Daily Market Report (14 November 2022)
  • Wall Street closed in positive territory fueled by optimism of easing interest rate hike concerns.
  • As a result, the Nasdaq jumped by 209 points as the DJI Average ended a marginal 32 point higher.
  • Meanwhile, the US 10-year yield remained at the 3.81%.
  • At the home front, the FBM KLCI closed at a month high to almost the 1,470 mark spurred by buying from foreign funds again.
  • We reckon uptrend for the local bourse to remain intact hence expect the index to possibly hover within the 1,460-1,475 range today despite some intermittent profit taking activities.
  • Technology stocks should be in favour today amid the easing fears of more rate hikes.
  • The Ringgit has also strengthened against the USD from RM4.70 on 11 Nov to RM4.62 currently should be good news for importers.
  • In addition, recent refinement of China’s Covid rules may see positive effects within the region.
  • Crude oil prices also closed higher due to the weaker USD with the Brent crude closing above the USD96/barrel level.
Daily Market Report (11 November 2022)
  • Wall Street surged as the US inflation for October came in lower than expected with traders now betting that the Federal Reserves will be less aggressive in their tightening policy.
  • As a result, the DJI Average gained 1,200 points while the Nasdaq staged a massive 761 points rally as the US 10-year yield declined to 3.81%.
  • At home, the FBM KLCI maintained its uptrend underpinned by strong buying on Banks and Healthcare related counters.
  • For today, we believe the index should break the 1,450 decisively as we expect a much stronger regional performance and expect it to trend between the 1,450-1,465 range.
  • Technology stocks should experience a massive boost today following the steep uptrend on Nasdaq overnight.
  • Meanwhile, Brent crude closed above USD93/barrel attributed to the lower than anticipated US inflation plus a potentially weaker USD across the board.
Daily Market Report (10 November 2022)
  • Wall Street slumped following recent sharp gains as profit taking activities emerged instigated by the indecisive mid-term US election results coupled with a crypto sell-off.
  • As a result, the DJI Average declined by 647 points while the Nasdaq lost 263 points as the US 10-year yield closed marginally lower at 4.1%.
  • Back home, the FBM KLCI stayed above water despite a weak regional performance underpinned by buying support from foreign funds.
  • For today, we reckon the local bourse to maintain its rebound following a sell-down in end-October thus expect the index to trend between the 1,440-1,455 range with buying to focus on the Banks and Telcos.
  • Meanwhile, Brent crude continued to slide on news of higher inventory to close at below the USD93/barrel mark.
Daily Market Report (9 November 2022)
  • Wall Street continued with its uptrend as traders are waiting for the outcome of the US mid-term elections of which many are hoping the Republican to do well to put President Biden under pressure.
  • The DJI Average jumped 334 points higher while the Nasdaq added 52 points as the US 10-year yield eased to 4.13%.
  • On the home front, the FBM KLCI maintained its range bound performance as it closed flat attributed to some late buying on Financial and Healthcare counters.
  • We expect regional performance to remain mixed ahead of the US election results thus expect the index to trend between the 1,435-1,450 today.
  • It is also anticipated that the Plantation and Oil & Gas stocks may experience some selling pressure today as prices of crude palm oil and crude oil weakened due to demand concerns.
Daily Market Report (8 November 2022)
  • Wall Street closed higher as focus was shifted to politics towards the US mid-term elections 2022 today following a choppy session.
  • The DJI Average jumped 424 points higher while the Nasdaq gained 89 points as the US 10-year yield edged higher to almost the 4.22% level.
  • Back home, trading on the local bourse had been lackluster despite the FBM KLCI closed higher attributed to some late buying activities on Plantation and Telco stocks.
  • For today, we reckon regional market volatility to heighten ahead of the election outcome from the US therefore expect the benchmark index to hover between the 1,435-1,450 range.
  • Meanwhile, crude prices eased on news that China will continue with their Covid containment strategy as the Brent crude ended at below the USD98/barrel thus we may see some headwinds for the Oil & Gas counters today.