Daily Market Report (23 March 2022)
  •  Wall Street rebounded as traders digested the Federal Reserves recent statement of more aggressive rate hikes.
  • The DJI Average gained 254 points while the Nasdaq jumped by 270 points as the 10-year Treasury yield inched higher to around 2.4%.
  • Back home, sentiment remained jittery as the FBM KLCI movements was rather volatile.
  • Thus, we reckon the index to trend within the 1,580-1,595 range today in the absence of strong buying catalysts.
  • Meanwhile, the crude palm oil rebounded to almost the RM6,500/tonnes while the Brent crude eased slightly to US$115/barrel.
Daily Market Report (22 February 2022)
  •  Wall Street declined following the Federal Reserves’ statements of more aggressive interest rate hikes to curb inflation going forward.
  • The DJI Average lost about 200 points while the Nasdaq dipped by around 55 points.
  • Meanwhile, the US 10-year yield inched higher to 2.3% following the Feds statement.
  • On the home front, the FBM KLCI weakened as sentiments remained cautious due to lack of buying catalysts.
  • For today, we reckon the index to hover within a narrow range of between 1,580-1,595.
  • As for the Brent crude, it broke above the US$110 to close at almost US$116/barrel as concerns over the supply side heightens.
Daily Market Report (21 March 2022)
  • Despite the ongoing war in Ukraine coupled with Federal Reserves stance on more rate hikes, US equities closed higher however whether this is sustainable remains to be seen.
  • The DJI Average gained 274 points while the Nasdaq jumped by 279 points.
  • Meanwhile, the US 10-year yield remained above the 2% threshold at 2.15%.
  • At home, the FBM KLCI ended slightly higher having been in the negative territory throughout the day attributed to late buying especially from foreign funds.
  • As market volatility heightens, we reckon the index to trend within a range of between 1,580-1,600 today.
  • As for the Brent crude, it closed at US$108/barrel as concerns on the supple side lingers.
Daily Market Report (17 March 2022)
  • Wall Street closed sharply higher after the Fed lifted interest rates heavily designed to counter inflation while investors considered the 25-basis points hike came in inline with market expectations.
  • The DJIA surged more than 500 points while Nasdaq and S&P500 rose 488 and 95 points respectively.
  • Back home, the FBM KLCI rebounded as investors took opportunity to bargain hunt following 3 days of selldown.
  • We believe bargain hunting to continue given the cheap valuations of local stocks and improving market sentiment globally, hence expect the FBM KLCI to trade within range of between 1,565-1,585 for today.
Daily Market Report (16 March 2022)
  • Notwithstanding the imminent rate hike by the Federal Reserves, Wall Street staged a relief rally as crude oil declined amid a highly volatile market.
  • The DJI Average gained almost 600 points while the Nasdaq surged by 367 points.
  • Meanwhile, the US 10-year yield stayed above the 2% level at 2.15%.
  • Back home the FBM KLCI weakened dragged down by losses within the regional markets attributed to fresh lockdowns in China.
  • Despite sentiments to remain cautious, we expect some bargain hunting activities to emerge thus anticipate the index to trend around the 1,550-1,570 range today.
  • Meanwhile, crude palm oil rebounded to above the RM7,000/tonne while the Brent dipped to below the US$100/barrel.