Market Reports

Daily Market Report （14 August 2024)
Daily Market Report （14 August 2024)
  • Wall Street surged as sentiment was buoyed by a decent PPI (producer price index) data which could imply of a tame CPI figure that is to be released later today and that a lower CPI will certainly indicate rate cuts by the Federal Reserve in September.
  • As such, the DJIA rose by 409 points while the Nasdaq gained 407 points as the US 10-year yield declined to 3.847%.
  • Over in Hong Kong, the HSI managed to stay above water on hopes for a US rate cut and more easing policies from PBOC after China’s new loans hit a 15-year low in July.
  • On the home front, the FBM KLCI closed on a positive note as buying activities were rather strong.
  • Nonetheless, daily volume traded dropped to around the 3bn shares level depicting that retail participation remained side-lined.
  • For today, we expect trading activities to improve taking cue from the uptrend on Wall Street thus anticipate the index to hover within the 1,610-1,620 range today.
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Daily Market Report (13 August 2024)
Daily Market Report (13 August 2024)
  • Wall Street closed on a mixed note as sentiment stayed cautious with traders mostly side-lined waiting for a deluge of economic data over the next few days especially the CPI figure on Wednesday.
  • As a result, the DJIA lost 140 points while the Nasdaq added 35 points as the US 10-year yield eased to 3.907%.
  • In Hong Kong, the HSI managed to stay above water after a choppy session.
  • Despite traders are optimistic that the PBOC may reduce the reserve requirement ratio (RRR), the uptrend was affected by restrictions within the gaming sector.
  • Back home, buying activities returned as the FBM KLCI closed above the 1,600 level predominantly supported by the local institutions.
  • We believe this will eventually instill some confidence on the smaller caps thus expect the daily volume to improve going forward.
  • Hence, we reckon the index to hover within the 1,600-1,615 range today as market undertone remains on a cautious mode.
  • Meanwhile, escalating tension in the middle east and more positive US economic data saw crude oil prices firming as the Brent crude topped almost the USD81/barrel.
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Daily Market Report (12 August 2024)
Daily Market Report (12 August 2024)
  • Wall Street closed positively last Friday recouping bulk of the losses for the week as an encouraging set of job data alleviated recessionary worries and managed to soothe traders’ temperament.
  • As a result, the DJIA added 51 points while the Nasdaq climbed 85 points higher as the US 10-year yield eased marginally to 3.94%.
  • Over in Hong Kong, the HSI continued with its rebound to end above the 17,000 level on the back of better inflation data from China coupled with the calmer Wall Street performance.
  • Back home, the FBM KLCI managed to close positively but remained below the psychological 1,600 mark attributed to some late profit taking activities.
  • Nonetheless, we deemed the lower daily volume traded as positive signalling that the selling may be at its tail-end.
  • We believe recent positive newsflow particularly from Infineon and its RM30bn additional investments in Kulim will add to the optimism surrounding the nation’s Tech sector of late.
  • For today, we expect the index to hover within the 1,595-1,610 range.
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Daily Market Report (9 August 2024)
Daily Market Report (9 August 2024)
  • Wall Street rebounded sharply buoyed by the lower than expected weekly jobless claims, allaying fears of the creeping US unemployment rate and recessionary fears.
  • Attention may now be on the CPI data next Wednesday.
  • As such, the DJIA jumped 683 points while the Nasdaq added 464 points with the US 10-year yield ending higher at 3.989%.
  •  Over in Hong Kong, the HSI closed slightly higher after a slow opening on expectations that global funds may return to undervalued Chinese equities.
  • On the home front, the FBM KLCI closed on a flat note as the market is still trying to even after the recent wild gyrations.
  • Though daily volume traded has weakened to around the 4bn shares level, we see this as positive, noting that selling may be easing.
  • Despite the upturn on Wall Street, we expect sentiment on the local bourse to remain cautious ahead of the weekend, hence anticipate the index to hover within the 1,590-1,600 range today.
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Daily Market Report (8 August 2024)
Daily Market Report (8 August 2024)
  • Wall Street closed lower as early attempts to prop up the market failed.
  • This is further exacerbated by the weak demand for the latest US Treasury sales, underscoring the fragile confidence of the US economic conditions.
  • As such, the DJIA erased 234 points while the Nasdaq declined by 171 points as the US 10-year yield edged marginally higher at 3.952%.
  • In Hong Kong, the HSI recovered on the back of China’s stronger than expected import data.
  • Back home, we were surprised by the FBM KLCI strong recovery as the index may be looking to test breaking the 1,600 level.
  • Though the 1,600 is now deemed as a psychological resistance, we reckon it is crucial that this level is broken soonest possible in order to maintain the recent upward trajectory.
  • Nonetheless, as sentiment is still in a cautious mode, we expect the index to possibly hover within the 1,590-1,600 range today.
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