Market Reports

Daily Market Report ( 24 September 2024)
Daily Market Report ( 24 September 2024)
  • Wall Street closed higher with both the DJIA and S&P500 charting record highs amid a choppy session.
  • Nonetheless, sentiment may have turned cautious as traders would now look at Thursday‘s weekly jobless claims.
  • In Hong Kong, the HSI surrendered early gains to end on a flat note as profit taking activities set in following a 2-week uptrend.
  • This is despite the PBOC injecting USD33.3bn into the banking system via open market operations but traders remained unimpressed as this is not a major policy easing.
  • On the home front, the FBMKLCI opened on a high but lost steam along way to close marginally lower possibly due to the lack of buying catalysts and that the local bourse may be undergoing an intermittent consolidation.
  • Hence, we expect the index to hover within the 1,660-1,670 range today.
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Daily Market Report (23 September 2024)
Daily Market Report (23 September 2024)
  • Wall Street closed mixed post-rate cut euphoria as traders began to ponder if the market has run ahead of its fundamentals.
  • As a result, while the DJIA added 38 points, the Nasdaq was down by 66 points with the US 10- year yield inching slightly higher at 3.741%.
  • Over in Hong Kong, the HSI maintained its uptrend to end at almost a 2-month high as sentiment remained buoyant following the Fed jumbo rate cut.
  • Back home, the FBM KLCI ended positively but off the day’s high as profit taking activities emerged during the afternoon session.
  • Nonetheless, market undertone seems to have improved in view of the higher volume traded that breached the 4bn shares mark.
  • We expect buying activities to resume on the back of positive news regarding the Agung’s visit to China coupled with the Special Financial Zone encompassing Forest City with highly attractive tax incentives.
  • For today, we expect the index to hover within the 1,665-1,675 range.
  • Meanwhile, the Ringgit continues to strengthen against the USD currently hovering at the 4.20 level.
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Daily Market Report (20 September 2024)
Daily Market Report (20 September 2024)
  • Wall Street closed at record highs as traders are convinced that the US economy is set for a soft landing in view of the latest jobless claims data which came in lower than expected.
  • As a result, the DJIA jumped by 522 points while the Nasdaq surged by 441 points as the US 10-year yield inched marginally higher at 3.719%.
  • Trading on the Hong Kong market resumed with a big bang as the HSI surged past the 18,000 mark for the first time in 2 months, spurred by the massive 50bps cut in Fed rate.
  • Property developers led the rally as lower interest rates may stimulate interests in properties purchases.
  • Back home, the FBM KLCI closed higher due mainly to late buying activities after a slow start.
  • The strong momentum can also be attributed to the broad rally across the ASEAN region.
  • For today, we expect the index to hover within the 1,665-1,680 range.
  • Meanwhile, the Ringgit continues to strengthen against the USD currently trending at 4.21 or around a 30-month high.
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Daily Market Report (19 September 2024)
Daily Market Report (19 September 2024)
  • Wall Street ended lower amid a volatile session after the Federal Reserve cut interest rate by 50bps.
  • Sentiment was mixed on the massive rate cut as this may signal a slowing economy and employment market.
  • As a result, the DJIA lost 103 points while the Nasdaq declined by 55 points as the 10-year yield inched higher at 3.713%.
  • Hong Kong market was closed for mid-Autumm Festival.
  • Back home, we were surprised by the weak performance of the FBM KLCI as sentiment remained cautious ahead of the Fed rate announcement.
  • Nonetheless, we believe buyers to return following the Fed’s big rate cut which is positive for regional currencies.
  • Therefore, we expect the index to hover within the 1,660-1,670 range today.
  • Meanwhile, the Ringgit has strengthened to 4.24 vs the greenback.
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Daily Market Report (18 September 2024)
Daily Market Report (18 September 2024)
  • Wall Street closed flat as traders were mostly sidelined ahead of the Fed’s rate cut.
  • The market is now looking at the quantum of the adjustment.
  • As such, the DJIA lost 16 points while the Nasdaq added 36 points while the US 10-year yield edged higher to 3.647%.
  • In Hong Kong, the HSI surged to a 2-week high ahead of the highly anticipated rate cut by the Federal Reserve tomorrow.
  • Meanwhile, market sentiment was also buoyed by the sterling debut from appliance maker Midea group.
  • Back home, the FBM KLCI maintained its impressive performance to ease pass the 1,660 level supported by continuous buying from foreign funds.
  • Nonetheless, we noticed daily volume traded remained thin despite the surge in interests of glove related stocks emanated from the prospective imposition of high tariffs on Chinese glovemakers by the US.
  • With the Fed rate cut looming, we expect the local bourse to sustain its uptrend thus expect the index to hover within the 1,670-1,680 range today.
  • Meanwhile, the Ringgit has strengthened to around a 18-month high at 4.26.
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