Market Reports

Daily Market Report (29 Nov 2024)
Daily Market Report (29 Nov 2024)
  • Wall Street was closed for Thanksgiving Day yesterday.
  • Looking at the futures, all 3 major indices are currently trending positively, indicating that the US market should continue with its upward trajectory.
  • Meanwhile, the US 10- year yield had eased to 4.261%.
  • Over in Hong Kong, the HSI retreated by 236 points as traders decided to lock in profits after the recent uptrend.
  • Sentiment remains cautious on expectations for additional incentives from China and whether the Federal Reserve may reduce rates during the FOMC meeting in mid-December.
  • Back home, the FBM KLCI ended below the 1,600 level again as hints of window dressing activities evaporated amid the selling by foreign funds during the afternoon session.
  • In view of the weak market undertone, we expect bargain hunting to be muted hence expect the index to hover within the 1,600- 1,610 range today.
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Daily Market Report (28 Nov 2024)
Daily Market Report (28 Nov 2024)
  • Wall Street ended lower as traders were mostly sidelined ahead of Thanksgiving Day today.
  • Meanwhile, the latest personal consumption expenditure index in October came in within expectations but sentiment remains cautious in view of Trump’s imminent tariffs.
  • In Hong Kong, the HSI closed broadly firmer as traders are bracing for more stimulus from China following the weak industrial earnings in October from large Chinese companies.
  • As a result, the index jumped by more than 400 points to almost the 20,000 mark.
  • On the home front, the FBM KLCI maintained its climb to end marginally higher after a promising opening as late profit taking activities again curtailed any meaningful gains from the blue chips.
  • Amidst the ongoing consolidation, we expect the index to hover within the 1,600-1,610 range today.
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Daily Market Report (27 Nov 2024)
Daily Market Report (27 Nov 2024)
  • Wall Street closed firmer with both the DJIA and S&P 500 touching record highs as traders are looking beyond Trump’s tariff threats.
  • Many believe that this is more as a negotiation tactic than for implementation.
  • Meanwhile, the US 10-year yield edged higher at 4.295%.
  • Over in Hong Kong, the HSI ended off its day’s high albeit on a positive note as traders began to assess the effects of Trump’s threat of more tariffs on Chinese imports.
  • Back home, the FBM KLCI managed to close above the 1,600 level as we noticed a hint of “window dressing” activities.
  • Nonetheless, market velocity remains muted as illustrated by the lacklustre daily volume of only 2.5bn units.
  • At this juncture, we believe the index may find it difficult to breach the 1,700 mark due to the absence of strong catalysts.
  • As for corporate earnings, it has been a mixed bag without any excitement thus far.
  • Therefore, we expect the index to hover within the 1,600-1,610 range today.
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Daily Market Report (26 Nov 2024)
Daily Market Report (26 Nov 2024)
  • Wall Street closed on a high note, with the Dow and S&P 500 reaching record levels as investors welcomed President-elect Donald Trump's decision to nominate hedge fund manager Scott Bessent as the new Treasury Secretary.
  • The Dow jumped more than 440 points to 44,737, while the S&P 500 and Nasdaq gained about 0.3% each.
  • In Hong Kong, stocks ended lower as investors remained cautious ahead of the release of China’s National Bureau of Statistics PMI data.
  • As a result HSI fell 0.4%.
  • On the local front, the FBM KLCI finished higher due to bargain hunting activities; however, it failed to stay above the 1,600 mark due to late selling.
  • Despite a few attempts to break out from the consolidation stage, the lack of strong buying catalysts hindered its progress.
  • As the index staying around oversold levels, investors are encouraged to accumulate blue-chip stocks that have underperformed over the past two weeks, as they offer attractive valuations.
  • Currently, the FBM KLCI is expected to remain in consolidation, awaiting a breakout above the 1,600 level.
  • We anticipate the index to trend within the 1,590-1,605 range today.
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Daily Market Report (25 Nov 2024)
Daily Market Report (25 Nov 2024)
  • Wall Street extended its winning streak to five sessions last Friday, with the Dow achieving a record close.
  • Investor sentiment was buoyed by hopes for corporate tax cuts, tariff reductions, deregulation, and a more accommodative monetary policy under President Trump’s renewed administration.
  • The S&P 500 gained 0.3% while the DJIA jumped by 1%, finishing above the 44,000 mark while the Nasdaq rose 0.2%.
  • In Hong Kong, stocks closed lower due to heavy selling on tech stocks.
  • On the local front, the FBM KLCI pared gains in late trading but still ended in positive territory.
  • While buying interest remains lacklustre, the index's proximity to the oversold region could present opportunities to accumulate on dip.
  • We reckon the benchmark index to remain in consolidation stage and expect it to trend within the range of 1,585-1,610 for today.
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