Market Reports

Daily Market Report (8 Nov 2024)
Daily Market Report (8 Nov 2024)
  • Wall Street ended higher after the Federal Reserve announced a 25 basis-point rate cut, continuing a rally sparked by Donald Trump's return as U.S. president.
  • The Dow closed flat, while the S&P 500 and Nasdaq rose 0.74% and 1.51%, respectively.
  • At the same time, Fed Chair Jerome Powell expressed confidence in a soft landing for the economy.
  • Key regional indices finished mostly higher, tracking U.S. market strength, as investors looked ahead to a possible second Trump term and an expected Fed rate cut.
  • China and HK’s stocks surged on optimism around potential new stimulus from Beijing.
  • On the domestic front, the FBM KLCI closed marginally lower due to profit-taking activities following several days of uptrend.
  • Nonetheless, the recent rally in the FBM KLCI indicates strong buying interest, signalling a promising short-term rebound opportunity.
  • Malaysia's promising GDP growth forecast, strategic investments, and strengthened ties with global economies could positively influence the stock market in the short to medium term.
  • Sectors like services, manufacturing, and ICT may see increased investor interest, while fiscal stability and targeted subsidies could bolster overall market confidence and drive broader gains.
  • As such we anticipate the FBM KLCI to trend within the range of 1,620- 1,640 for today.
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Daily Market Report (7 Nov 2024)
Daily Market Report (7 Nov 2024)
  • Wall Street closed sharply higher as Donald Trump secured victory in the 2024 presidential election.
  • The Dow surged over 3.5%, while the S&P 500 rose by more than 2.5%, and the Nasdaq gained nearly 3%. Tesla shares soared over 14%, with Trump’s win seen as a potential boost for Elon Musk’s electric vehicle company.
  • Across Asia, stocks ended mostly higher due to positive cue from Wall Street overnight. In Hong Kong, the HSI fell more than 469 points due to profit taking activities following the recent rally.
  • Locally, the FBM KLCI finished higher due to broad-based buying.
  • The recent upward movement in the FBM KLCI suggests some buying interest, which may provide a short-term rebound opportunity.
  • Furthermore, BNM’s decision to hold the OPR at 3% adds clarity to the local market landscape.
  • We believe plantation stocks will remain a key focus, with CPO futures approaching RM5,000/per tonne.
  • We anticipate the benchmark index to trend within the range of 1,630 to 1,640 today.
Daily Market Report (6 Nov 2024)
Daily Market Report (6 Nov 2024)
  • Wall Street closed broadly higher as we await for the results from the US presidential election which will be tight.
  • Meanwhile, the US 10-year yield dipped to 4.281% ahead of the Federal Reserve’s decision in a couple of days.
  • In Hong Kong, the HSI maintained its ascension hitting past the 21,000 mark from latest data showing China’s service sector grew at its fastest pace since July.
  • Meanwhile, sentiment was further boosted by Beijing’s move to ease foreign investments into local markets.
  • Back home, the FBM KLCI managed to close just above the 1,620 level amid a choppy session as investors continue to mop up banks, plantation and telco stocks ahead of corporate earnings results later this month.
  • Although, outlook on Wall Street remains jittery, we believe the local bourse to stay steady following recent sell-down hence expect the index to trend within the 1,615, 1,625 range today.
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Daily Market Report (5 Nov 2024)
Daily Market Report (5 Nov 2024)
  • Wall Street closed lower amid a choppy session as sentiment remains jittery ahead of the US presidential election today.
  • Meanwhile, traders were also focused on the Federal Reserve’s purported rate cut on Thursday. As such, the US 10-year yield retreated to 4.287% after days of uptrend.
  • Over in Hong Kong, the HSI managed to close positively largely buoyed by interests on EV stocks which recorded robust sales while waiting for more easing measures.
  • On the home front, bargain hunting activities propped the FBM KLCI to above the 1,615 level predominantly led by renewed interests in Plantation stocks.
  • As we had highlighted over the past 2 weeks, the strong CPO price will eventually place the planters back into the radar.
  • We believe there are still legs for these stocks as the CPO futures are racing towards the RM5,000/tonne level.
  • As we enter into the earnings season, we reckon sentiment should improve underpinned by the solid 15.4% earnings growth forecast for CY24 thus expect the index to chart within the 1,610-1,620 range today.
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Daily Market Report (4 Nov 2024)
Daily Market Report (4 Nov 2024)
  • Wall Street closed firmer as traders ignored October’s weak job data citing possible impacts from the recent hurricanes and strikes.
  • Meanwhile, Nvidia has replaced Intel as the DJIA constituent commencing next week and the US 10-year yield flew past 4.3% to end at 4.386% illustrating the uneasiness over the Federal Reserve forthcoming rate adjustment.
  • In Hong Kong, the HSI rebounded spurred by growth in China’s property market for the first time this year after recent easing measures.
  • Back home, the FBM KLCI managed to stay above the 1,600 threshold after a brief fling below the psychological support level as bargain hunters emerged.
  • Nonetheless, overall sentiment remains cautious.
  • As we enter into a highly volatile week, we expect the index to trend within the 1,595-1,605 range today.
  • Finally, the CPO price managed to churn out its highest monthly average price at RM4,380/tonne for 2024.
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