Market Reports

Daily Market Report (9 Sep 2024)
Daily Market Report (9 Sep 2024)
  • Wall Street closed broadly lower as traders were in a state of confusion following the release of August job data illustrating higher unemployment claims while overall unemployment rate came within expectations at 4.2% from 4.3% last month.
  • As a result, the DJIA lost 410 points while the Nasdaq declined by 437 points with the US 10-year yield inching lower at 3.716%.
  • Market in Hong Kong was closed on Friday due to super typhoon Yagi.
  • Back home, the FBM KLCI remained stuck within its downtrend channel to close near the 1,650 level.
  • We reckon the prevailing market weakness can be due to the ongoing probe by MACC on YTL’s related company.
  • For the week, YTL Corp shed 16% while YTL Power lost 10%.
  • Though this is temporary, we believe sentiment remains in cautious mode as depicted by the low volume traded of 2bn shares last Friday.
  • Nonetheless, we hope the debut of 99 Speedmart today will inject some excitement to the local bourse.
  • For today, we expect the index to hover within the 1,650-1,660 range.
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Daily Market Report (6 September 2024)
Daily Market Report (6 September 2024)
  • Wall Street ended mixed as sentiment turned cautious as the latest weak job report is giving mixed signals over the US economic health.
  • As a result, the DJIA declined by 219 points while the Nasdaq added 43 points with the US 10-year yield easing marginally to 3.725%.
  • In Hong Kong, the HSI closed slightly lower as traders were sidelined from the lack of fresh catalysts ahead of the Fed rate cut later this month.
  • Energy stocks continued to drag the broader market in line with the weak crude oil prices.
  • Back home, the FBM KLCI closed lower, attributed to the emergence of sellers in the afternoon session amid a mixed scenario regionally.
  • While we believe fundamentals of the local bourse remains intact, externalities still play a pivotal role in dictating the market’s direction.
  • Thus, in view of the mixed Wall Street performance we believe market undertone to stay boring and expect the index to hover within the 1,660-1,670 range today.
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Daily Market Report ( 5 September 2024)
Daily Market Report ( 5 September 2024)
  • Wall Street closed mixed as traders stayed sidelined ahead of the employment report tomorrow.
  • As such, while the DJIA added 38 points, the Nasdaq dipped 52 points as the US 10-year yield continues to ease now hovering at 3.757%.
  • Over in Hong Kong, the HSI slipped by almost 200 points to end at a 2-week low as sentiment remains very much attuned to developments in the US.
  • Energy related stocks in Hong Kong led the declines amid the weakness of crude oil prices.
  • At home, the FBM KLCI ended lower amid the weak regional performance.
  • Nonetheless, we noticed some bargain hunting activities on blue chips as the index seems to be well supported at current levels.
  • Therefore, we expect the index to hover within the 1,670-1,680 range today.
  • Meanwhile, crude oil prices continue to decline over the weakening demand especially from China resulting in the Brent crude price now trading at below the USD73//barrel.
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Daily Market Report (4 September 2024)
Daily Market Report (4 September 2024)
  • Wall Street slumped as selling on tech related stocks gathered momentum following signs of weaknesses from US manufacturing activities.
  • As a result, the DJIA lost 626 points while the Nasdaq saw a sharp decline of 577 points as the US 10-year yield eased slightly to 3.831%.
  • In Hong Kong, the HSI closed slightly lower on the weakness of China’s economy coupled with lower than expected corporate earnings released recently.
  • On the home front, the FBM KLCI ended marginally lower as market’s undertone remains cautious illustrated by the declining daily volume traded which dipped to below the 3bn shares level.
  • Nonetheless, we are still confident that buyers would return snapping up domestic shares after a decent results season which prompted some broad-based upgrades.
  • However, taking cue from the drastic performance on Wall Street overnight, we believe trading activities on regional markets should be negatively affected thus expect the index to hover within the 1,670-1,680 range today.
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Daily Market Report ( 3 September 2024)
Daily Market Report ( 3 September 2024)
  • Wall Street was closed for Labour Day yesterday, but traders are expecting a volatile session ahead when the market reopens as illustrated by the stagnant stock futures.
  • Meanwhile in Hong Kong, the HSI gave up its weekly gains as selling took centre stage following the release of a dismal manufacturing activities in China coupled with disappointing results from property developers and the banks.
  • Back home, the FBM KLCI closed flat as market is trying to digest Friday’s strong performance.
  • Nonetheless, market’s undertone may have turned cautious as reflected by the decline in daily volume traded as traders were mostly side-lined.
  • Therefore, we expect the index to possibly hover within the 1,680-1,690 range today.
  • Meanwhile, we believe stocks accumulation by foreign funds to persist especially after a rather decent 3Q24 corporate earnings season that may instigate some upgrades in earnings growth for CY2024.
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