Market Reports

Daily Market Report (23 April 2024)
Daily Market Report (23 April 2024)
  • Wall Street rebounded as sentiment improves after Iran said that it will not escalate the conflict with Israel.
  • Meanwhile, earnings reports, GDP and personal consumption expenditure data for March will all be out this week that will be crucial for the Federal Reserve’s stance on interest rates.
  • As a result, the DJI Average rose 253 points while the Nasdaq added 169 points as the US 10-year yield eased marginally to 4.611%.
  • In Hong Kong, the HSI jumped by almost 290 points after Chinese regulators unveiled a series of market reforms to enhance the city’s status as an international financial hub.
  • Back home, the FBM KLCI surprisingly closed on a strong note at almost the 1,560 mark underpinned by a rather solid regional performance.
  • We suspect there may be some bargain hunting activities by foreign funds following an exodus over the past few weeks.
  • Hence, we believe the index may see more upside after the rebound from US equities overnight and expect it to hover within the 1,555-1,570 range today.
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Daily Market Report (22 April 2024)
Daily Market Report (22 April 2024)
  • Wall Street close mixed amid mounting tension in the Middle east.
  • Confidence is further eroded over the interest rate uncertainty coupled with earnings of some mega caps this week that should instigate some profit taking activities.
  • As such, though the DJI Average added 211 points, the Nasdaq lost 319 points as the US 10-year yield eased marginally to 4.621%.
  • The situation in Hong Kong was also unpromising with the HSI losing 162 points as traders sold equities in favour of safe haven namely gold.
  • Back home, the FBM KLCI managed to close positively underpinned by accumulation from local institutions amid a regional bloodbath.
  • Nonetheless, we believe trading to be muted today as sentiment would have turned cautious in view of the heightened volatility.
  • Therefore, we expect the index to hover within the 1,540-1,550 range today.
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Daily Market Report (19 April 2024)
Daily Market Report (19 April 2024)
  • It was another mixed day on Wall Street as traders were sidelined, unwilling to commit themselves amid the numerous headwinds.
  • Due to US equities’ high valuations, any shortcomings from the upcoming earnings reporting will see another bout of selling.
  • In view of the choppy session, the DJI Average added 22 points, while the Nasdaq lost 82 points with the US 10-year yield edged higher at 4.637%.
  • In Hong Kong, the HSI jumped 134 points from bargain hunting activities as many traders are attracted by the low valuations of HK stocks as the banks, insurers and casino operators all ended higher.
  • Locally, the FBM KLCI rebounded attributed to broad-based buying in line with the regional recovery.
  • However, we believe overall sentiment remains jittery and there is a bias that investors may eventually go “Cash is King”.
  • For today, we expect the index to hover within the 1,540-1,550 range.
  • Anyhow, we noticed that a correction has started amongst the commodities namely CPO which dipped to below RM4,000/tonne and the Brent crude that eased to US$86/barrel.
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Daily Market Report (18 April 2024)
Daily Market Report (18 April 2024)
  • Wall Street closed on a weak note as traders are opting to lock in profits following a decent run over the past months amid the prevailing uncertainties on interest rates, geopolitical tension and the upcoming results season.
  • As a result, the DJI Average declined 46 points while the Nasdaq slipped by 182 points despite the US 10-year yield easing lower at 4.589%.
  • Over in Hong Kong, the HSI ended on a flat note after a choppy session as sentiment remains very much entrench on the Federal Reserve’s inability to decide on rate adjustments as yet.
  • Back home, the FBM KLCI rebounded to the 1,540 mark attributed to broad-based buying.
  • Nonetheless, we noticed market undertone remains cautious as illustrated by the lower daily volume yesterday.
  • Though we reckon bargain hunting may persist today, trading activities are expected to be lacklustre hence anticipate the index to hover within the 1,535-1,545 range today.
  • Meanwhile, the CPO which have had a decent run recently saw price declined to almost the RM4,000/tonne level in line with weaker soy and crude oil prices.
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Daily Market Report (17 April 2024)
Daily Market Report (17 April 2024)
  • Wall Street ended mixed amid a choppy session as sentiment remains cautious whereby traders are trying to balance the narratives on interest rates coupled with the tension in the Middle East.
  • As such, though the DJI Average gained 64 points, the Nasdaq lost 20 points as the US 10-year yield inched higher at 4.669%.
  • In Hong Kong, the HSI slumped to hover precariously just above the 16,000 level as China’s higher than expected economic growth for the 1Q2024 failed to convince investors as both the retail and industrial output data came in lower than anticipated.
  • Back home, the FBM KLCI saw more selling on blue chips possibly by foreign funds as the index dipped below the 1,540 mark.
  • The selling was broad-based in line with the regional bloodbath.
  • We believe yesterday’s selling was more of a knee jerk reaction to the escalation tension in the Middle East amid the flight of funds to other asset classes.
  • Therefore, we believe some bargain hunting activities to emerge anytime soon and expect the index to trend within the 1,530-1,540 range today.
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