Market Reports

Daily Market Report (14 December 2022)
Daily Market Report (14 December 2022)
  • Wall Street ended in positive territory as the US consumer price index (CPI) came in lower than forecast hence many are expecting the Federal Reserves to be less aggressive in hiking rates.
  • The DJI Average added 119 points while the Nasdaq jumped by 134 points as the US 10-year yield eased to 3.52%.
  • As for the local bourse, persistent selling by foreign funds saw the FBM KLCI to close at the 1,470 mark.
  • For today, we reckon regional markets may be buoyed by the lower CPI figure which should prop the FBM KLCI higher thus expect the index to trend within the 1,470-1,485 range.
  • Meanwhile, we anticipate buying to focus on the Oil and Gas counters following the rebound of crude oil prices spurred by the easing of Covid restrictions in China that saw the Brent crude price jumped pass the US$80/barrel.
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Daily Market Report (13 December 2022)
Daily Market Report (13 December 2022)
  • Wall Street staged a relief rebound as focus is now shifted to new inflation data and the Federal Reserves’ move on interest rates.
  • The DJI Average closed almost 530 points higher while the Nasdaq gained 139 points as the US 10-year yield inched higher to almost the 3.62%.
  • On the domestic front, the FBM KLCI closed slightly lower amid a lacklustre session as sentiment remained cautious taking cue from a broadly weaker performance regionally.
  • We expect the same for today despite the rebound on Wall Street hence expect the index to maintain its trend at within the 1,470-1,485 range.
  • Meanwhile, we expect the Plantation sector to see some headwinds today following the decline in crude palm oil price to a 2-month low.
  • As for crude oil, the Brent crude closed above US$78/barrel on supply uncertainties.
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Daily Market Report (12 December 2022)
Daily Market Report (12 December 2022)
  • Wall Street retreated as concerns over rate hike emerged again for the upcoming FOMC meeting on the 13th and 14th this month.
  • The DJI Average declined 305 points while the Nasdaq lost 77 points as the US 10-year yield edged higher to almost the 3.59% mark.
  • Back home, the FBM KLCI finally rebounded to almost the 1.480 level attributed to broad-based buying.
  • Despite the weak performance on Wall Street, we reckon stock accumulation to continue with more stability within the political scene due to the recent announcements of Deputy Ministers.
  • Nonetheless, we expect the index to trend between the 1,470-1,485 range today as sentiment may turned cautious ahead of the FOMC meeting.
  • We believe buying may center on the Banks and Telcos today after recent consolidation of the local bourse.
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Daily Market Report (9 December 2022)
Daily Market Report (9 December 2022)
  • Wall Street rebounded on higher jobless claims which may see the Federal Reserves toning down the pace of rate hikes.
  • The DJI Average rose 183 points while the Nasdaq added 123 points as the US 10-year yield inched higher at 3.49%.
  • At home front, the FBM KLCI closed marginally lower attributed to continuous selling from foreign funds amid a weak regional performance.
  • Nonetheless, buying support from local institutions had been rather apparent coupled with improving retail participation within the local bourse.
  • In view of a positive reversal in US equities, we reckon the index to show a more positive performance and expect it to hover between the 1,460-1,475 range today.
  • We noticed performance of the Construction sector to be quite encouraging of late which could be a pre-cursor of more positive newsflow for the contractors going forward.
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Daily Market Report (8 December 2022)
Daily Market Report (8 December 2022)
  • Wall Street closed mixed following a choppy session as sentiment have turned cautious between the fight against inflation and a soft landing for the US economy became less clear.
  • The DJI Average ended flat while the Nasdaq lost 56 points as the US 10-year yield dipped further to 3.42%.
  • Back home, foreign selling persisted late in the trading session as the FBM KLCI declined to below the 1,470 level.
  • While we continue to expect stock accumulation to emerge, recent selling by foreign funds had somewhat dampened the local bourse’s performance.
  • Nonetheless, possible year-end window dressing activities may prevail which could limit the downside thus we anticipate the index to trend between the 1,460-1,480 range today.
  • Meanwhile, concerns of a global slowdown saw crude oil prices to weaken further as the Brent crude decline to around the USD77/barrel which is almost at a YTD low.
  • As such, Oil & Gas stocks should continue to face with some headwinds today.
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