Market Reports

Daily Market Report (26 March 2024)
Daily Market Report (26 March 2024)
  • Wall Street ended lower as traders took a breather following a strong rally recently.
  • Notwithstanding this, sentiment is turning cautious as many deemed US equities overvalued attributed to the overextended rally.
  • As such, the DJI Average lost 162 points while the Nasdaq closed 44 points lower with the US 10-year yield moderated to 4.249%.
  • Meanwhile in Hong Kong, the HSI ended the day marginally lower amid concerns on corporate earnings and the volatile Chinese Yuan against the US$.
  • On the home front, the FBM KLCI closed in negative territory amid a choppy session dragged by the weak regional performances as the US interest rates debate prolonged.
  • Nonetheless, we noticed there remains some accumulation activities on the blue chips that propped the benchmark index above the day low.
  • We believe the 1,530 will act as the immediate support at the moment thus expect the index to hover within the 1,535-1,545 amid the lacklustre sentiment.
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Daily Market Report (25 March 2024)
Daily Market Report (25 March 2024)
  • Wall Street closed mixed amid the uncertainties over interest rates despite dovish comments by the Federal Reserve on interest rates during the recent FOMC meeting.
  • Therefore, despite the DJI Average losing 305 points, the Nasdaq was up 27 points with the US 10-year yield easing to 4.202%.
  • Over in Hong Kong, the HSI declined by 191 points over concerns of corporate earnings and latest moves by US lawmakers to restrict US funds investing in certain Chinese entities.
  • Back home, the FBM KLCI managed to end marginally higher mainly attributed to late buying in Banking stocks.
  • Though sentiment remains cautious, the average daily volume surpassed the 5bn shares level, mainly due to strong accumulation in counters within the Construction and Property sectors.
  • Taking cue from the uncertainty on Wall Street, we believe trading on the local bourse to be stuck in a tight range of between 1,535-1,545 today.
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Daily Market Report (22 March 2024)
Daily Market Report (22 March 2024)
  • Wall Street finished higher after the Federal Reserve reiterated its forecast of three rate cuts for the year.
  • Yesterday's movements followed a triumphant day on Wall Street, with the three major indexes hitting new closing highs.
  • Notably, the S&P 500 surged above 5,200 for the first time.
  • Concurrently, the Dow soared by 0.68%, settling just below the 40,000 mark.
  • In Hong Kong, the HSI closed sharply higher with strong buying in tech stocks as Beijing announced fresh measures to support the economy.
  • As for the local bourse, the FBM KLCI rebounded as bargain-hunting activities emerged following the earlier sell-off.
  • We believe that buying in local stocks will continue following the news on the rate, which strongly lifted investor sentiment.
  • As such, we anticipate the benchmark index to trend within the range of 1,540-1,550 for today.
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Daily Market Report (21 March 2024)
Daily Market Report (21 March 2024)
  • Wall Street rallied as all 3 major indices closed at record highs after traders acknowledged the Federal Reserve’s maintained interest rates with 3 adjustments until year end.
  • As a result, the DJI Average gained 401 points while the Nasdaq jumped by 203 points with the US 10-year yield easing to 4.277%.
  • In Hong Kong, the HSI ended flat as sentiment remained cautious ahead of the Federal Reserve meeting.
  • Meanwhile, China left lending rates unchanged in line with market expectations but strong earnings from Tencent injected some positivity.
  • Back home, the FBM KLCI slumped to below the 1,540 level or down by 20 points over the last 2 days amid continuous selling from foreign funds.
  • While we are perplexed of the recent sell-down, we believe the index will see a rebound today after a clearer picture from the Fed overnight.
  • Hence, we expect the index to hover within the 1,540-1,550 range today, underpin by interests on the Banks, Construction and Utilities sectors.
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Daily Market Report (20 March 2024)
Daily Market Report (20 March 2024)
  • Wall Street closed broadly higher following a brief correction recently as traders are now keeping a close tab on the FOMC meeting that started yesterday.
  • As such, the DJI Average jumped 320 points while the Nasdaq added 63 points as the US 10-year yield eased slightly to 4.293%.
  • Over in Hong Kong, the HSI lost 208 points as sentiment turned cautious over the forthcoming corporate earnings which are expected to be weak coupled with a less positive outlook for interest rates from the FOMC meeting following recent hot US inflation data.
  • At home, the FBM KLCI underwent a minor consolidation as profit-taking activities emerged amid a dampened market undertone after a 3-day climb.
  • In line with this, both YTL International and YTL Corp closed lower after a solid opening.
  • We believe the prevailing trading mode to persist until the outcome from the FOMC is revealed hence we see the index to hover within the 1,540-1,550 range today.
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