Market Reports

Daily Market Report (5 March 2024)
Daily Market Report (5 March 2024)
  • Wall Street retreated as traders were sidelined after a record breaking run amid the ongoing rally within the AI frenzy.
  • Interests are shifted to the Federal Reserve updates on its policy over the next 2 days to gauge the outlook for interest rates.
  • As such, the DJI Average declined by 97 points while the Nasdaq fell 67 points as the US 10-year yield edged higher at 4.217%.
  • In Hong Kong, the HSI ended off the day’s low as focus moved to China’s annual legislative session today to determine the government budgets to tackle the sluggish Chinese economy.
  • At home, the FBM KLCI closed above water attributed to last minute buying activities after a solid performance during the morning session.
  • We see market undertone has turned cautious with investors looking for fresh leads hence expect the index to hover within the 1,545-1,555 range today as daily volume shrunk to the 3bn shares level.
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Daily Market Report (4 March 2024)
Daily Market Report (4 March 2024)
  • Record chasing Wall Street closed on another high as sentiment remains very much entrenched on the AI frenzy.
  • While the DJI Average gained 91 points, both the Nasdaq and S&P500 tested record highs adding 183 points and 41 points respectively.
  • Meanwhile, the US 10-year yield eased further to 4.186%.
  • In Hong Kong, the HSI closed higher as traders are betting that Chinese authorities will inject more stimulus following another dip in manufacturing activities for February.
  • On the home front, the FBM KLCI surprisingly performed quite badly to dip below the 1,540 level after a positive start as profit taking activities emerged despite some decent corporate earnings results.
  • Nonetheless, we remain adamant that buying from foreign funds to persist thus expect the local bourse to stage a rebound and hover within the 1,540-1,550 range today.
  • Meanwhile, we noticed that daily volume traded has been improving over the last few days illustrating better retail participation.
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Daily Market Report (1 March 2024)
Daily Market Report (1 March 2024)
  • Wall Street closed broadly higher spearheaded by Nasdaq as buyers reemerged after the latest personal consumption expenditure for January came in within market expectations.
  • As such, the Nasdaq jumped 144 points while the DJI Average added 47 points as the US 10-year yield dipped further to 4.254%.
  • Over in Hong Kong, the HSI ended slightly lower attributed to profit taking activities coupled with weak earnings report from Baidu and Budweiser.
  • Nonetheless, overall sentiment should stabilize following the removal of curbs on home purchases and property financing limits.
  • Back home, the FBM KLCI rebounded as buying on blues chips resumes supported by a slew of decent corporate earnings reported recently particularly from the Banks and Telcos.
  • We believe buying on the Blues to continue as most are still trading below their historical average valuations thus expect the index to hover within the 1,550-1,560 range today.
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Daily Market Report (29 February 2024)
Daily Market Report (29 February 2024)
  • Wall Street ended lower as traders were sidelined ahead of the personal consumption expenditure data that is due later today.
  • As a result, the DJI Average closed 23 points lower while the Nasdaq declined by 88 points as the US 10-year yield dipped to 4.266%.
  • Over in Hong Kong, the HSI lost 254 points, the worst in 4 weeks as traders decided to lock in profits.
  • Nonetheless, Hong Kong developers received a boost following the lifting of curbs on property transactions.
  • Back home, the FBM KLCI closed broadly lower as profit taking activities surfaced after recent uptrend amongst the blue chips.
  • We find the selling a tad overdone as investors decided to lock in profits especially for the Utilities sector following recent strong performance.
  • We reckon a swift rebound is required to maintain recent upbeat sentiment so to carry the index further.
  • Therefore, we expect the index to possibly hover within the 1,545-1,555 today.
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Daily Market Report (28 February 2024)
Daily Market Report (28 February 2024)
  • Wall Street closed mixed as overall sentiment remains directionless as traders are waiting for the latest inflation data to be released later this week.
  • As such, the DJI Average lost 97 points while the Nasdaq added 59 points as the US 10-year yield edged higher at 4.303%.
  • In Hong Kong, the HSI jumped 156 points after a weak opening as traders speculated that there will be more stimulus to prop up the property market following a decline in home prices for the 9th month.
  • At the home front, the FBM KLCI surged to almost the 1,560 level supported by strong buying from foreign funds especially on the Utilities sector spearheaded by the YTL Group.
  • Despite the benchmark index improving by more than 100 points YTD, we believe there is still upside potential as prevailing uptrend is merely a catch-up process after a multi-year of underperformance.
  • For today, we expect the index to hover within the 1,555-1,565 range.
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