Daily Market Report (2 June 2022)
  •  Wall Street endured a choppy session as sentiments remained jittery plagued by more possible rate hikes from the Federal Reserves.
  • All 3 major indices opened positively but closed in the red with the DJI Average losing 177 points whereas the Nasdaq declined by 87 points.
  • Meanwhile, the US 10-year yield surged pass the 2.90%. As for the local bourse, the FBM KLCI closed lower due to profit taking activities amid a mixed regional performance.
  • We believe the index to maintain its consolidation mode and is anticipated to hover within the 1,545-1,560 range today.
  • Crude palm oil rebounded slightly to RM6,650/tonne on expectations of better exports while the Brent crude closed above the US$116/barrel as demand is seen to improve with the reopening of Shanghai after a 2-month lockdown.
Daily Market Report (1 June 2022)
  • US equities slumped as fears on inflation and slower economic growth emerged with the world is now faced with a food crisis.
  • The DJI Average lost 223 points while the Nasdaq declined by almost 50 points.
  • On the back of such backdrop, the US 10-year yield closed higher at the 2.85% mark.
  • As for the local bourse, a sudden surge in foreign buying saw the FBM KLCI closed higher after being in the negative territory for most of the day.
  • However, we reckon some profit taking activities may set in and expect the index to trend within the 1,560-1,575 range today.
  • Meanwhile, the crude palm oil price declined to around the RM6,600/tonne in line with the weaker soya bean price but crude oil prices maintained it uptrend with the Brent inching closer to the USD113/barrel level following the partial ban on Russian oil by the EU.

 

Daily Market Report (31 May 2022)
  • Wall Street was closed for Memorial Day yesterday.
  • A look at its futures shows that all 3 major indices are in positive territory, but sentiments remain cautious that a reversal may be in the offing.
  • On the home front, the FBM KLCI eased slightly despite a strong regional performance.
  • For today, we reckon the lack of buying catalysts should see the index hovering within a narrow range of between 1,540-1,550.
  • Meanwhile, the Ringgit experienced an upswing against the USD to 4.36 currently from a high of 4.40 on May 18 as crude oil prices continues to climb.
  • The Brent crude has edged above the USD120/barrel as demand is seen to improve on the reopening of large cities in China coupled with EU’s failure to reach to an agreement on the Russian oil ban.
Daily Market Report (30 May 2022)
  • Sellers took a breather as Wall Street closed broadly higher buoyed by slowing inflation news and strong retail earnings.
  • The DJI Average ended 576 points higher while the Nasdaq jumped up by 390 points.
  • The US 10-year yield also eased slightly to 2.74%.
  • Back home, the FBM KLCI closed higher attributed to some last minute buying activities after a lacklustre performance throughout the day.
  • 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 1,540-1,555 range today.
  • Meanwhile, crude oil prices edged higher as demand is seen to improve amid declining inventories. As such, the Brent crude is inching towards the US$120/barrel.
Daily Market Report (27 May 2022)
  • Wall Street closed higher as investors were buoyed by strong corporate earnings.
  • The DJIA rose more than 500 points and the Nasdaq gained over 300 points.
  • Meanwhile The S&P 500 ended the day up 2 per cent higher due to the same reason.
  • As for the local bourse, the FBM KLCI closed higher as investors continued to bargain stocks after the recent heavy selldown.
  • We expect the momentum to continue given the improved market sentiment, cheap valuations of local stocks and improving macroeconomic situation in the country.
  • As such, we anticipate the benchmark index to remain its trend sideways trend within the range of 1,535-1,550 for today.