Market Reports

Daily Market Report (15 February 2024)
Daily Market Report (15 February 2024)
  • Wall Street rebounded attributed to some bargain hunting activities following Tuesday’s sell-off as prospects of a rate cut by the Federal Reserve may be delayed.
  • As such, the DJI Average gained 151 points while the Nasdaq jumped by 203 points as the US 10-year yield eased marginally to 4.261%.
  • In Hong Kong, the HSI advanced by 133 points giving an auspicious start for the Year of the Dragon despite recent move from MSCI cutting 66 Chinese companies from its indices.
  • On the home front, the FBM KLCI closed slightly lower mainly attributed to the weak performance on Wall Street overnight.
  • Nonetheless, we noticed that the market undertone remains solid and is still well supported by foreign buying.
  • In view of the uncertainty in the US, we believe funds will continue to flow into the region whereby value propositions are still in abundance.
  • Hence, we expect the index to hover within the 1,530-1,540 range today.
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Daily Market Report (14 February 2024)
Daily Market Report (14 February 2024)
  • Wall Street ended broadly lower as January inflation figures came in higher than expected putting rate cuts into more uncertainty.
  • As a result, the DJI Average declined by 525 points while the Nasdaq lost 287 points as the US 10-year yield edged higher at 4.326%.
  • The Hong Kong market will resume trading today but recent move by MSCI to cut 66 Chinese stocks from its global benchmarks may add more negativity into Hong Kong equities.
  • Back home, the FBM KLCI surged past the 1,520 mark with ease as it closed above the 1,530 level attributed to the continuous buying of blue chips by foreign funds.
  • Though daily volume remains low, we believe if such accumulation on the blue chips is sustained, the improving liquidity will cascade into the smaller caps hence enticing retailers back into action.
  • For today, we anticipate the index to possibly hover within the 1,525-1,535 range as sentiment may have turned cautious, no thanks to Wall Street’s performance overnight.
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Daily Market Report (13 February 2024)
Daily Market Report (13 February 2024)
  • Wall Street ended mixed as traders are looking ahead for more corporate earnings and the latest consumer price index (CPI) which should be out later today.
  • Nonetheless, the DJI Average rose 126 points to a new record high as the Nasdaq fell 48 points as the US 10-year yield declined marginally at 4.179%.
  • The Hong Kong market will be closed today and will resume trading tomorrow.
  • On the home front, the FBM KLCI ended flat ahead of the long Lunar New Year break amid the continuous buying from foreign funds.
  • We believe more funds will be channeled back into the South East Asia region with Malaysia slowly back into the limelight amid the improving political stability.
  • Meanwhile, we expect retail participation to improve over time as the market undertone gets better.
  • Thus, we anticipate the index to hover within the 1,510-1,520 range today with buying interests returning on the Banks.
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Daily Market Report (9 February 2024)
Daily Market Report (9 February 2024)
  • Wall Street maintained its uptrend as all 3 major indices closed in positive territory amid concerns that it may be unsustainable.
  • The DJI Average added 49 points while the Nasdaq gained 37 points as the US 10-year yield inched higher at 4.158%.
  • Nonetheless, traders are worried that the current rally may not be supported by the fundamentals.
  • Over in Hong Kong, the HSI slumped below the 16,000 mark after China’s consumer price index for January fell steeper than anticipated.
  • Back home, the FBM KLCI continues with its consolidation as it ended flat due to some profit taking ahead of the extended CNY break next week.
  • Nonetheless, we noticed foreign buying remains rather apparent hence believe the local bourse is well supported at current levels.
  • For today, we expect the index to hover within the 1,510-1,520 range.
  • Meanwhile, crude oil prices increased as the Gaza conflict intensifies with the Brent crude trending at almost US$82/barrel currently.
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Daily Market Report (8 February 2024)
Daily Market Report (8 February 2024)
  • Wall Street rallied underpin by robust corporate earnings and guidance especially from the tech mega caps illustrating healthy consumer spending amid a resilient US economy.
  • As such, the DJI Average added 156 points while the Nasdaq gained 148 points.
  • On the flipside, the Federal Reserve may not adjust interest rates lower anytime soon with the US 10-year yield inching higher at 4.115%.
  • In Hong Kong, the HSI retreated slightly amid some profit taking activities following a sharp spike up the day before.
  • Nonetheless, traders are confident that market sentiment to stay strong attributed to strong corporate earnings especially from Alibaba.
  • Back home, the FBM KLCI ended flat as overall sentiment remains cautious.
  • We noticed daily volume traded has shrunk to previous levels averaging around 3bn shares depicting the lack of trading interests especially from the retailers.
  • However, as buying from foreign funds continues, this hopefully may cascade down to the smaller cap stocks.
  • For today, we expect the benchmark index to hover within the 1,510-1,520 range.
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