Daily Market Report (23 September 2022)
  • Wall Street ended lower after a volatile session as traders remained concern over the US economy following the Federal Reserves’ aggressive rate hike.
  • The DJI Average declined 107 points while the Nasdaq lost 153 points as the US 10-year yield surged past the 3.7% level.
  • On the home front, the FBM KLCI closed lower attributed to continued selling from the foreign funds.
  • As sentiment is expected to remain cautious, we reckon the index to trend within a narrow range of 1,435-1,450 today.
  • With the steep rising rates in the US, we anticipate the Technology sector to experience some headwinds today as growth may be affected.
  • Nonetheless, some bargain hunting activities may emerge for the Banks and Telcos after consecutive declines.
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Daily Market Report (22 September 2022)
  • Wall Street saw another steep decline after a 75bps rate hike by the Feds with more to come to tame inflation indicating a possible hard landing for the US economy.
  • As such, the DJI Average lost 522 points while the Nasdaq closed 205 points lower as the US 10-year yield eased slightly to 3.53%.
  • Meanwhile, trading on the local bourse remained subdued as the FBM KLCI ended broadly lower in line with the regional downtrend.
  • For today, we reckon regional volatility to heighten amid the weakness in the US market.
  • Therefore, we expect the index to trend within the 1,440-1,455 range and foresee some selling on the Oil & Gas stocks as the Brent crude dipped to below the US$90/barrel following the rate hike overnight.
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Daily Market Report (21 September 2022)
  • Wall Street tumbled as traders unloaded their position ahead of the Federal Reserves’ meeting later today with the US 10-year yield surged to a multi year high of 3.57%.
  • The DJI Average declined 313 points while the Nasdaq lost 110 points.
  • Back home, the FBM KLCI which saw some bargain hunting activities yesterday will see sentiment turning cautious today.
  • Therefore, we expect the index to trend within a narrow range of between the 1,455-1,465 range as profit takings are anticipated on Technology stocks today.
  • Oil & Gas stocks may also experience some headwinds, following the decline in crude oil prices with the Brent now at the US$90/barrel due to higher inventory.
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Daily Market Report (20 September 2022)
  • Wall Street staged a relief rally following a choppy session as all 3 major indices closed in positive territory.
  • The DJI Average gained 197 points while the Nasdaq added 87 points despite the US 10-year yield inched closer to the 3.5% mark.
  • On the domestic front, the FBM KLCI ended lower at the 1,450 level amid a volatile regional performance.
  • For today, we expect bargain hunting activities to emerge after a 4-day losing streak.
  • Therefore, we reckon the index to hover within the 1,450-1,465 today with interests to focus on the financial and technology sectors after consecutive losses over the last few days.
  • Meanwhile, Plantation stocks may encounter some headwinds as the crude palm oil price eased to around the RM3,700/tonne on concerns of weaker demand ahead.
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Daily Market Report (19 September 2022)
  • Wall Street endured another poor performance as traders became nervous of the Federal Reserves’ rate hike next week coupled with FedEx earnings warning amid global economic weakness.
  • The DJI Average lost 139 points while the Nasdaq declined by 104 points as the US 10-year yield edged higher to 3.455%.
  • As for the local bourse, we reckon trading to remain subdued as the regional markets ended in a sea of red last Friday.
  • Therefore, we believe the FBM KLCI to hover within the 1,460-1,475 range today though some bargain hunting activities may emerge as the index is trending within its support level currently with some interests on the Banks and Technology stocks.
  • Meanwhile, reports on the dissolution of the Parliament soon may shift some interests back on the Construction players as well.
  • As for the Oil & Gas sector, concerns over a global slowdown have seen the Brent crude trending towards the US$91/barrel.
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