Daily Market Report (20 January 2022)
  • Wall Street ended sharply lower after a volatile session as higher bond yields and elevated inflation rattle investors.
  • The DJIA dropped 339 points to 35,028.65 while S&P500 44.35 points to 4,532.76. The technology-heavy Nasdaq Composite shed 166.64 points to 14,340.26.
  • On the domestic front, the FBM KLCI trended lower due to continuous selling pressure over the region.
  • The benchmark index fell 12.59 points to stay just above its 1,530 support level.
  • We reckon the market undertone to remain jittery due to external factors.
  • Nonetheless, we believe some bargain hunting activities may emerge hence, expect the index to hover between 1,530-1,540 range.
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Daily Market Report (19 January 2022)
  •  Wall Street slumped as the reality of imminent higher interest rates sink in. The US 10-year yield inched closer to 1.9% and closer at 1.875% which is a 2-year high.
  • The DJI Average lost 543 points while the Nasdaq declined by 387 points to just above the 14,500 mark.
  • As the valuation premium for US equities begin to narrow, we reckon market volatility to heighten.
  • As for the local bourse, the FBM KLCI which experienced some steep selling of late is expected to remain volatile as market undertone is seen jittery.
  • For today, we reckon the index to trend between the 1,535-1,550 range as any further dips may see some bargain hunting activities.
  • Meanwhile, the Brent crude price continued with its uptrend to close near the US$89/barrel amid possible disruption on the supply side following the latest attack on the United Arab Emirates .
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Daily Market Report (17 January 2022)
  • Wall Street closed on a mixed note as traders took profit on banking stocks following a spate of results reported.
  • The DJI Average lost 202 points to below the 36,000 mark while the Nasdaq gained 87 points to almost the 14,900 level.
  • Looking ahead, as the US 10-year yield is heading towards the 1.8% again, we reckon the market volatility within the region to heighten.
  • On the local front, the FBM KLCI ended lower as profit taking emerged. Though, we may see some bargain hunting activities, market undertone is expected to remain cautious.
  • Therefore, we believe the index to trend within the 1,550-1,560 range today.
  • Meanwhile, the Brent crude price is inching towards the US$87/barrel on expectations that demand to remain strong.
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Daily Market Report (14 January 2022)
  • US equities tanked as sentiments turned jittery affected by inflationary concerns and the Federal Reserves’ tapering policy again.
  • Selling was evident as the Nasdaq lost 381 points to close below the 15,000 mark whilst the DJI Average declined by 177 points.
  • As for the local bourse, the FBM KLCI continued with its uptrend as it rebounded to almost the 1,570 level from some late buying activities.
  • Nonetheless, we believe the local bourse to see some headwinds today amid the heightened regional volatility. T
  • herefore, we expect the index to hover around the 1,560-1,575 range today as market undertone may become cautious.
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Daily Market Report (13 January 2022)
  • Wall Street ended in positive territory despite December inflation data came in sharply higher.
  • Though the CPI figure was largely within expectations, overall market sentiments remained rather cautious as the DJI Average gained a mere 38 points while the Nasdaq was up 35 points to almost the 15,190 mark.
  • On the home front, last minute buying activities helped pushed the index to close flat having been in the red for most of yesterday’s session. Yesterday’s intermittent correction amongst Banking stocks suggests that buying interests could return today but market undertone remains cautious amid the higher regional volatility.
  • For today, we would expect the index to trend around the 1,560-1,570 supported by net foreign funds inflow.
  • On the crude price, the Brent crude continued to move higher and is currently hovering almost the US$85/barrel level.
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