Market Reports

Daily Market Report - 7 Jan 2025
Daily Market Report - 7 Jan 2025
  • Wall Street ended the session mixed, with profit-taking weighing on the Dow, while the S&P 500 and Nasdaq extended their rallies, driven by strong demand for tech stocks.
  • Selling in telecom and utilities caused the DJIA to decline by 0.06%.
  • Meanwhile, investors turned bullish on the semiconductor sector after stellar results from Foxconn, driving Nvidia's stock to a fresh peak.
  • This momentum propelled the S&P 500 and Nasdaq to close 0.55% and 1.24% higher, respectively.
  • In Hong Kong, stocks closed lower due to a regional sell-off, as market sentiment was affected by fears that U.S. interest rate reductions may occur more slowly than anticipated.
  • Back home, the FBM KLCI fell below the 1,630 support level, and consolidation is expected to persist until a new catalyst emerges.
  • A decisive breakthrough above the 1,645 resistance level is crucial for the index to reestablish its bullish trajectory.
  • For today, the FBM KLCI is expected to trade within the 1,620 to 1,630 range, reflecting cautious market sentiment.
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Daily Market Report - 6 Jan 2025
Daily Market Report - 6 Jan 2025
  • Wall Street rebounded after a shaky start to 2025, attributed to broad based buying as traders are still confident of more upside unpinned by decent earnings growth.
  • Meanwhile, the US 10-year yield edged higher at 4.602%.
  • Over in Hong Kong, the HSI recovered from a bad start to 2025 as China regulators ramped up institutional support via a USD7.53bn swap facility in liquid assets to rebuild confidence.
  • Back home, the FBM KLCI ended lower to just below the 1,630 level amid continued profit taking activities.
  • Despite the absence of catalysts, we believe some stock accumulation to emerge as we expect foreign funds may be forced to re-look at Asia as a prime destination in view of the stuttering US market.
  • As such, we anticipate the index to trend between the 1,630-1,640 range today.
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Daily Market Report - 3 Jan 2025
Daily Market Report - 3 Jan 2025
  • Wall Street closed lower amid a volatile session as high valuations remain a major stumbling block with an eye on Trump’s return.
  • In addition, the latest job data showed that the US labour market is still strong and resilient hence the US 10-year yield stays elevated at 4.563%.
  • On a broader perspective, Asian markets welcomed 2025 on a weak note as investors are faced with trepidation ahead of Trump’s return to the White House.
  • As such, the HSI closed below the 20,000 mark over the uncertainty on China’s growth and Trump’s policy.
  • Back home, the FBM KLCI also ended lower to just above the 1,630 level, suffering from indigestion after almost a 30-point gain since last Friday.
  • Nonetheless, we believe this is only temporary as market valuations will play a pivotal role and Malaysian stocks are reasonably priced.
  • Therefore, we expect the index to recover and hover within the 1,630- 1,640 range today.
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Daily Market Report - 2 Jan 2025
Daily Market Report - 2 Jan 2025
  • Wall Street ended in negative territory amid continued profit taking activities following a solid 2024.
  • Last year, all 3 major indices, the DJI Average (+12.9%), Nasdaq (+28.6%) and S&P 500 (+23.3%) recorded solid gains.
  • Meanwhile, the US 10-year yield inched higher at 4.573%.
  • Over in Hong Kong, the HSI ended 2024 on a positive note up 19.5% y-oy after 4 consecutive years of decline.
  • Though, China’s economy growth remains bumpy, the latest purchasing manager’s index (PMI) showed expansion within the manufacturing sector.
  • Back home, the FBM KLCI maintained its uptrend to close above the 1,640 mark or a 13% gain y-o-y, however still way off our 2024 target of 1,750 due mainly to major foreign outflows in the 4Q24.
  • Notwithstanding this, we are confident that the 1,700 threshold will be surpassed by 1H25 hence expect index to hover within the 1,645-1,655 range today.
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Daily Market Report - 31 Dec 2024
Daily Market Report - 31 Dec 2024
  • Wall Street ended lower in a choppy session attributed to profit taking activities following a fantastic 2024 performance for US equities.
  • All 3 major indices opened in steep losses but managed to ease the damage towards the closing with the US 10-year yield easing slightly to 4.533%.
  • Over in Hong Kong, the HSI closed marginally lower but remains above the 20,000 mark as investors await for more clarity on the stimulus measures from Beijing while keeping an eye on the elevated US 10-year Treasury yield.
  • On the local front, the FBM KLCI maintained its uptrend as bargain hunting activities were rather apparent.
  • Though foreign outflows were evident, the quantum was easily absorbed.
  • As mentioned, with the 1,630 level broken, we expect the index to possibly target 1,650 thus anticipate it to hover within the 1,635-1,650 range today, hopefully to end 2024 on a more positive note.
  • Here’s wishing everyone a very HAPPY NEW YEAR
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