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.
Daily Market Report (10 June 2022)
  •  Late heavy selling saw all 3 major indices closed sharply lower as traders were concerned over the US economy ahead of May’s inflation data later today.
  • The DJI Average ended 638 points lower while the Nasdaq declined by 332 points as the US 10-year yield hovers around the 3.05% level.
  • On the home front, the FBM KLCI ended lower again due to a weak regional performance.
  • The benchmark index had erased 60 points over the past week attributed to selling by foreign funds of late.
  • Though immediate recovery may occur, we reckon bargain hunting activities should emerge if the index tests the 1,500 mark.
  • Therefore, we anticipate the index to trend within the 1,500-1,520 range today.
  • Meanwhile the Brent crude eased marginally but remains above the US$123/barrel as lockdowns returned on some parts of Shanghai.
Daily Market Report (9 June 2022)
  • Wall Street closed lower as investors continued to fret over the prospect for the economy and as oil jumped to a 13-week high.
  • The Brent crude jumped more than 2% to $123 a barrel.
  • The S&P 500 fell than 1% in the broad sell-off, snapping a two-day winning streak. Meanwhile the DJIA fell 269 points to end at 32,910.90.
  • Back home, The FBM KLCI closed negative for the fifth consecutive days as sentiment remained fragile as investors are cautious on uncertainties such as global recession, inflation and rising interest rates.
  • Despite the cautious market undertone, we expect bargain hunting will prevail given the cheap valuations of local stocks, continuous inflow of foreign investors and improving macroeconomic situation in the country.
  • As such, we expect the benchmark index to trend slightly higher within the region of 1,520-1,540.
Daily Market Report (8 June 2022)
  • Wall Street rose for a second day, climbing to session highs in the last hour of trading amid a broad-based rally.
  • The Dow gained more than 250 points while Nasdaq jumped 114 points as 10-year U.S. Treasury benchmark retreated to dip below 3%.
  • Back home, the FBM KLCI continued to close in negative territory mainly due to continuous selling pressure amid the weak sentiment over the region.
  • Reflecting the rally on Wall Street, we reckon the index to possibly trend higher today as regional performance is expected to see an upswing.
  • Thus, we believe the index to hover within the 1,520-1,540 range today.
  • Meanwhile Brent crude futures rose to US$120.35 to on supply concerns.
Daily Market Report (7 June 2022)
  • Wall Street ended broadly higher yesterday, but well off of earlier highs as investors continued to fret about inflation and rising interest rates, while also speculating about whether this year's selloff may have touched bottom.
  • The DJIA rose 16.08 points to 32,915.78.
  • As for the local bourse, the FBM KLCI closed lower last Friday due to selling pressure by local institutions particularly on banking and telco stocks.
  • We expect the FBM KLCI to consolidate further, hence anticipate it to trend sideway with an uptrend bias within the range of 1,530-1,550.
  • Meanwhile Brent crude oil futures hovered around $120 per barrel yesterday after Saudi Arabia sharply raised prices for its crude sales in July.