Daily Market Report (25 August 2021)
  • Wall Street closed higher as buying emerged on recovery stocks as well as bargain hunting on Chinese tech stocks which took a beating of late.
  • The DJI Average closed slightly higher by 30 points while both the S&P 500 and Nasdaq finished the session at record highs.
  • Nonetheless, the Federal Reserves annual event this week will chart the course of the market with respect to the tapering this year.
  • Locally, the FBM KLCI surged by 31 points to break the 1,550 mark as buyers came out with a vengeance.
  • Political clarity and hopes of more economic easing spur the local bourse to a 2-month high.
  • Supported by improving market volume and solid corporate earnings, we believe the index to continue with its ascension and expect the index to possibly chart around the 1,555-1,565 range today as market valuation remains at attractive levels.
Daily Market Report (24 August 2021)
  • Major indices on Wall Street continued to trend higher as buying activities gathered pace predominantly on recovery stocks spurred by reopening of the economy.
  • Whilst the DJI Average and the S&P 500 jumped by 215 points and 38 points respectively, the Nasdaq came into life and closed at a record high to almost the 15,000 mark or up 230 points.
  • On the domestic front, the FBM KLCI maintained its uptrend albeit in a muted manner.
  • The index has gained 20 points since last week and we reckon bargain hunting activities to persists as the combat against Covid-19 continues.
  • Yesterday’s dip in cases to below 18,000 may instill some optimism to the otherwise fragile sentiment as shown from the improved market volume.
  • For today, we anticipate the index to possibly stabilise at around the 1,520-1,530 range.
Daily Market Report (23 August 2021)
  • Wall Street rebounded last Friday from some bargain hunting activities following a minor selldown.
  • Many expect US equities are to experience heighten volatility on the back of a liquidity squeeze going forward.
  • The DJI Average gained 226 points while the Nasdaq jumped by 173 points.
  • For the local bourse, the FBM KLCI saw a slight rebound as the political climate clears.
  • As the new administration goes to work with Covid-19 as their main focus, we are hopeful that daily cases to be more under control with an eye on further easing of the economic lockdown.
  • Meanwhile, we note that earnings from listed companies are looking solid for the 2Q so far.
  • For today, we expect the index to strengthen further and oscillate within the 1,515-1,525 range.
Daily Market Report (20 August 2021)
  • US equities were mixed and closed off lows as selling continued on expectations that the Federal Reserves will stop their bond buying activities soon.
  • The DJI Average lost 66 points while both the S&P 500 and Nasdaq closed positively following a weak opening.
  • On the domestic front, the FBM KLCI closed lower from late selling due to a weak regional performance coupled with another record high Covid-19 cases touching almost the 23,000 mark.
  • Nonetheless, foreign funds were buyers with its fifth consecutive net inflows into the local bourse of which we have not seen for a very long time.
  • For today, we reckon the index may trend within the 1,510-1,520 range as sentiments remain cautious.
Daily Market Report (19 August 2021)
  • Wall Street fell further on concerns that the Federal Reserves may commence its tapering sooner than anticipated.
  • As a result, the DJI Average declined 382 points to below the 35,000 mark while the S&P 500 lost 48 points to around the 4,400 level.
  • Meanwhile on the local front, many deem the political landscape to be clearer with the appointment of a new Prime Minister to be announced soon.
  • As such, the FBM KLCI continued with its positive performance supported by foreign buying as we noted that there were net foreign inflows for the fourth consecutive days.
  • As for today, we reckon the index to hover within the 1,525-1,530 range.