Market Reports

Daily Market Report (26 June 2024)
Daily Market Report (26 June 2024)
  • Wall Street closed mixed again on Tuesday following a cautious session, as investors awaited crucial U.S. data, including a report on consumer income and spending, for more insight into the Federal Reserve's interest rate outlook.
  • Nvidia stock rebounded on Tuesday following a multi-day decline, boosting the tech-heavy Nasdaq, which increased by 1.3%.
  • The S&P 500 closed 0.4% higher as well while the Dow eased 0.8% mainly due to selling on consumer stocks.
  • Regionally, key indices finished mostly higher due to bargain hunting activities.
  • Hong Kong stocks recovered stability, raising the HSI by 0.25% following three days of significant losses, as Mainland Chinese and European ministers initiated dialogue on tariffs for Chinese electric vehicles.
  • As for the local bourse, The FBM KLCI trended downward as investor sentiment remained cautious due to a lack of buying catalysts.
  • Despite this, we believe the sell-off offers an opportunity for investors to find bargains in lower-priced stocks.
  • However, we exercise caution due to increasing market volatility and expect the benchmark index to consolidate until more clarity emerges.
  • Therefore, we anticipate the benchmark index to range between 1,580 and 1,590 today.
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Daily Market Report (25 June 2024)
Daily Market Report (25 June 2024)
  • Wall Street finished mixed yesterday despite heavy selling in tech stocks led by Nvidia.
  • The Dow climbed 0.67% with strong buying in banks and energy stocks.
  • Meanwhile, the S&P 500 benchmark dipped 0.3%, while the tech-centric Nasdaq Composite dropped over 1% due to Nvidia's more than 6% decline.
  • Regionally, key indices closed mixed as investors were cautious following the sell-off in global tech stocks.
  • In Hong Kong, the HSI pared losses and managed to stay above the 18,000 level.
  • We reckon upcoming economic data releases, corporate earnings reports, and global trade developments are expected to influence investor sentiment as Hong Kong navigates economic challenges and external pressures.
  • On the domestic front, the FBM KLCI trended in a tight range and ended in negative territory in tandem with the performance of emerging markets.
  • We expect this to offer opportunities for investors to engage in bargain hunting given the cheaper valuations.
  • On the other hand, Brent crude oil remains elevated at above USD 83 per barrel, and we believe this will provide a short-term play on energy stocks.
  • We anticipate the benchmark index to trend within the range of 1,590-1,610 for today.
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Daily Market Report (24 June 2024)
Daily Market Report (24 June 2024)
  • Wall Street ended mixed last Friday with heavy profit-taking in Nvidia shares as analysts raised concerns about the sustainability of their strong valuation increases.
  • The S&P 500 slipped 0.2%, while the Dow rose 1.4% for the week, marking its best weekly performance since May, driven by gains in McDonald's, Nike, and Amazon.
  • Meanwhile, the Nasdaq Composite fell 32.23 points, or 0.2%. In Asia, major indices finished mostly lower due to profit-taking activities.
  • In Hong Kong, the HSI fell 307 points to end just above the 18,000 mark.
  • On the domestic front, the FBM KLCI pared gains and ended in negative territory due to late selling.
  • Despite increasing volatility, we maintain a cautiously optimistic outlook for the local market.
  • Nonetheless, our long-term perspective is positive, backed by attractive valuations, robust corporate earnings, increasing FDI, and improving economic conditions.
  • As such, we expect bargain hunting to prevail and anticipate the benchmark index to trend within the range of 1,590-1,600 today.
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Daily Market Report (21 June 2024)
Daily Market Report (21 June 2024)
  • It had been a mixed day on Wall Street with the S&P 500 touching a new record high before easing into negative territory following a weaker than expected economic data coupled with a higher than estimated weekly jobless claims.
  • As such, while the DJIA gained 300 points, the Nasdaq lost 140 points as the US 10-year yield inched marginally higher at 4.261%.
  • Over in Hong Kong, the HSI closed slightly lower in view of the declining Yuan which touched a 7-month low as China kept rates intact.
  • On the home front, the FBM KLCI continued with its correction and dipped further below the 1,600 level attributed to persistent selling from foreign funds.
  • We wonder if this has anything to do with Malaysia’s decision to join BRICS.
  • Notwithstanding this, we believe bargain hunting activities should emerge anytime soon as a swift rebound above the 1,600 mark is necessary to maintain the ongoing uptrend.
  • Therefore, we expect the index to hover between the 1,595-1,605 range today.
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Daily Market Report (20 June 2024)
Daily Market Report (20 June 2024)
  • Wall Street was closed for trading yesterday.
  • However a look at the futures of the 3 major indices, the DJIA is in negative territory whilst both the Nasdaq and S&P 500 are making marginal gains.
  • In Hong Kong, the HSI surged past the 18,000 mark as sentiment was boosted from the unveiling of more stimulus from China primarily the reforming the technology board to improve listing quality and promote tech innovation.
  • Back home, the FBM KLCI maintained its consolidation to dip below the psychological 1,600 level as profit taking activities continued.
  • We are indeed surprised by the lack of buying interests on the local bourse of late but expect some bargain hunting to emerge now that the index is hovering below the 1,600 mark.
  • We believe market undertone is still positive thus expect the index to trend between the 1,600-1,610 range today with interests possibly on the Banks and Telcos.
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