Daily Market Report (3 May 2021)
  • Wall Street took a breather as traders decided to lock in some profits following a solid run for the month of April.
  • The DJI Average lost 185 points to close below the 34,000 whilst the Nasdaq declined 120 points to end at below the 14,000.
  • Therefore, we reckon regional markets to remain weak today from the lack of fresh catalysts.
  • On the home front, the FBM KLCI is expected to continue with its consolidation hence expect the index to trend around 1,600-1,610 range today.
  • Judging by the continuous fund flow from the retail portion, we believe retail participation to improve thus the smaller caps companies to continue with their rotational play.
Daily Market Report (30 April 2021)
  • Wall Street surged buoyed by solid corporate earnings for the 1Q2021 as the broader S&P 500 closed on a record high at above the 4,200 level while the DJI Average jumped by almost 240 points to above the 34,000 again.
  • Therefore, we reckon regional markets to maintain with their robust performance today. Back home, we can expect the local bourse to play some catch up following yesterday’s closure.
  • As such, we believe the FBM KLCI to possibly trend above the 1,610 today ranging within the 1,610-1,620. Nonetheless, we believe any buying may be muted as market sentiments remain fragile.
  • Meanwhile, crude oil price further improves with the Brent crude hovering near the US$69/barrel due to improving demand outlook.
Daily Market Report (28 April 2021)
  • Wall Street closed the session flat as traders were sidelined ahead of corporate results from the big guns.
  • Meanwhile, the US 10-year yield surpassed the 1.6% mark to close at 1.62%. As such, the DJI Average ended the day 3.4 points higher at 33,985.
  • In view of this, we reckon regional markets to remained mixed as trading is seen to be rather muted.
  • On the domestic front, the FBM KLCI that breached the 1,620 level on Monday succumbed again to profit taking as the index declined almost 17 points to closed below the 1,610 again yesterday.
  • Though we noticed foreign funds were buying, it was the local institutions that sold the market yesterday.
  • As a result, the index is expected to again trend within the 1,600-1,610 range today amid the weak market undertone.
  • Meanwhile, the crude palm oil (CPO) is currently trading on a 5- year high at RM4,500/metric tonne.
Daily Market Report (27 April 2021)
  • Wall Street ended mostly higher as investors geared up ahead the quarter earnings season. S&P500 rose 0.18% to all time high at 4,187.62 while Nasdaq climbed 0.9% to 14,138.78, hitting its first fresh record close since February as investors are expecting strong results on tech and related heavyweights such as Microsoft, Apple, Facebook and Google.
  • Nonetheless, the Dow Jones Industrial Average lost 61.92 points, or 0.2%, to 33,981.57, dragged down by P&G, Walmart and Coca Cola.
  • Regionally, key indices are set to open mixed as investors await the Bank of Japan’s interest rate decision.
  • In the local front, the FBMKLCI surged 0.94% or 15.04 points yesterday to close at 1,623.47, breaking the strong resistance 1,610 level thanks to rally in rubber glove, telco and healthcare counters.
  • We expect the local market to continue its momentum given strong investor sentiments testing the immediate resistance of 1,635.
Daily Market Report (26 April 2021)
  • Wall Street closed higher following a volatile session as news of a proposed hike in capital gains tax on the rich emerged.
  • While many believe that a hike is likely, most think that the quantum may be lower than the proposed rate.
  • As such the DJI Average ended the session 227 points higher to close above the 34,000 mark again.
  • We believe market volatility should be erratic with the developments on Wall Street thus reckon regional markets to be rather subdued today.
  • As for the local bourse, the FBM KLCI remained stuck within a consolidation mode as it fails to decisively break the 1,610 level since mid-March.
  • Therefore, in the absence of fresh catalysts we expect the index to continue with its consolidation to trend within the 1,600-1,610 range.