong, the HSI added 65 points to almost the 16,000 mark as traders are betting that the Chinese authorities will intervene to shore up investors’ confidence.
  • Back home, the FBM KLCI ended on a flat note attributed to late buying activities, showing that the local bourse is well supported at current levels.
  • As we enter into earnings season, it is without doubt that the banking sector will continue to show decent performance for CY2023.
  • Thus, we expect the index to hover within the 1,530-1,540 range today amid the improving participation from the retail segment as illustrated by the improving daily volume.
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Daily Market Report (15 February 2024)
Daily Market Report (15 February 2024)
  • Wall Street rebounded attributed to some bargain hunting activities following Tuesday’s sell-off as prospects of a rate cut by the Federal Reserve may be delayed.
  • As such, the DJI Average gained 151 points while the Nasdaq jumped by 203 points as the US 10-year yield eased marginally to 4.261%.
  • In Hong Kong, the HSI advanced by 133 points giving an auspicious start for the Year of the Dragon despite recent move from MSCI cutting 66 Chinese companies from its indices.
  • On the home front, the FBM KLCI closed slightly lower mainly attributed to the weak performance on Wall Street overnight.
  • Nonetheless, we noticed that the market undertone remains solid and is still well supported by foreign buying.
  • In view of the uncertainty in the US, we believe funds will continue to flow into the region whereby value propositions are still in abundance.
  • Hence, we expect the index to hover within the 1,530-1,540 range today.
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Daily Market Report (14 February 2024)
Daily Market Report (14 February 2024)
  • Wall Street ended broadly lower as January inflation figures came in higher than expected putting rate cuts into more uncertainty.
  • As a result, the DJI Average declined by 525 points while the Nasdaq lost 287 points as the US 10-year yield edged higher at 4.326%.
  • The Hong Kong market will resume trading today but recent move by MSCI to cut 66 Chinese stocks from its global benchmarks may add more negativity into Hong Kong equities.
  • Back home, the FBM KLCI surged past the 1,520 mark with ease as it closed above the 1,530 level attributed to the continuous buying of blue chips by foreign funds.
  • Though daily volume remains low, we believe if such accumulation on the blue chips is sustained, the improving liquidity will cascade into the smaller caps hence enticing retailers back into action.
  • For today, we anticipate the index to possibly hover within the 1,525-1,535 range as sentiment may have turned cautious, no thanks to Wall Street’s performance overnight.
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