Daily Market Report ( 30 September 2024)
  • Wall Street closed mixed as sentiment turned mixed following a series of disappointing jobs reports.
  • Investors are hoping for a soft landing where the Federal Reserve can tame inflation without significantly harming growth, bolstered by the 50 basis point rate cut delivered at this month's policy meeting.
  • The Dow rose 0.3% while S&P500 and Nasdaq finished 0.1% and 0.41% lower.
  • In Hong Kong, the HSI surged for the fourth consecutive day along with record trading volumes, reclaiming the 20,000 mark and recording its best week in 26 years as a buying spree accelerated following Beijing’s fresh economic stimulus.
  • Back home, the FBM KLCI continued to consolidate despite several attempts to break out.
  • However, we anticipate an upward shift, driven by buying interest due to attractive valuations, improving economic conditions, and robust corporate earnings.
  • Hence, we anticipate the benchmark index to range between 1,660 and 1,670 today.
Daily Market Report (27 September 2024)
  • Wall Street ended positively underpinned by good economic data especially the declining jobless claims.
  • As such, the DJIA gained 260 points while the Nasdaq added 108 points with the US 10-year yield inching higher at 3.796%.
  • Over in Hong Kong, the HSI continued with its uptrend to end at a 14-month high at almost the 20,000 mark.
  • Overall sentiment was further buoyed by Xi Jinping’s vow to reignite the private economy via more easing policies and stimulus in addition to the recent ones.
  • On the domestic front, the FBM KLCI closed marginally lower as profit taking activities by foreign funds emerged during the afternoon session again.
  • Daily volume traded remains low at the 3bn threshold.
  • This illustrates ongoing consolidation within the local bourse may take longer than anticipated.
  • Therefore, we expect the index to hover within the 1,665-1,675 range today.
Daily Market Report (26 September 2024)
  • Wall Street closed mixed as profit taking activities emerged following a strong opening from all 3 major indices.
  • As such, the DJIA lost 293 points while the Nasdaq added 8 points as the US 10-year yield inched higher at 3.791%.
  • In Hong Kong, the HSI opened at almost its 52-week high before fizzling out at just above the 19,000 mark.
  • Nonetheless, sentiment remains buoyant following a spate of incentives to spur both the economy and equity market.
  • On the home front, the FBMKLCI managed to close on a positive note despite some intermittent profit taking activities during the afternoon session.
  • Again, we believe the 1,680 remains a tough resistance and must be broken decisively before the index enters its 2nd phase of uptrend.
  • For today, we expect the index to hover within the 1,670-1,680 range. Meanwhile, crude palm oil (CPO) trended above the RM4,000/tonne amid still stuck within a consolidation mode.
  • The uptick in price can be attributed to lower stock in Indonesia amid high biodiesel demand.
Daily Market Report ( 25 September 2024)
  • Wall Street closed positively with all 3 major indices hitting all-time highs despite consumer confidence suffering its biggest 1-month decline.
  • As such, the DJIA gained 83 points while the Nasdaq added 100 points as the US 10-year yield was flat at 3.732%.
  • Over in Hong Kong, stocks surged following China’s PBOC cut in the Reserve Requirement Ratio (RRR) by 50bps releasing USD142bn into the financial system.
  • In addition to this, there are also a slew of incentives for buying shares and cuts in borrowing costs as an effort to boost economic growth and the equity market.
  • As a result, the HSI surged past the 19,000 level or a 4-month high.
  • Back home, the FBMKLCI closed positively but remains stuck in a consolidation mode.
  • As such, we reckon the index needs to break the 1,680 mark decisively to resume its challenge towards the 1,700 mark.
  • We see recent strength of the Ringgit may be the main catalyst for the inflow of foreign funds in line with the widening 10-year MGS and 10-year Bond yield spread now at around 50bps.
  • As such, we expect the index to hover within the 1,670-1,680 range today.
Daily Market Report ( 24 September 2024)
  • Wall Street closed higher with both the DJIA and S&P500 charting record highs amid a choppy session.
  • Nonetheless, sentiment may have turned cautious as traders would now look at Thursday‘s weekly jobless claims.
  • In Hong Kong, the HSI surrendered early gains to end on a flat note as profit taking activities set in following a 2-week uptrend.
  • This is despite the PBOC injecting USD33.3bn into the banking system via open market operations but traders remained unimpressed as this is not a major policy easing.
  • On the home front, the FBMKLCI opened on a high but lost steam along way to close marginally lower possibly due to the lack of buying catalysts and that the local bourse may be undergoing an intermittent consolidation.
  • Hence, we expect the index to hover within the 1,660-1,670 range today.