Market Reports

Daily Market Report (1 June 2022)
Daily Market Report (1 June 2022)
  • US equities slumped as fears on inflation and slower economic growth emerged with the world is now faced with a food crisis.
  • The DJI Average lost 223 points while the Nasdaq declined by almost 50 points.
  • On the back of such backdrop, the US 10-year yield closed higher at the 2.85% mark.
  • As for the local bourse, a sudden surge in foreign buying saw the FBM KLCI closed higher after being in the negative territory for most of the day.
  • However, we reckon some profit taking activities may set in and expect the index to trend within the 1,560-1,575 range today.
  • Meanwhile, the crude palm oil price declined to around the RM6,600/tonne in line with the weaker soya bean price but crude oil prices maintained it uptrend with the Brent inching closer to the USD113/barrel level following the partial ban on Russian oil by the EU.

 

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Daily Market Report (31 May 2022)
Daily Market Report (31 May 2022)
  • Wall Street was closed for Memorial Day yesterday.
  • A look at its futures shows that all 3 major indices are in positive territory, but sentiments remain cautious that a reversal may be in the offing.
  • On the home front, the FBM KLCI eased slightly despite a strong regional performance.
  • For today, we reckon the lack of buying catalysts should see the index hovering within a narrow range of between 1,540-1,550.
  • Meanwhile, the Ringgit experienced an upswing against the USD to 4.36 currently from a high of 4.40 on May 18 as crude oil prices continues to climb.
  • The Brent crude has edged above the USD120/barrel as demand is seen to improve on the reopening of large cities in China coupled with EU’s failure to reach to an agreement on the Russian oil ban.
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Daily Market Report (30 May 2022)
Daily Market Report (30 May 2022)
  • Sellers took a breather as Wall Street closed broadly higher buoyed by slowing inflation news and strong retail earnings.
  • The DJI Average ended 576 points higher while the Nasdaq jumped up by 390 points.
  • The US 10-year yield also eased slightly to 2.74%.
  • Back home, the FBM KLCI closed higher attributed to some last minute buying activities after a lacklustre performance throughout the day.
  • Reflecting the rally on Wall Street, we reckon the index to possibly trend higher today as regional performance is expected to see an upswing.
  • Thus, we believe the index to hover within the 1,540-1,555 range today.
  • Meanwhile, crude oil prices edged higher as demand is seen to improve amid declining inventories. As such, the Brent crude is inching towards the US$120/barrel.
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Daily Market Report (27 May 2022)
Daily Market Report (27 May 2022)
  • Wall Street closed higher as investors were buoyed by strong corporate earnings.
  • The DJIA rose more than 500 points and the Nasdaq gained over 300 points.
  • Meanwhile The S&P 500 ended the day up 2 per cent higher due to the same reason.
  • As for the local bourse, the FBM KLCI closed higher as investors continued to bargain stocks after the recent heavy selldown.
  • We expect the momentum to continue given the improved market sentiment, cheap valuations of local stocks and improving macroeconomic situation in the country.
  • As such, we anticipate the benchmark index to remain its trend sideways trend within the range of 1,535-1,550 for today.
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Daily Market Report (26 May 2022)
Daily Market Report (26 May 2022)
  •  US equities closed broadly higher amid some bargain hunting activities despite signs that the Federal Reserves will hike rates further.
  • The DJI Average gained 192 points while the Nasdaq ended 170 points higher as the US 10-year yield remained at 2.75%.
  • As for the local bourse, the FBM KLCI closed higher though market undertone remained cautious.
  • With more uncertainty coming from Wall Street, we reckon performance within the regional markets to be curtailed hence expect the benchmark index to trend within a narrow band of between 1,530-1,540 range today.
  • Meanwhile, profit takings saw crude palm oil eased to below the RM7,000/tonne.
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