Daily Market Report (17 November 2022)
  • Wall Street declined on concerns over slumping retail sales as warned by Target coupled with potential contagion impacts from the recently collapsed FTX within the crypto industry.
  • As a result, the DJI Average lost 39 points while the Nasdaq closed 174 points lower despite the US 10-year yield eased to below the 3.7%.
  • At home, the FBM KLCI experienced some selling pressure but closed off lows due to selective accumulations on Telco and Utilities stocks.
  • As we moved into an election fever this weekend, overall sentiment should remain tepid thus expect the index to trend between the 1,440-1,455 range today with some bargain hunting activities on Financial stocks that had declined consecutively over the past week.
  • Meanwhile, Brent crude slid to below USD93/barrel as the supply side normalized.
Daily Market Report (16 November 2022)
  • Wall Street closed in positive territory as many believed that inflation in the US may have peaked.
  • The latest producer price index saw a slower than expected increase that prompted the US 10-year yield to dipped below the 3.78%.
  • As such, the DJI Average gained 56 points while the Nasdaq jumped by 162 points.
  • As for the local bourse, the FBM KLCI succumbed to strong selling activities possibly ahead of GE15 as it closed at just above the 1,450 level.
  • Though we anticipate some bargain hunting activities, we reckon sentiment to remain cautious hence expect the index to trend between the 1,445-1,460 today.
  • As we move into earnings season, buying may return on the Banks and Telcos as many sees solid growth for these two sectors.
  • Meanwhile, the Ringgit maintained its uptrend against the greenback currently hovering at RM4.55/USD1.
Daily Market Report (15 November 2022)
  • Wall Street ended lower as traders took a breather to digest recent uptrend and the possibility that the Federal Reserves may ease their aggressive stance on interest rate hikes.
  • The DJI Average lost 211 points while the Nasdaq was 127 points lower as the US 10-year yield inched higher at 3.86%.
  • Back home, the FBM KLCI closed lower amid some profit taking activities attributed a mixed regional performance.
  • Nonetheless, we noticed market undertone remains strong as there were some accumulations on Utilities and Healthcare stocks.
  • Hence, we expect the index to hover between the 1,460-1,475 range today as the Ringgit continues to strengthen against the USD currently at below the RM4.60 level.
  • Meanwhile, concerns on global demand from OPEC saw the Brent crude dipped to below the USD93/barrel thus the Energy sector may experience some headwinds today.
Daily Market Report (14 November 2022)
  • Wall Street closed in positive territory fueled by optimism of easing interest rate hike concerns.
  • As a result, the Nasdaq jumped by 209 points as the DJI Average ended a marginal 32 point higher.
  • Meanwhile, the US 10-year yield remained at the 3.81%.
  • At the home front, the FBM KLCI closed at a month high to almost the 1,470 mark spurred by buying from foreign funds again.
  • We reckon uptrend for the local bourse to remain intact hence expect the index to possibly hover within the 1,460-1,475 range today despite some intermittent profit taking activities.
  • Technology stocks should be in favour today amid the easing fears of more rate hikes.
  • The Ringgit has also strengthened against the USD from RM4.70 on 11 Nov to RM4.62 currently should be good news for importers.
  • In addition, recent refinement of China’s Covid rules may see positive effects within the region.
  • Crude oil prices also closed higher due to the weaker USD with the Brent crude closing above the USD96/barrel level.
Daily Market Report (11 November 2022)
  • Wall Street surged as the US inflation for October came in lower than expected with traders now betting that the Federal Reserves will be less aggressive in their tightening policy.
  • As a result, the DJI Average gained 1,200 points while the Nasdaq staged a massive 761 points rally as the US 10-year yield declined to 3.81%.
  • At home, the FBM KLCI maintained its uptrend underpinned by strong buying on Banks and Healthcare related counters.
  • For today, we believe the index should break the 1,450 decisively as we expect a much stronger regional performance and expect it to trend between the 1,450-1,465 range.
  • Technology stocks should experience a massive boost today following the steep uptrend on Nasdaq overnight.
  • Meanwhile, Brent crude closed above USD93/barrel attributed to the lower than anticipated US inflation plus a potentially weaker USD across the board.