Daily Market Report (1 July 2022)
  •  US equities closed lower as sentiments remained jittery following signs that the Federal Reserves would maintain its aggressive interest rate hike for its forthcoming meeting in July.
  • The DJI Average lost 254 points while the Nasdaq declined by almost 150 points despite the US 10-year yield ended lower at 3.02%.
  • Back home, the FBM KLCI again succumbed to some last selling amid some portfolio rebalancing by foreign funds.
  • Therefore, we reckon the local bourse to remain in consolidation phase with the benchmark index trending between the 1,435-1,450 range today.
  • Meanwhile, the Brent crude price eased to below US$115/barrel on concerns of recessionary fears.
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Daily Market Report (30 Jun 2022)
  •  Wall Street closed mixed as all 3 major indices struggled to make any significant rebound with sentiments remained jittery attributed to recessionary fears.
  • The DJI Average gained 82 points while the Nasdaq ended 4 points lower as the US 10-year yield edged lower at 3.09%.
  • As for the local bourse, the FBM KLCI closed lower amid some late selling activities.
  • We reckon trading for today would stay cautious from the lack of catalysts thus expect the index to hover within the 1,440-1,460 range.
  • Meanwhile, crude palm oil eased to RM5,080/tonne due to weaker exports data with the Brent crude also ended lower at US$116/barrel on news that the US may release more oil from its stockpile.
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Daily Market Report (29 Jun 2022)
  •  Wall Street slumped after a strong opening following the release of a disappointing economic data.
  • The DJI Average lost 491 points while the Nasdaq declined by 343 points as the US 10-year yield remained at around the 3.18%.
  • Back home, the FBM KLCI closed higher attributed to late buying activities particularly from foreign funds.
  • Nonetheless, we reckon such buying may evaporate today in view of the weakness on Wall Street thus anticipate the index to trend within the 1,440-1,460 range.
  • Meanwhile crude palm oil price continues with its rebound as it closed at RM5,160/tonne with the Brent crude inching towards the US$120/barrel on declining inventory.
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Daily Market Report (28 June 2022)
  • Wall Street ended a volatile trading session lower yesterday, weighed down by losses in technology shares as the major indexes failed to sustain momentum from last week’s rally.
  • The Dow Jones Industrial Average dipped 62 points while S&P500 lost 0.3%. Nasdaq declined 0.72%.
  • Back home, the FBM KLCI closed marginally lower amid the positive performance of regional peers.
  • We are cautiously optimistic on the performance of local stocks in the near term given the improvement of regional sentiment while valuation of the benchmark index remains attractive as compared with its regional peers.
  • Nonetheless, investors shall be wary volatility of both regional and global remain high.
  • Hence, we anticipate the index to trend within the 1,430-1,450 range today.
  • Meanwhile, Brent crude oil ended lower at US$110/barrel.
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Daily Market Report (27 Jun 2022)
  •  Despite facing with numerous headwinds, Wall Street staged a relief rally last Friday as all 3 major indices closed broadly higher.
  • The DJI Average gained 823 points while the Nasdaq jumped 375 points higher as the US 10-year yield inched to almost the 3.14% level.
  • On the home front, the FBM KLCI made a mild comeback attributed to bargain hunting activities.
  • On the back of the strong performance on Wall Street, we reckon regional markets to ride on the uptrend hence expect to see the local bourse to improve today.
  • Therefore, we anticipate the index to trend between the 1,430-1,445 range today.
  • Meanwhile, crude palm rebounded to almost the RM4,900/tonne level with the Brent also ended higher at US$113/barrel.
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