Market Reports

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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Daily Market Report (9 June 2022)
Daily Market Report (9 June 2022)
  • Wall Street closed lower as investors continued to fret over the prospect for the economy and as oil jumped to a 13-week high.
  • The Brent crude jumped more than 2% to $123 a barrel.
  • The S&P 500 fell than 1% in the broad sell-off, snapping a two-day winning streak. Meanwhile the DJIA fell 269 points to end at 32,910.90.
  • Back home, The FBM KLCI closed negative for the fifth consecutive days as sentiment remained fragile as investors are cautious on uncertainties such as global recession, inflation and rising interest rates.
  • Despite the cautious market undertone, we expect bargain hunting will prevail given the cheap valuations of local stocks, continuous inflow of foreign investors and improving macroeconomic situation in the country.
  • As such, we expect the benchmark index to trend slightly higher within the region of 1,520-1,540.
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