Daily Market Report (8 March 2022)
  • Wall Street fell as traders became increasingly concern over the high energy and commodity prices due to prevailing conflict between Russia and Ukraine.
  • The DJI Average declined by almost 800 points while the Nasdaq lost 480 points to almost a 1-year low.
  • At the home front, the FBM KLCI was down from heavy selling weighed down by broad based regional weaknesses.
  • For today, we expect there to be a rebound from bargain hunting activities otherwise the local bourse may be stuck in a consolidation mode hence anticipate the index to hover between the 1,565-1,585 range.
  • Meanwhile, the Brent crude stayed elevated at US$123/barrel having briefly breached the US$130/barrel level.
Daily Market Report (7 March 2022)
  • US equities continued to slide as tension in Ukraine overshadowed the improved job data.
  • As a result, the DJI Average lost 180 points while the Nasdaq declined by 225 points.
  • As the flight out of equities persist, the 10-yrear Treasury yield fell further to around the 1.74% level.
  • As for the local bourse, regional weaknesses dragged down the FBM KLCI but remained above the crucial 1,600 level.
  • With sentiments turning cautious, we reckon the index to trend around the 1,595-1,610 range today.
  • Meanwhile, the Brent crude surged pass the US$118/barrel amid the ongoing Russia/Ukraine tension.
Daily Market Report (4 March 2022)
  • As expected, Wall Street retreated as concerns over the tension in Ukraine continues in addition to inflationary worries amid the high commodity prices.
  • The DJI Average lost 97 points while the Nasdaq saw an even steeper decline of 214 points.
  • Locally, the FBM KLCI staged an impressive performance as it closed at a year to date high supported by foreign funds buying.
  • We believe foreign funds to continue accumulating on local stocks to take advantage of our still low valuations thus anticipate the index to trend between the 1,610-1,625 range today.
  • Meanwhile, profit taking emerged on the crude palm oil and crude oil as the CPO ended at RM7,450/tonne or down by RM389 with the Brent crude settled at US$110/barrel.
Daily Market Report (3 March 2022)
  •  Wall street staged a relief rally despite the intensifying conflict between Russia and Ukraine.
  • The DJI Average ended almost 600 points higher while the Nasdaq jumped by 220 points.
  • As the situation on Wall Street remains fluid, the US 10-year yield closed near the 1.9% again.
  • On the home front, the FBM KLCI ended slightly higher from some muted bargain hunting activities.
  • For today, we anticipate the index to hover around the 1,595-1,610 range as foreign funds continue to accumulate on local equities.
  • Meanwhile, profit taking saw the crude palm oil price down to RM7,839/tonne while the Brent crude surged past US$112/barrel as global demand is shunning Russian oil.
Daily Market Report (2 March 2022)
  • Wall Street slumped as the tension in Ukraine intensifies.
  • The DJI Average declined by 598 points while the Nasdaq lost 219 points.
  • As sentiments remained jittery, flight of funds to bonds continues as the US 10-year yield eased to almost the 1.7% level.
  • Back home, the FBM KLCI declined on the back of profit taking activities.
  • Though we anticipate some intermittent bargain hunting to emerge soon, the index may experience ongoing selling pressure hence we expect the index to hover within the 1,585-1,605 range today.
  • Meanwhile, mounting concerns on the supply side has pushed the Brent crude to a 7-year high at US$107/barrel.
  • As for the crude palm oil, it closed at another record high settling at RM8,170/tonne.