Market Reports

Daily Market Report (9 April 2024)
Daily Market Report (9 April 2024)
  • Wall Street closed flat amid a choppy session as traders remain sidelined ahead of March CPI and job data to be out this Wednesday and Thursday.
  • As a result, the DJI Average lost 11 points while the Nasdaq added 5 points as the US 10-year yield ended at a 5-month high of 4.422%.
  • In Hong Kong, the HSI was flat as sentiment stayed cautious ahead of some key economic data to be released this week.
  • Back home, the FBM KLCI maintained its uptrend to close at a YTD high of almost the 1,560 level.
  • Nonetheless, we believe the index may be under some pressure today as the local bourse will be closed over the next 2 days for Hari Raya festivities thus expect the index to hover within the 1,555-1,565 range.
  • Meanwhile, Gold ended at another record high underpinned by strong buying from both China and India.
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Daily Market Report (8 April 2024)
Daily Market Report (8 April 2024)
  • Wall Street rebounded as traders decided to cheer on the strong job data and ignore the prospects of more delay in interest rates cut for the time being.
  • As a result, the DJIA gained 307 points while the Nasdaq added 199 points as the US 10-year yield edged higher at 4.40%.
  • Over in Hong Kong, the HSI closed flat but off the day’s low over the uncertainty on the Federal Reserve’s stance on rate adjustment.
  • Back home, the FBM KLCI maintained its resilience to end positively despite the weak regional performance.
  • Despite the positive reaction from Wall Street, we believe sentiment to stay cautious hence expect the index to hover within the 1,550-1,560 range today.
  • Buying interests should shift to the Energy sector in line with the solid Brent crude price that closed above the US$91/barrel level.
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Daily Market Report (5 April 2024)
Daily Market Report (5 April 2024)
  • Wall street closed sharply lower as traders decided to lock in profits illustrating that US equities are certainly overvalued following a spate of record breaking runs earlier this year.
  • Meanwhile, traders are also waiting for the US job data for March that will be out later today.
  • As such, the DJI Average lost 530 points while the Nasdaq declined by 228 points as the US 10-year yield ended marginally lower at 4.307%.
  • The Hong Kong market was closed for holiday yesterday.
  • On the home front, the FBM KLCI jumped 16 points higher to above the 1,550 level due to broad-based buying by foreign funds.
  • We hope yesterday sell-down on Wall Street will instigate more rebalancing of portfolios and divert the flows back into the Asian region.
  • Notwithstanding this, we believe overall sentiment may be negatively affected today thus expect trading to turn cautious hence we expect the index to hover within the 1,550-1,560range today.
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Daily Market Report (4 April 2024)
Daily Market Report (4 April 2024)
  • Wall Street closed on a mixed note after a choppy session as sentiment remains affected by the uncertainty over the timing if and when the Federal Reserve will adjust interest rates.
  • We believe funds will continue to shift into commodities, especially metals and energy at the expense of equities.
  • As a result, the DJI Average lost 43 points while the Nasdaq added 37 points as the US 10-year yield eased marginally to 4.351%.
  • Over in Hong Kong, the HSI declined by 206 points led by banking and property stocks as hopes for a rate cut in the US was dampened.
  • On the domestic front, the FBM KLCI dipped below the 1,540 level as sellers came out in force in line with the regional weaknesses.
  • Though we noticed some buying activities, the financials took the brunt of the selling, hence the overall decline in the index.
  • Nonetheless, we expect some bargain hunting activities today thus expect the index to hover within the 1,540-1,550 range.
  • Meanwhile, Gold charted another record high while the uptrend of the CPO futures remains intact to within the RM4,400/tonnes.
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Daily Market Report (3 April 2024)
Daily Market Report (3 April 2024)
  • Wall Street ended lower as sentiment remained clouded over the uncertainty on interest rates following an elevated core Personal Consumption Expenditure index for February.
  • As a result, traders are shying away from US equities which are deemed overvalued, to other asset class namely commodities.
  • As a result, the DJI Average lost 397 points while the Nasdaq dipped by 156 points as the US 10-year yield edged higher to 4.353%.
  • The Hong Kong market resumed trading on a strong note as the HSI added 390 points to almost the 17,000 level buoyed by China’s strong manufacturing activity in March coupled with the launch of Xiaomi EV which drew strong interests.
  • At home, the FBM KLCI maintained its uptrend inching closer to the 1,550 mark attributed to strong interest on financials.
  • Despite the weak performance on Wall Street, we believe funds may return to the SEA for its reasonable valuations amid market undertone to stay cautious.
  • Therefore we expect the index to hover within the 1,545-1,555 range today.
  • Meanwhile, the CPO, Gold and Crude oil all charted solid gains overnight.
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