Daily Market Report - 11 Dec 2024
  • Wall Street declined as traders are looking at November’s CPI data later today, that may influence the Fed’s decision on interest rates next week.
  • Meanwhile, the US 10-year yield inched higher at 4.228%.
  • In Hong Kong, the HSI ended lower after it opened on a high above the 21,000 level.
  • However, the uptrend was short-lived as traders decided to lock-in profits following the recent mini rally and looking for more concrete evidence during the key economic policy meeting later this month.
  • Back home, the FBM KLCI closed slightly lower after a superb opening as selling emerged, limiting the ongoing uptrend.
  • Nonetheless, we remain adamant that buyers would still prevail hence expect the benchmark index to chart further upside.
  • In view of the recent conclusion of earnings season, we noticed slight upgrades of estimates at 17% for 2024 and around 10% for 2025, showing that corporate Malaysia is still in good health hence expect the index to hover within the 1,605-1,615 range today.
Daily Market Report - 10 Dec 2024
  • Wall Street closed lower as traders await for November’s inflation data due this Wednesday.
  • Meanwhile, China’s latest investigation on Nvidia for antimonopoly violation further exacerbated the market’s decline.
  • Meanwhile, the US 10-year yield edged higher to 4.201%.
  • Over in Hong Kong, the HSI surged past the 20,000 mark after China’s top policymaker alluded to more easing measures to boost domestic demand just days before the key economic policy meeting.
  • On the domestic front, though the FBM KLCI ended slightly lower amid early selling pressure, we remain hopeful that buying support to emerge and that the benchmark index still has the legs to climb higher.
  • Already, RM2.5bn of net foreign outflows were recorded last week hence foreign selling may be at its tail-end.
  • As such, we expect the index to hover between the 1,610-1,620 range today with 1,600 as a rather solid psychological support level for now.
Daily Market Report - 9 Dec 2024
  • Wall Street ended on a mixed note although sentiment remains bullish of a rate cut notwithstanding a stronger monthly job data along with a higher unemployment rate of 4.2% for November from 4.1%.
  • Meanwhile, the US 10-year yield eased to 4.149%.
  • In Hong Kong, the HSI jumped to almost the 20,000 mark as traders are gearing up for the Chinese economic policy meeting scheduled sometime this month aiming to revive domestic consumption and tackle the trade war with US.
  • Back home, the FBM KLCI took a breather to close lower after a 3-day uptrend.
  • Though the index is still stuck within the consolidation phase, we remain hopeful that accumulation of stocks to continue as the local bourse is currently hovering at alluring valuations of 14.5x PER based on 2025 figures.
  • As such, we expect the index to hover within the 1,615-1,625 range today.
Daily Market Report - 6 Dec 2024
  • Wall Street closed lower as traders unloaded their position ahead of the US November employment data that could impact the Federal Reserve’s stance on interest rate.
  • Meanwhile, the US 10-year yield ended marginally lower at 4.178%.
  • Over in Hong Kong, the HSI retreated as traders locked in profits ahead of a major policy conference in Beijing next week amid concerns over the impending trade war by Trump.
  • Back home, the FBM KLCI closed positively but off the day’s high.
  • We believe the ongoing buying streak will continue and remain hopeful that foreign selling will not derail the current uptrend.
  • Crucially the benchmark index is still stuck within the consolidation phase and needs to break the 1,630 mark, before the local bourse improves to higher levels.
  • For today, we expect the index to trend within the 1,610-1,620 range.
  • Meanwhile, the CPO futures is looking solid currently trending at around the YTD high of RM5,200/tonne.
Daily Market Report - 5 Dec 2024
  • Wall Street continues to scale record highs with tech stocks leading the charge.
  • At the same time, traders are also waiting for the US latest employment data this Friday that may dictate the Fed stance on interest rates.
  • Meanwhile, the US 10-year yield eased slightly to 4.184%. In Hong Kong, the HSI closed marginally lower after the strong performance recently.
  • Nonetheless, sentiment remains upbeat as traders are expecting more easing measures from China.
  • Meanwhile, the expansion of visa free countries boosted interest in travel agencies namely Trip.com.
  • Domestically, the FBM KLCI maintained its uptrend, to end at almost the 1,615 level.
  • In the absence of any aggressive selling from foreign funds, we expect the index to possibly hover within the 1,615-1,625 range today, with the hope that the 1,630 mark will be broken along the way to avert a prolonged consolidation phase.