Market Reports

Daily Market Report (11 Feb 2021)
Daily Market Report (11 Feb 2021)
  • It was a volatile day on Wall Street as traders were faced with possibility of a stimulus relief package delay as well as batches of corporate earnings.
  • Though both the S&P 500 and Nasdaq ended in the red, the DJI Average managed to hang on with a 62-point gain at above the 31,400 mark which is another record high.
  • On the domestic front, we would expect the local bourse to be rather subdue ahead of a long weekend for the Lunar New Year festivities.
  • Nonetheless, we reckon the FBM KLCI will continue to trend upwards and test the 1,600 level today with buying on rubber glove stocks to emerge after a series of trashings over the last few days.
  • Crude oil prices continue with its uptrend as the Brent has surpassed the US$61/barrel mark.
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Daily Market Report (10 Feb 2021)
Daily Market Report (10 Feb 2021)
  • Wall Street took a breather following a series of record breaking performances as reality over valuations sink in.
  • While both the DJI Average and S&P 500 closed slightly lower, the Nasdaq remained in positive territory.
  • As for the local bourse, we believe the buying momentum to continue after breaking out from its consolidation yesterday.
  • Therefore, we should see the FBM KLCI to test 1,590 thereafter around the 1,595 level today amid some degree of volatility as sentiments on glove counters remain rather fragile.
  • Meanwhile, crude oil prices remained resilient with the Brent crude now firmly above the US$60 level hovering at US$61.10/barrel currently.
  • For 2021, we expect Brent crude to possibly touch the US$65/barrel.
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Daily Market Report (9 Feb 2021)
Daily Market Report (9 Feb 2021)
  • Wall Street closed on fresh record highs as traders are optimistic of another stimulus relief package soon.
  • The DJI Average gained 238 points to almost the 31,400 mark whilst both the S&P 500 and Nasdaq climbed 0.7% and 1.0% respectively.
  • Domestically, the FBM KLCI again succumbed to some late selling in particular on rubber glove stocks. We noticed sentiments remained fragile as investors maintained their short term mode.
  • Nonetheless, we are still adamant that the index will reverse its downtrend to test the 1,580/90 range as buying interests on rubber gloves could be back following days of selling down.
  • Meanwhile, we expect Oil & Gas stocks to stay upbeat as the Brent Crude finally breached the US$60/barrel mark to close at US$60.50 which is more than a 1-year high.
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Daily Market Report (8 Feb 2021)
Daily Market Report (8 Feb 2021)
  • Worse than expected job data has prompted fresh hopes of more stimulus package as Wall Street closed at new highs last Friday.
  • The DJI Average ended 92 points higher to almost at 31,150 whilst both the S&P 500 and Nasdaq ended at record high again.
  • On the local front, we reckon volatility to again dominate trading as the FBM KLCI again experienced late selling last Friday.
  • Nonetheless, we reckon some stability for the market today as both of our largest exports in crude palm oil (CPO) and crude oil saw prices hitting solid levels.
  • The CPO is closing in to the RM4,000/metric tonnes while the Brent crude is now within touching distance of US$60/barrel.
  • Barring the volatility of glove counters, we would expect the benchmark index to test the 1,590 level today.
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Daily Market Report (5 Feb 2021)
Daily Market Report (5 Feb 2021)
  • Solid corporate earnings and better than expected economic data pushed US equities higher as Wall Street closed on record highs again.
  • While the DJI Average gained 332 points to around 31,055, both the S&P 500 and Nasdaq ended the session at record highs. Meanwhile on the domestic front, the FBM KLCI remains rather volatile as the index only managed to stay above the positive territory late in the trading session.
  • Thus, we believe such trend to persist as sentiments is still fragile and expect the index to hover within the 1,585-1,595 range today.
  • We noticed that trading on smaller cap companies is gathering momentum hence may be a prelude for more active activities on these companies.

 

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