Market Reports

Daily Market Report (19 July 2024)
Daily Market Report (19 July 2024)
  • Wall Street slumped as the sell-down on mega caps have also impacted the broader market as traders are also taking the opportunity to lock in profits following recent record breaking runs.
  • As a result, the DJIA lost 533 points while the Nasdaq declined by 126 points as the US 10-year yield edged higher at 4.201%.
  • In Hong Kong, the HSI closed slightly higher as traders are expecting for some reforms from China’s third plenum amid more curbs on Chinese semiconductor companies.
  • On the local front, the FBM KLCI ended flat and managed to stay above the crucial 1,630 level due to some late buying activities.
  • It is apparent that market undertone remains solid as we anticipate accumulation of stocks to persist.
  • Nonetheless, the ongoing correction on Wall Street may see heightened volatility within the region hence we expect the benchmark index to gyrate within a narrow range of between 1,630-1,640 today.
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Daily Market Report (18 July 2024)
Daily Market Report (18 July 2024)
  • Wall Street ended on a mixed note as tech stocks were rattled by the latest US move to curb chip exports to China coupled with Trump’s demand for protection money from Taiwan.
  • As such, while the DJIA added 244 points as portfolio rotation continues, the Nasdaq lost a massive 512 points with the US 10-year yield flat at 4.159%.
  • Over in Hong Kong, the HSI just managed to stay afloat as traders await for some policy stimulus from China’s third plenum amid the growing pessimism on China’s economic outlook.
  • Back home, the FBM KLCI finally managed to close above the 1,630 level or a YTD high of 1,633.
  • Though we expect the upside momentum to continue today, buying may somehow be muted due to the growing trade tension between US and China.
  • Nonetheless, we expect the index to possibly hover within the 1,630-1,640 range today.
  • Meanwhile, crude oil prices rose with the Brent surpassing USD85/barrel on the back of lower inventory attributed to higher draw of stocks over the past 2 weeks.
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Daily Market Report (17 July 2024)
Daily Market Report (17 July 2024)
  • Wall Street closed higher underpinned by broad-based buying, pushing the DJIA to a record high as traders remained hopeful that the Fed will cut rates this September and a soft landing for the US economy supported by June’s retail sales which came in better than expected.
  • As such, the DJIA surged 743 points while the Nasdaq was up 37 points with the US 10-year yield easing to 4.158%.
  • In Hong Kong, the HSI dipped to below the 18,000 level again as sentiment was spooked by China’s gloomy economic outlook amid some downgrades on its growth.
  • On the home front, the FBM KLCI failed to stay above the 1,630 mark again despite a strong start as sellers kept the uptrend at bay.
  • Meanwhile, we also noticed that the absence of strong catalysts saw buying activities side-lined as depicted by the lower volume traded yesterday.
  • Nonetheless, we expect the index to trend between the 1,625-1,635 range today taking cue from the robust Wall Street’s overnight performance and heightened likelihood of a rate cut in September.
  • Meanwhile, gold prices surged to an all-time high on hopes of lower rates going forward.
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Daily Market Report (16 July 2024)
Daily Market Report (16 July 2024)
  • Wall Street closed on another record high following a failed assassination attempt on Trump and that funds are broadening to other stocks to sustain prevailing bull-run.
  • Meanwhile, Fed chair Jerome Powell stated that the Federal Reserve may not have to wait for inflation to hit 2% to cut rates.
  • As such, the DJIA added 211 points while the Nasdaq gained 74 points as the US 10-year yield edged higher at 4.23%.
  • Over in Hong Kong, the HSI slipped almost 280 points to end at just above the 18,000 level after China’s 2Q GDP growth came in lower than expected.
  • In addition, Trump now being the favourite to become the US next president has put China requiring more easing policies to boost domestic demand.
  • Back home, the FBM KLCI performed strongly despite failure to stay above the 1,630 mark.
  • Nonetheless, we noticed buyers are returning as daily volume surpassed the 5bn shares mark thus expect prevailing uptrend to persist.
  • For today, we anticipate the index to possibly break the 1,630 level decisively and hover within the 1,630-1,640 range.
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Daily Market Report (15 July 2024)
Daily Market Report (15 July 2024)
  • It was a record breaking day on Wall Street as all 3 major indices experienced new highs as traders were expecting the Federal Reserve to cut rates.
  • However, attention was focused on Trump being shot in Pennsylvania that hogged the limelight as this may have implications.
  • Meanwhile, the US 10-year yield eased to 4.186%.
  • Over in Hong Kong, the HSI maintained its upward trajectory and surged past the 18,000 mark as sentiment was buoyed by the brightening prospects of a rate cut in the US.
  • Back home, the FBM KLCI dipped below the 1,620 level as selling persisted in the afternoon session.
  • As such, we reckon the index is faced with a strong resistance at around the 1,630 level currently.
  • Though we remain optimistic on the outlook, we believe the index may need to break this resistance decisively soon to continue with its uptrend and to avoid a prolonged consolidation mode.
  • Hence, we expect the index to hover within the 1,615-1,625 range today.
  • Meanwhile, the MYR has strengthened to the 4.66 level which is the highest YTD.
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