Market Reports

Daily Market Report (16 August 2024)
Daily Market Report (16 August 2024)
  • Wall Street surged as traders turned optimistic of a soft landing for the US economy following a better than expected retail data in July coupled with a fall in jobless claims for the week.
  • As a result, the DJIA added 555 points while the Nasdaq jumped 402 points as the US 10-year yield tuned higher at 3.919%.
  • Over in Hong Kong, the HSI closed marginally lower despite a solid opening as sentiment turned cautious attributed to a mixed bag of economic data from China.
  • Back home, the FBM KLCI ended flat despite continuous buying support from foreign funds as overall sentiment of the local bourse remained rather uninspiring, possibly due to the lack of fresh catalysts.
  • We believe the trading pattern to remain the same for today and expect the index to trend within the 1,610-1,620 range.
  • Meanwhile, crude oil prices closed higher on the back of better economic climate in the US as the Brent crude closed at USD81/barrel.
Download
Daily Market Report (15 August 2024)
Daily Market Report (15 August 2024)
  • Wall Street closed broadly higher boosted by a tame consumer price index (CPI) figure that came in within expectations hence pointing towards an imminent rate cut by the Federal Reserve next month.
  • As a result, the DJIA rose 243 points while the Nasdaq ended 5 points higher with the US 10-year yield edging lower at 3.839%.
  • In Hong Kong, the HSI weakened following the release of China’s weak new loans attributed to low credit demand.
  • This is despite optimism of a US rate cut in September.
  • Back home, the FBM KLCI maintained its uptrend albeit at a lacklustre pace as illustrated by the low daily volume traded that is stuck at the 3bn shares level.
  • For today, we believe buying activities may gain some traction after the modest US CPI data overnight thus expect the index to hover within the 1,610-1,620 range.
  • Meanwhile, we anticipate the MYR to strengthen against the greenback going forward and dip below the RM4.40 mark anytime soon.
Download
Daily Market Report （14 August 2024)
Daily Market Report （14 August 2024)
  • Wall Street surged as sentiment was buoyed by a decent PPI (producer price index) data which could imply of a tame CPI figure that is to be released later today and that a lower CPI will certainly indicate rate cuts by the Federal Reserve in September.
  • As such, the DJIA rose by 409 points while the Nasdaq gained 407 points as the US 10-year yield declined to 3.847%.
  • Over in Hong Kong, the HSI managed to stay above water on hopes for a US rate cut and more easing policies from PBOC after China’s new loans hit a 15-year low in July.
  • On the home front, the FBM KLCI closed on a positive note as buying activities were rather strong.
  • Nonetheless, daily volume traded dropped to around the 3bn shares level depicting that retail participation remained side-lined.
  • For today, we expect trading activities to improve taking cue from the uptrend on Wall Street thus anticipate the index to hover within the 1,610-1,620 range today.
Download
Daily Market Report (13 August 2024)
Daily Market Report (13 August 2024)
  • Wall Street closed on a mixed note as sentiment stayed cautious with traders mostly side-lined waiting for a deluge of economic data over the next few days especially the CPI figure on Wednesday.
  • As a result, the DJIA lost 140 points while the Nasdaq added 35 points as the US 10-year yield eased to 3.907%.
  • In Hong Kong, the HSI managed to stay above water after a choppy session.
  • Despite traders are optimistic that the PBOC may reduce the reserve requirement ratio (RRR), the uptrend was affected by restrictions within the gaming sector.
  • Back home, buying activities returned as the FBM KLCI closed above the 1,600 level predominantly supported by the local institutions.
  • We believe this will eventually instill some confidence on the smaller caps thus expect the daily volume to improve going forward.
  • Hence, we reckon the index to hover within the 1,600-1,615 range today as market undertone remains on a cautious mode.
  • Meanwhile, escalating tension in the middle east and more positive US economic data saw crude oil prices firming as the Brent crude topped almost the USD81/barrel.
Download
Daily Market Report (12 August 2024)
Daily Market Report (12 August 2024)
  • Wall Street closed positively last Friday recouping bulk of the losses for the week as an encouraging set of job data alleviated recessionary worries and managed to soothe traders’ temperament.
  • As a result, the DJIA added 51 points while the Nasdaq climbed 85 points higher as the US 10-year yield eased marginally to 3.94%.
  • Over in Hong Kong, the HSI continued with its rebound to end above the 17,000 level on the back of better inflation data from China coupled with the calmer Wall Street performance.
  • Back home, the FBM KLCI managed to close positively but remained below the psychological 1,600 mark attributed to some late profit taking activities.
  • Nonetheless, we deemed the lower daily volume traded as positive signalling that the selling may be at its tail-end.
  • We believe recent positive newsflow particularly from Infineon and its RM30bn additional investments in Kulim will add to the optimism surrounding the nation’s Tech sector of late.
  • For today, we expect the index to hover within the 1,595-1,610 range.
Download