Market Reports

Daily Market Report (4 August 2022)
Daily Market Report (4 August 2022)
  • Wall Street closed sharply higher on improved economic data indicating that the US economy is able to withstand the Federal Reserves fight on inflation.
  • The DJI Average jumped by 416 points while the Nasdaq ended 319 points higher as the US 10-year yield declined to 2.71%.
  • Back home, the FBM KLCI closed off the day’s low attributed to buying support by foreign funds.
  • Therefore, we reckon the index is in good stead and is expected to trend higher today to re-test the 1,500 mark and beyond.
  • Meanwhile, a rebound in vegetable oils prices helped push crude palm oil higher to RM3,864/tonne while the Brent crude slumped to below US$97/barrel on higher inventory build up.
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Daily Market Report (3 August 2022)
Daily Market Report (3 August 2022)
  • It was another choppy session on Wall Street as all 3 major indices ended lower on escalating US/China tension and a softening US labour market.
  • The DJI Average lost 402 points while the Nasdaq closed 22 points lower as the US 10-year yield climbed higher to 2.75%.
  • On the home front, the FBM KLCI declined amid a weak regional performance as the tension over Taiwan intensifies.
  • Thus we reckon sentiments will turned cautious and the index may encounter some selling pressure today hence we expect the index to trend within the 1,480-1,500 range today.
  • Meanwhile, crude palm oil skidded lower to RM3,840/tonne as Indonesia continues to ease its exports quota.
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Daily Market Report (2 August 2022)
Daily Market Report (2 August 2022)
  • Wall Street closed lower following a choppy session as profit taking activities set in.
  • The DJI Average declined by 47 points while the Nasdaq lost 22 points with the US 10-year yield eased to 2.59%.
  • Back home, the FBM KLCI finally breached the 1,500 mark to end at almost a 2-month high attributed to the persistent buying support from foreign funds.
  • Judging by the encouraging performance of late, we reckon the index to possibly climb higher and retest the 1,510 mark today.
  • Meanwhile, crude palm oil fell to RM4,060/tonne as Indonesia is boosting exports to clear its high inventory level while the Brent crude also decline on weakening demand to end at US$100/barrel.
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Daily Market Report (1 August 2022)
Daily Market Report (1 August 2022)
  • Wall Street closed higher as traders set aside concerns of high inflation and recessionary possibilities.
  • The DJI Average was up 315 points while the Nasdaq gained 228 points as the US 10-year yield ended marginally lower at 2.66%.
  • On the home front, the FBM KLCI closed higher but was off the day’s high as some profit taking activities began to emerge.
  • Though market undertone remains solid, we reckon the benchmark index could be due for a minor correction following a 2-week run-up which saw the index added around 80 points.
  • Thus, we reckon the index to trend within the 1,490-1.500 range today amid some intermittent corrections.
  • Meanwhile, the crude palm oil closed higher at RM4,290/tonne in line with higher vegetable prices.
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Daily Market Report (29 July 2022)
Daily Market Report (29 July 2022)
  • Wall Street continued with its uptrend despite a disappointing US GDP data as traders looked beyond recessionary fears and that the Federal Reserves will not be as aggressive in raising rates moving forward.
  • The DJI Average rose 332 points while the Nasdaq closed 130 points higher as the US 10-year yield receded at 2.67%.
  • As for the local bourse, persistent buying from the foreign funds pushed the FBM KLCI to almost a 2-month high.
  • As market undertone improves, we reckon the benchmark index may look to test the 1,500 threshold today.
  • Meanwhile, crude palm oil rebounded to RM3,960/tonne with the Brent crude advanced to US$107.10/barrel as supply remains tight.
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