Market Reports

Daily Market Report (5 May 2022)
Daily Market Report (5 May 2022)
  • Wall Street staged a relief rally following the Federal Reserves’ highly anticipated 50bps rate hike and will be less aggressive in future hikes to combat inflation.
  • The DJI Average rose 932 points while the Nasdaq surged by 400 points.
  • The local bourse closed above the 1,600 mark last Friday attributed to buying from foreign funds.
  • As for today, we reckon the FBM KLCI to see continuous buying activities but may see some resistance at around the 1,605-1,610 range.
  • Therefore, we expect the index to hover between the 1,590-1,605 range today.
  • The crude palm oil continues with its rise as it closed at around the RM7,700/tonne.
  • Meanwhile, crude prices spiked on news that Europe will ban imports of Russian oil with the Brent crude settled at the US$110/barrel level.
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Daily Market Report (29 April 2022)
Daily Market Report (29 April 2022)
  •  Wall Street rebounded strongly buoyed by a slew of good corporate earnings in particular by Meta Platforms.
  • The DJI Average was up 614 points while the Nasdaq closed 383 points higher.
  • Back home, the FBM KLCI rebounded to almost the 1,600 level from buying support by foreign funds.
  • Meanwhile, the 10-year MGS inched higher to a 5-year high at above the 4.45% mark.
  • For today, we can expect some selling to emerge as the local bourse will be closed for three days next week for Hari Raya thus reckon the index to hover within the 1,590-1,600 range.
  • Crude prices ticked higher as airstrikes hit Kyiv as the Brent crude closed at almost the US$108/barrel.
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Daily Market Report (28 April 2022)
Daily Market Report (28 April 2022)
  • Wall Street failed to stage any meaningful rebound as overall sentiments has turned cautious following the steep decline the day before.
  • Therefore, all 3 major indices closed off the day’s high as the DJI Average gained a mere 62 points while the Nasdaq closed 2 points lower.
  • Meanwhile, the US 10-year yield inched higher to around 2.83%.
  • On the home front, as expected the FBM KLCI closed lower on the back of a weak regional performance yesterday.
  • Thus, we reckon the index to trend within a narrow range at between the 1,580-1,590 range today with focus back on plantations stocks following the export ban on crude palm oil by Indonesia which pushed CPO price to above the RM7,500/tonne level.
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Daily Market Report (27 April 2022)
Daily Market Report (27 April 2022)
  •  Wall Street experienced another selling spree ahead of earnings results from mega technology companies on fears over an economic slowdown.
  • The DJI Average declined by 809 points while the Nasdaq lost 514 points to end at a new 52-week low.
  • This is despite te US 10-year yield easing to a week low of 2.73%.
  • Back home, the FBM KLCI closed higher from continuous buying support by foreign funds yesterday.
  • Nonetheless, we reckon the index to possibly see some profit taking today on heightened regional volatility attributed to the steep losses on Wall Street.
  • This, we expect the index to hover around the 1,585-1,600 range today.
  • Meanwhile, crude palm oil rebounded above the RM7,000/tonne on concerns over the supply side.
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Daily Market Report (26 April 2022)
Daily Market Report (26 April 2022)
  •  US equities rallied after a weak opening as all 3 major indices closed in positive territory as bargain hunters emerged especially on mega technology stocks.
  • The DJI Average gained 238 points while the Nasdaq jumped by 165 points.
  • On the home front, the FBM KLCI was broadly lower amid a weak regional performance as it closed below the 1,590 level.
  • For today, we reckon sentiments to remain cautious in view of the wild movements on Wall Street coupled with new lockdowns in China hence expect the index to possibly trend within the 1,580-1,595 range today.
  • Meanwhile, crude prices also fell on fears of the lockdowns in China with the Brent crude dipped to US$102/barrel.
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