Market Reports

Daily Market Report (12 August 2022)
Daily Market Report (12 August 2022)
  •  Wall Street struggled to maintain its uptrend as all 3 major indices closed weaker after a strong opening as many believe the Federal Reserves will still hike rates in the coming month.
  • The DJI Average gained 27 points while the Nasdaq lost 75 points with the US 10-year yield edged higher to 2.89%.
  • Back home, we reckon the FBM KLCI to continue with its uptrend after it decisively broke the 1,500 mark yesterday.
  • As such, we anticipate the index to trend within the 1,500-1,515 range today as market undertone improves.
  • Meanwhile we noticed buying is returning on logistic related companies as many performed rather strongly of late.
  • Meanwhile, the Brent crude price improved to US$99.60/barrel as demand is expected to increase.
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Daily Market Report (11 August 2022)
Daily Market Report (11 August 2022)
  •  US equities surged following the deceleration in CPI for July giving some breathing space for the Federal Reserves to hike rates aggressively.
  • The DJI Average jumped by 535 points while the Nasdaq gained 361 points as the US 10-year yield remained unchanged at 2.78%.
  • In view of the robust performance on Wall Street overnight, we reckon the FBM KLCI to reverse recent weakness and expect the index to hover between the 1,495 – 1,510 range today.
  • We believe buying interest may also emerge for technology stocks after the recent selling activities.
  • Meanwhile, Brent crude price inched higher to US$97.40/barrel on better demand outlook.
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Daily Market Report (10 August 2022)
Daily Market Report (10 August 2022)
  •  Wall Street closed broadly lower as sentiment remained jittery ahead of the crucial US inflation data later today.
  • The DJI Average declined by 58 points while the Nasdaq lost 150 points as the US 10-year yield inched higher at 2.78%.
  • As for the local bourse, the FBM KLCI returned to consolidation mode as market undertone became cautious.
  • For today we reckon the index to trend within a tight range of between 1,490-1,500 and reckon there to be some selling pressure on technology stocks in view of the slump in US tech stocks overnight.
  • Meanwhile, as chances are high for the Federal Reserves to hike rate by another 75bps, we believe Bank Negara may also look to readjust the OPR by another 25bps at least.
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Daily Market Report (9 August 2022)
Daily Market Report (9 August 2022)
  • Wall Street closed on a mixed note as all 3 major indices ended off their day’s high as worries over hike in interest rate resurfaced.
  • The DJI Average gained 29 points while the Nasdaq declined by 13 points as the US 10-year yield weakened to 2.75%.
  • Back home the FBM KLCI continued with its decline as it closed below the 1,500 mark.
  • For today, we reckon the index to possibly consolidate within the 1,490-1,500 range today.
  • Meanwhile, crude palm oil continues with its uptrend as it ends above the RM4,000 level at RM4,070/tonne tracking the upswing in soya oil price.
  • If this continue, we expect buying interests on Plantation stocks to emerge as the prevailing weak Ringgit is also a catalyst for crude palm prices.
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Daily Market Report (8 August 2022)
Daily Market Report (8 August 2022)
  • Wall Street closed mixed as fears of more possible aggressive rate hikes by the Federal Reserves following a stronger than expected US job data last Friday.
  • Although the DJI Average rose by 77 points, the Nasdaq was down 63 points as the US 10-year yield jumped to 2.83%.
  • On the home front, the FBM KLCI ended lower to just above the 1,500 mark.
  • As uncertainties over the US economy linger, we reckon sentiments to turn cautious hence anticipate the benchmark index to trend within the 1,490-1,505 range today.
  • Meanwhile, crude palm oil staged a minor uptrend to close at RM3,880/tonne attributed to gains by soya oil as the Brent crude also closed higher at almost US$95/barrel on solid US job data.
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