Market Reports

Daily Market Report (23 August 2024)
Daily Market Report (23 August 2024)
  • Wall Street retreated as traders were mostly sidelined ahead of the Federal Reserve’s meeting at Jackson Hole starting later today.
  • Meanwhile, sentiment was also affected by the adjustments of jobs creation in April lower by 818k indicating that the US job market may not be as robust.
  • As such, the DJIA lost 178 points while the Nasdaq declined by 300 points with the US 10-year yield edging higher at 3.858%.
  • In Hong Kong, the HSI rebounded to above the 17,600 level led by stellar earnings from Xiaomi, AIA and JD.com.
  • Sentiment was also bolstered by the clear cut rate adjustments in the US next month.
  • Back home, the FBM KLCI closed on a strong note as buying from foreign funds continues.
  • The local bourse has had a decent run this week despite some intermittent profit taking activities.
  • Nonetheless, average volume traded remains low as retail participation is absent as many are opting for the numerous IPOs of late which have drawn out some liquidity from the secondary market.
  • For today, we expect the index to trend within the 1,640-1,650 range ahead of a crucial weekend in the US.
Download
Daily Market Report (22 August 2024)
Daily Market Report (22 August 2024)
  • Wall Street eked out gains as traders are convinced of a rate cut next month after the release of the minutes from the Federal Reserve’s meeting last month.
  • As such, the DJIA added 55 points while the Nasdaq gained 102 points with the US 10-year yield easing to 3.799%.
  • Over in Hong Kong, the HSI declined but off intra-day low, partly attributed to Walmart’s sale of its stake in JD.com according to Bloomberg, 11% below market price.
  • It was also reported that foreign funds are dumping Chinese tech stocks amid weak corporate earnings and China’s economic outlook.
  • On the domestic front, the FBM KLCI maintained its downtrend as profit taking activities continued following the sharp gains on Monday.
  • Nonetheless, the index managed to close above the crucial 1,630 level and if broken, we may see another potential consolidation phase.
  • Therefore, it is pivotal that buying activities return to avoid such an incident occurring thus we expect the index to hover within the 1,630-1,640 range today.
Download
Daily Market Report (21 August 2024)
Daily Market Report (21 August 2024)
  • Wall Street ended in negative territory amid some profit taking activities as traders await for the Jackson Hole Economic Symposium over the next few days to gauge on the quantum of cut in rates next month.
  • As such, the DJIA dipped 61 points while the Nasdaq dropped by 60 points as the US 10-year yield eased to 3.81%.
  • In Hong Kong, the HSI closed lower after a 3-day uptrend as traders were side-lined after China left benchmark lending rates unchanged.
  • Focus was also on the Federal Reserve this weekend on rate adjustments in September.
  • Back home, the FBM KLCI closed lower following a solid performance on Monday.
  • We believe the local bourse still has legs to trend higher as yesterday’s selling was well absorbed.
  • Although the daily volume traded remained low, we believe market velocity is gathering traction thus anticipate shares traded to improve over time.
  • For today, we expect the index to trend within the 1,640-1,650 range.
  • As we enter into another earnings season, results reported so far have been quite decent and more can be expected from the Banks and Telcos going forward.
Download
Daily Market Report (20 August 2024)
Daily Market Report (20 August 2024)
  • Wall Street continues with its uptrend as sentiment remains upbeat on a soft-landing scenario from solid retail sales and lower jobless claims.
  • As such, the DJIA gained 237 points while the Nasdaq added 245 points as the US 10-year yield eased marginally to 3.875%.
  • Over in Hong Kong, the HSI jumped to almost a 1-month high on the back of a tech rally amid a solid set of earnings with an eye on the Fedal Reserve meeting this weekend.
  • Back home, the FBM KLCI surged to a 52-week high before paring the gains to just below the 1,650 level.
  • The strong performance was rather surprising spurred by the influx of foreign funds with the 1,630 mark decisively broken.
  • As a result, we expect the ongoing uptrend to continue and see the index to hover within the 1,650-1,660 range today.
  • Though daily volume remains below expectations we believe participation from the retailers to emerge anytime soon, spearheaded by the improving market liquidity.
  • Meanwhile, the Ringgit maintained its ascension against the greenback to RM4.38 which is a 52-week high.
Download
Daily Market Report (19 August 2024)
Daily Market Report (19 August 2024)
  • Wall Street’s comeback continues on the back of a much stronger US retail sales and decline in weekly jobless claims.
  • All 3 major indices ended positively with the DJIA adding 97 points while the Nasdaq rose by 37 points.
  • With the cut in interest rate looking imminent in September, the US 10-year yield dipped to 3.883%.
  • In Hong Kong, the HSI jumped to its weekly high on optimism that the PBOC has pledge of more incentives to bolster confidence.
  • Meanwhile, strong earnings from JD.com have also spurred a tech rally within.
  • Back home, the FBM KLCI closed on a weekly high supported by persistent buying from foreign funds.
  • We believe the strengthening ringgit may also play a crucial role in attracting inflow of foreign funds thus expect the index to trend within the 1,620-1,635 range today.
  • It is pivotal that the index breaks the 1,630 mark decisively to resume it uptrend going forward.
  • As for crude palm oil, prices have declined to almost the year’s low circa. RM3,700/tonne amidst the stronger ringgit.
Download