Daily Market Report (17 June 2022)
  • Wall Street closed sharply lower as the DJIA tumbled below the key 30,000 level for the first time since January 2021 as investors worried the Federal Reserve’s aggressive approach toward curbing inflation would bring the economy into a recession.
  • Back home, FBM KLCI ended higher due to bargain hunting activities.
  • However due to greater market volatility across the region and heavy selldown on Wall Street overnight, we expect the local market to face some headwinds and anticipate the benchmark index to trend range bound within 1,460-1,470 for today.
Daily Market Report (16 June 2022)
  • Wall Street closed sharply higher after more than a week of heavy selling as the Fed announces large rate hike to battle inflation.
  • The DJIA jumped over 300 points while Nasdaq ended 270 points higher after The U.S. Federal Reserve will raise its benchmark interest rate by 0.75% in an effort to fight high inflation.
  • Nonetheless, officials also cut their 2022 GDP growth to just 1.7%, down from 2.8% from March.
  • Back home, investors took profit following a sharp rise on Tuesday.
  • We reckon investor sentiment to remain soft for the moment due to external factors, nevertheless the FBM KLCI remained in oversold position after heavy selldowns in the past 2 weeks.
  • Hence, we anticipate some bargain hunting activities to emerge with the FBM KLCI to hover within the range of 1,460-1,490 for today.
Daily Market Report (15 June 2022)
  • All 3 major indices on Wall Street closed off their day highs as selling continued ahead of another prospective rate hike by the Federal Reserves.
  • The DJI Average declined by 152 points while the Nasdaq ended a volatile 19 points higher despite the US 10-year yield climbing to almost 3.48% which is a 11-year high.
  • Back home, bargain hunting activities helped pushed the FBM KLCI higher amid a weak regional performance.
  • Though buying may persists, we reckon sentiments are to remain cautious thus expect the index to hover within the 1,475-1,490 range today.
  • Meanwhile, crude palm oil rebounded to above the RM6,200/tonne attributed to bargain buying.
Daily Market Report (14 June 2022)
  • Sell-down on Wall Street intensified on fears of more aggressive rate hike by the Federal Reserves this week.
  • As a result, all 3 major indices closed near to their 52-week lows. The DJI Average lost 876 points while the Nasdaq declined by 531 points as the US 10-year yield edged past the 3.36%.
  • On the home front, the FBM KLCI dipped to its 52-week low following a decline of almost 110 points since end-May this year.
  • In view of the drastic sell-down on Wall Street, we reckon trading on the local bourse to remain cautious today.
  • Therefore, we expect the index to possibly test the 1,450 level before bargain hunting activities to emerge. As such, we believe the index to trend within the 1,450-1,470 range today.
  • Meanwhile, the crude palm oil closed lower at RM6,150/tonne due to weaker demand.
Daily Market Report (13 Jun 2022)
  • Wall Street fell sharply due to May’s inflation figure which jumped to a 40 year high of 8.6% igniting fears of more intense rate hikes by the Federal Reserves.
  • Therefore, the DJI Average declined by 860 points while the Nasdaq was down by a massive 414 points as the US 10-year yield inched to almost the 3.2% level.
  • Back home, the FBM KLCI continued with its downtrend and slumped to a YTD low amid the regional weak performances.
  • Though a rebound is expected, we reckon market undertone to remain jittery thus anticipate the index to hover within the 1,480-1,500 range today.
  • Meanwhile, crude oil palm price fell to RM6,600/tonne as exports are seen to weaken over the immediate term while the Brent crude also fell to US$122/barrel attributed to weaker Chinese demand.