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.
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Daily Market Report (26 May 2022)
  •  US equities closed broadly higher amid some bargain hunting activities despite signs that the Federal Reserves will hike rates further.
  • The DJI Average gained 192 points while the Nasdaq ended 170 points higher as the US 10-year yield remained at 2.75%.
  • As for the local bourse, the FBM KLCI closed higher though market undertone remained cautious.
  • With more uncertainty coming from Wall Street, we reckon performance within the regional markets to be curtailed hence expect the benchmark index to trend within a narrow band of between 1,530-1,540 range today.
  • Meanwhile, profit takings saw crude palm oil eased to below the RM7,000/tonne.
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Daily Market Report (25 May 2022)
  •  Wall Street closed on a mixed note as uncertainties continued to reign over equities especially on technology stocks.
  • The DJI Average was up 38 points as the blue chips made a late rally while the Nasdaq lost 271 points.
  • There was also a flight of funds back to treasuries as the US 10-year yield eased to around the 2.75% from 2.85% yesterday.
  • Back home, the FBM KLCI succumbed to some late selling activities again in line with the regional weaknesses.
  • Though market undertone remains cautious, we reckon some bargain hunting activities to emerge soon.
  • Therefore, we expect the index to trend within the 1,525-1,545 range today.
  • Meanwhile, the crude palm oil surged past the RM7,000/tonne mark despite Indonesia’s move to lift its export ban.
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Daily Market Report (24 May 2022)
  •  Wall Street staged a relief rally due to bargain hunting activities, but many remain unconvinced if this is sustainable.
  • The DJI Average jumped by 618 points while the Nasdaq gained 181 points as the US 10-year yield inched above 2.85%.
  • As for the local bourse, the FBM KLCI again ended lower from late selling activities attributed to a mixed bag of corporate earnings hence the absence of strong buying catalysts.
  • We reckon the index to possibly trend lower as we expect regional markets to remain volatile judging by the weaker DJIA futures.
  • Therefore, we see the index to hover between the 1,535-1.550 range today.
  • Meanwhile, the crude palm oil jumped above the RM6.800/tonne on weaker output expectation while the Brent crude closed above the US$113/barrel as Germany may go ahead to embargo Russian oil.
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Daily Market Report (23 May 2022)
  •  It was another roller-coaster session on Wall Street attributed to recessionary fears, however all 3 major indices closed off their respective lows from late bargain hunting activities.
  • The DJI Average was up 9 points after losing 600 points earlier while the Nasdaq recovered from a 300-point drop to end only 34 points lower.
  • On the home front, the FBM KLCI closed marginally lower due to some last minute selling activities.
  • As market volatility remains high, we reckon the index to be on consolidation mode and expect it to trend within a range of between 1,540-1,555 today.
  • Despite concerns of recession that may hamper demand for crude oil, the Brent crude price stayed elevated at above the US$112/barrel.
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