Market Reports

Daily Market Report (23 June 2022)
Daily Market Report (23 June 2022)
  •  It was a choppy session on Wall Street as all 3 major indices closed lower following some attempts of an uptrend.
  • Market undertone was cautious as inflationary concerns remains a major headwind.
  • The DJI Average lost 47 points while the Nasdaq declined by 16 points as the 10-year yield edged lower to 3.16%.
  • On the home front, the FBM KLCI weakened even further as selling on plantation stocks gathered momentum in view of the declining crude palm oil prices.
  • For today, we reckon the local bourse to possibly stage a mild rebound as the index is currently hovering close to its support level and expect it to trend within the 1,425-1,445.
  • Meanwhile, weak demand and lower soya bean price saw the crude palm price dipped to below the RM5,000/tonne to RM4,700/tonne level whilst the Brent crude was lower at below US$112/barrel attributed to higher inventory level.
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Daily Market Report (22 June 2022)
Daily Market Report (22 June 2022)
  •  Wall Street rebounded following the steep decline last week as bargain hunting activities emerged pushing all 3 major indices to positive territory.
  • The DJI Average closed 641 points higher while the Nasdaq gained 271 points despite the US 10-year yield inched closer to the 3.28%.
  • As for the local bourse, the FBM KLCI also rebounded from broad based buying on blue chips. In view of the strong comeback in the US, we reckon the index to trend higher at between the 1,450-1,470 range today.
  • Meanwhile, the crude palm oil weakened to around RM5,200/tonne while the Brent crude closed in to US$115/barrel.
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Daily Market Report (21 June 2022)
Daily Market Report (21 June 2022)
  •  Wall Street was closed yesterday and a look at the futures of the 3 major indices indicates that a rebound is in the offing as all 3 indices performed rather strongly.
  • Therefore, we can expect regional markets to experience improved performance today.
  • Back home, the FBM KLCI closed lower as foreign selling continued on selected heavy weights.
  • As bargain hunting activities did not appear yesterday, we reckon blue chips are ripe for accumulation at current levels.
  • As such, we expect the index to possibly trend within the 1,435-1,455 range today.
  • We noticed plantation stocks have been on a downtrend for the past week mirroring the slump in crude palm oil prices to RM5,260/tonne currently from RM6,150/tonne before due to weakening soya prices on improving production.
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Daily Market Report (20 June 2022)
Daily Market Report (20 June 2022)
  •  Wall Street closed mixed on concerns that the US economy may be faced with a slowdown after several economic data fell short of expectations.
  • The DJI Average ended 38 points lower while the Nasdaq gained 152 points following a volatile session as the US 10-year yield closed lower at 3.23%.
  • On the home front, the FBM KLCI ended at a 2-year low as foreign funds selling continued.
  • Though we reckon the local bourse to remain in cautious mode, some bargain hunting activities will emerge in view of the reasonable valuations the index is hovering at the moment.
  • Therefore, we believe the index to see some upside today and anticipate it to trend between the 1,450-1,470 range.
  • Meanwhile, the crude palm oil skidded to below RM6,000/tonne to RM5,685/tonne on expectations of improving supply.
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Daily Market Report (17 June 2022)
Daily Market Report (17 June 2022)
  • Wall Street closed sharply lower as the DJIA tumbled below the key 30,000 level for the first time since January 2021 as investors worried the Federal Reserve’s aggressive approach toward curbing inflation would bring the economy into a recession.
  • Back home, FBM KLCI ended higher due to bargain hunting activities.
  • However due to greater market volatility across the region and heavy selldown on Wall Street overnight, we expect the local market to face some headwinds and anticipate the benchmark index to trend range bound within 1,460-1,470 for today.
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