Market Reports

Daily Market Report (18 September 2024)
Daily Market Report (18 September 2024)
  • Wall Street closed flat as traders were mostly sidelined ahead of the Fed’s rate cut.
  • The market is now looking at the quantum of the adjustment.
  • As such, the DJIA lost 16 points while the Nasdaq added 36 points while the US 10-year yield edged higher to 3.647%.
  • In Hong Kong, the HSI surged to a 2-week high ahead of the highly anticipated rate cut by the Federal Reserve tomorrow.
  • Meanwhile, market sentiment was also buoyed by the sterling debut from appliance maker Midea group.
  • Back home, the FBM KLCI maintained its impressive performance to ease pass the 1,660 level supported by continuous buying from foreign funds.
  • Nonetheless, we noticed daily volume traded remained thin despite the surge in interests of glove related stocks emanated from the prospective imposition of high tariffs on Chinese glovemakers by the US.
  • With the Fed rate cut looming, we expect the local bourse to sustain its uptrend thus expect the index to hover within the 1,670-1,680 range today.
  • Meanwhile, the Ringgit has strengthened to around a 18-month high at 4.26.
Download
Daily Market Report (17 September 2024)
Daily Market Report (17 September 2024)
  • Wall Street closed mixed ahead of the much touted rate cut tomorrow.
  • While the DJIA added 228 points, the Nasdaq was down 92 points mainly due to Apple’s decline amid concerns over the sales of its iPhone 16.
  • Meanwhile, the US 10-year yield eased to 3.618%.
  • Over in Hong Kong, the HSI reversed earlier losses as sentiment improves on hopes that more stimulus may be in the offing from China following a spate of lacklustre economic data in addition to the imminent rate cut by the Federal Reserve this week.
  • Back home, the local bourse was closed yesterday for Malaysia Day.
  • Last Friday the FBM KLCI closed positively depicting persistent accumulation by foreign funds.
  • However, daily volume traded remains low at below the 3bn shares threshold.
  • Nonetheless, in view of the Federal Reserve’s cutting rate this week, we should see more foreign funds channeling their flows into the region thus we expect the index to hover within the 1,650-1,660 range today.
Download
Daily Market Report ( 13 September 2024)
Daily Market Report ( 13 September 2024)
  • Wall Street ended higher attributed to bargain hunting activities particularly on megacap tech names ahead of the highly anticipated Fed rate cut next week.
  • As such, the DJIA gained 235 points while the Nasdaq added 174 points with the US 10-year yield climbed marginally higher to 3.68%.
  • Over in Hong Kong, the HSI rebounded in line with the regional uptrend.
  • Alibaba led the tech rally as mainland funds mopped up shares after it was included in the Stock Connect scheme.
  • Meanwhile, reports that China may reduce mortgage rates on more than USD5trillion loans may inject interests on the Hong Kong market.
  • Back home, it was another disappointing day for the local bourse as the FBM KLCI ended in negative territory following a strong opening.
  • We reckon foreign funds may have been net sellers over the past 2 days after consecutive net inflows last week.
  • As depicted by the low daily volume, market undertone remains cautious but we believe accumulation on stocks to persists hence expect the index to hover within the 1,635-1,645 range today.
Download
Daily Market Report (12 September 2024)
Daily Market Report (12 September 2024)
  • Wall Street closed broadly higher after a choppy session following initial concerns that core CPI figure came in slightly higher than expected which dampened hopes of a 50bps rate cut next week.
  • Notwithstanding this, the DJIA gained 125 points while the Nasdaq jumped 370 points as the US 10-year yield inched marginally higher at 3.661%.
  • In Hong Kong, the HSI closed weaker but off the day’s low following some selling on energy stocks tagging the declines in crude oil prices.
  • Traders were mostly sidelined while waiting for the US inflation data.
  • On the home front, the FBM KLCI slumped to just below the 1,640 level amid regional weaknesses.
  • Nonetheless, we were indeed surprised by the rate of the decline thus expect a swift rebound and expect the index to hover within the 1,640-1,650 range today.
  • Meanwhile, crude oil prices rebounded after a 1-week downtrend with the Brent crude currently trending just above the USD70/barrel.
Download
Daily Market Report (11 September 2024)
Daily Market Report (11 September 2024)
  • Wall Street closed mixed as sentiment remained cautious ahead of the consumer price index (CPI) and producer price index (PPI) to be released later today and tomorrow respectively.
  • As such, while the DJIA declined 93 points, the Nasdaq gained 141 points with the US 10- year yield easing to 3.64%.
  • Over in Hong Kong, the HSI reversed earlier losses spurred by the surprising August stronger than expected exports data from China.
  • There was also a tech-related rally led by Alibaba after both the Shanghai and Shenzhen exchanges admitted it to the stock connect scheme.
  • Back home, the FBM KLCI finally rebounded as it broke away decisively from the 1,650 mark.
  • Nonetheless, daily volume traded remains low as the retail segment stay sidelined.
  • For today, we expect the index to hover within the 1,660-1,670 range.
  • Meanwhile, crude oil prices continue to slide with the Brent crude ending below USD70/barrel amid a weakening global demand as forecast by OPEC.
Download