Market Reports

Daily Market Report (9 March 2021)
Daily Market Report (9 March 2021)
  • Wall Street is at a crossroad now as traders rejoice on the US$1.9 trillion stimulus package whilst keeping an eye on the higher bond rates.
  • As such, US equities closed mixed as the DJI Average ended off its record high at around the 31,800 mark, up 306 points while the Nasdaq slumped 311 points.
  • Meanwhile, regional markets are expected to remain mixed following yesterday’s rather unexpected decline.
  • On the local front, we expect bargain hunting to continue although market undertone is still cautious. Signs of positive foreign fund flows of late could be due to the attractive valuations that the local bourse is trading at the moment.
  • Therefore, we reckon the FBM KLCI to possibly test the 1,615/20 levels today after a brief encounter yesterday. Plantation players which were largely ignored despite the solid Crude Palm Oil (CPO) prices so far may see some buying interests going forward.
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Daily Market Report (8 March 2021)
Daily Market Report (8 March 2021)
  • US equities rebounded sharply following a better than expected job data as treasury yield eased. All three major indices ended in positive territory after a wild session as the DJI Average gained 570 points after losing 150 points at one point.
  • Meanwhile, with the US$1.9 trillion relief package gainning traction over the weekend, we reckon regional markets will trend higher today.
  • On the local front, the FBM KLCI which broke the 1,600 mark last Friday should trend higher as we anticipate the index to hover around the 1,610/20 range today from broad based buying.
  • Crude oil prices continued with its solid run with the Brent crude as expected has surpassed the US$70/barrel level which should put O&G stocks in the limelight today.
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Daily Market Report (5 March 2021)
Daily Market Report (5 March 2021)
  • Wall Street saw another sharp sell-off as the Federal Reserves failed to ease fears on inflation and rates hike.
  • As a result, the US 10-year Treasury yield climbed to 1.56% while the DJI Average lost 346 points to close below the 31,000 mark.
  • As sentiments turn nervous, we reckon regional markets will continue to remain soft today.
  • On the local front, we believe the FBM KLCI may see further selling but the downside could be negated by bargain hunting on financial stocks as the banks are expected to benefit from the economic recovery with interest rates now expected to remain steady at current level.
  • Therefore, we believe the index may hover within the 1,575/85 range today.
  • Meanwhile, crude oil prices rebounded with the Brent crude now at almost US$67/barrel and is expected to touch the US$70 level sooner rather than later.
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Daily Market Report (4 March 2021)
Daily Market Report (4 March 2021)
  • Traders sold down equities as many believe the high valuations on Wall Street may not be sustainable amid the higher bond yields.
  • With the US 10-year Treasury yield inching towards the 1.5% again, concerns mounted that cheap financing will not be around for long. The DJI Average lost 121 points to close at 31,270 following a volatile session.
  • On the domestic front, the FBM KLCI almost touched the 1,590 mark yesterday from bargain hunting activities on glove stocks.
  • Nonetheless, we reckon trading on the local bourse to be volatile as sentiments will become jittery today.
  • Therefore, we expect the benchmark index to trend within a tight range of between 1,585/90 with glove stocks hanging on precariously after yesterday’s impressive performance.
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Daily Market Report (3 March 2021)
Daily Market Report (3 March 2021)
  • Wall Street slumped as profit taking took place following a strong rebound the previous day.
  • With the lack of market news, traders took the opportunity to lock in profits as the DJI Average slid 144 points to close a tad below 31,400 while the Nasdaq declined by 230 points.
  • In view of this, we reckon regional markets to be mixed today. As for the local bourse, we expect the FBM KLCI performance to remain muted amid the volatility amongst the glove counters.
  • Nonetheless, we believe the index should stabilise within the 1,570/75 levels today.
  • Meanwhile, judging from Malaysia 10-year yield which is hovering above 3.1% currently from around 2.6% early this year, we see Bank Negara to maintain the Overnight Policy Rate this Thursday.
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