Market Reports

Daily Market Report (16 June 2022)
Daily Market Report (16 June 2022)
  • Wall Street closed sharply higher after more than a week of heavy selling as the Fed announces large rate hike to battle inflation.
  • The DJIA jumped over 300 points while Nasdaq ended 270 points higher after The U.S. Federal Reserve will raise its benchmark interest rate by 0.75% in an effort to fight high inflation.
  • Nonetheless, officials also cut their 2022 GDP growth to just 1.7%, down from 2.8% from March.
  • Back home, investors took profit following a sharp rise on Tuesday.
  • We reckon investor sentiment to remain soft for the moment due to external factors, nevertheless the FBM KLCI remained in oversold position after heavy selldowns in the past 2 weeks.
  • Hence, we anticipate some bargain hunting activities to emerge with the FBM KLCI to hover within the range of 1,460-1,490 for today.
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Daily Market Report (15 June 2022)
Daily Market Report (15 June 2022)
  • All 3 major indices on Wall Street closed off their day highs as selling continued ahead of another prospective rate hike by the Federal Reserves.
  • The DJI Average declined by 152 points while the Nasdaq ended a volatile 19 points higher despite the US 10-year yield climbing to almost 3.48% which is a 11-year high.
  • Back home, bargain hunting activities helped pushed the FBM KLCI higher amid a weak regional performance.
  • Though buying may persists, we reckon sentiments are to remain cautious thus expect the index to hover within the 1,475-1,490 range today.
  • Meanwhile, crude palm oil rebounded to above the RM6,200/tonne attributed to bargain buying.
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Daily Market Report (14 June 2022)
Daily Market Report (14 June 2022)
  • Sell-down on Wall Street intensified on fears of more aggressive rate hike by the Federal Reserves this week.
  • As a result, all 3 major indices closed near to their 52-week lows. The DJI Average lost 876 points while the Nasdaq declined by 531 points as the US 10-year yield edged past the 3.36%.
  • On the home front, the FBM KLCI dipped to its 52-week low following a decline of almost 110 points since end-May this year.
  • In view of the drastic sell-down on Wall Street, we reckon trading on the local bourse to remain cautious today.
  • Therefore, we expect the index to possibly test the 1,450 level before bargain hunting activities to emerge. As such, we believe the index to trend within the 1,450-1,470 range today.
  • Meanwhile, the crude palm oil closed lower at RM6,150/tonne due to weaker demand.
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Daily Market Report (13 Jun 2022)
Daily Market Report (13 Jun 2022)
  • Wall Street fell sharply due to May’s inflation figure which jumped to a 40 year high of 8.6% igniting fears of more intense rate hikes by the Federal Reserves.
  • Therefore, the DJI Average declined by 860 points while the Nasdaq was down by a massive 414 points as the US 10-year yield inched to almost the 3.2% level.
  • Back home, the FBM KLCI continued with its downtrend and slumped to a YTD low amid the regional weak performances.
  • Though a rebound is expected, we reckon market undertone to remain jittery thus anticipate the index to hover within the 1,480-1,500 range today.
  • Meanwhile, crude oil palm price fell to RM6,600/tonne as exports are seen to weaken over the immediate term while the Brent crude also fell to US$122/barrel attributed to weaker Chinese demand.
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Daily Market Report (10 June 2022)
Daily Market Report (10 June 2022)
  •  Late heavy selling saw all 3 major indices closed sharply lower as traders were concerned over the US economy ahead of May’s inflation data later today.
  • The DJI Average ended 638 points lower while the Nasdaq declined by 332 points as the US 10-year yield hovers around the 3.05% level.
  • On the home front, the FBM KLCI ended lower again due to a weak regional performance.
  • The benchmark index had erased 60 points over the past week attributed to selling by foreign funds of late.
  • Though immediate recovery may occur, we reckon bargain hunting activities should emerge if the index tests the 1,500 mark.
  • Therefore, we anticipate the index to trend within the 1,500-1,520 range today.
  • Meanwhile the Brent crude eased marginally but remains above the US$123/barrel as lockdowns returned on some parts of Shanghai.
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