Market Reports

Daily Market Report (4 June 2024)
Daily Market Report (4 June 2024)
  • Wall Street closed on a mixed note following a weak US manufacturing and construction data as well as falling crude oil prices.
  • The DJIA fell 115 points while the Nasdaq gained 94 points as Nvidia boosted tech sentiment from its next generation AI chip platform.
  • Meanwhile, the US 10-year yield eased to 4.392%.
  • Over in Hong Kong, the HSI added 323 points following a tame US inflation report last Friday and that China’s factory activity grew at its fastest pace over the last 2 months.
  • The local bourse was closed yesterday, and we believe the FBM KLCI will play some catch up today after it ended below the crucial 1,600 last Friday.
  • We expect bargain hunting activities to emerge thus anticipate the index to hover between the 1,600-1,615 range today.
  • Expectations that the ECB may lower interest rates this Thursday will further improve trading sentiment regionally.
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Daily Market Report (31 May 2024)
Daily Market Report (31 May 2024)
  • Wall street extended its decline as sentiment remains affected by a weak guidance from Salesforce the prolonged no rate adjustment ahead of the crucial inflation data out later today.
  • As such, the DJIA slumped 330 points while the Nasdaq dropped 183 points with the US 10-year yield falling to 4.55%.
  • Over in Hong Kong, the HSI extended its losing streak amid the rising US Treasury yields and the waning outlook for China’s property sector.
  • The index lost more than 500 points over the last 5 days after a brief rally since early-May.
  • Back home, the FBM KLCI fell marginally to just below the 1,605 level as market undertone stayed cautious in line with the weak regional performance.
  • It is crucial that the index does not dip below the psychological 1,600 mark thus we expect some buying support to emerge albeit in a muted manner in view of an extended weekend.
  • Therefore, we expect the index to hover between the 1,600-1,610 range today.
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Daily Market Report (30 May 2024)
Daily Market Report (30 May 2024)
  • Wall Street slumped as sentiment became jittery on interest rates on the back of higher treasury yields.
  • As traders are waiting for major inflation data tomorrow, many decided to lock in profits following the recent rally in US stocks.
  • As such, the DJIA lost 411 points while the Nasdaq declined by 99 points as the US 10-yesr yield crept higher at 4.616%.
  • Over in Hong Kong, the HSI dipped 344 points as traders became edgy ahead of the inflation data this Friday and to gauge if recent easing of restrictions on properties purchases will revive the sector.
  • Back home, the FBM KLCI ended below the 1,610 level as selling activities continued dragged by the weak regional performance while waiting for the crucial economic data.
  • Our belief of an immediate rebound did not materialize yesterday thus we may see another day of consolidation for the benchmark index until the existing uncertainty is elevated.
  • As such, we expect the index to hover between the 1,600-1,610 range today.
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Daily Market Report (29 May 2024)
Daily Market Report (29 May 2024)
  • Wall Street closed on a mixed note despite the Nasdaq hitting a record high above the 17,000 level.
  • Overall sentiment was cautious affected by the lacklustre demand of US Treasury auction that saw higher yields in the process.
  • As a result, the DJIA lost 217 points while the Nasdaq gained 99 points as the US 10-year yield edged higher at 4.548%.
  • Over in Hong Kong, the HSI ended flat after a strong morning session as profit taking activities emerged.
  • Nonetheless, the overall mood on the market is improving after Shanghai announced the easing of restrictions for property purchases.
  • On the home front, the FBM KLCI failed to maintain above the 1,620 mark after a positive opening as sellers came out in force amid a rather weak regional performance.
  • Though this is deemed a healthy market correction, we believe the index needs to re-test the 1,620 level as soon as possible before the ongoing consolidation is prolonged.
  • Therefore, we expect the index to trend between the 1,615-1,625 range today.
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Daily Market Report (28 May 2024)
Daily Market Report (28 May 2024)
  • Wall Street was closed for Memorial Day yesterday but a peek at the futures showed that all 3 major indices are trending positively at the moment.
  • Anyhow, all eyes will be on the US personal consumption expenditure data to be reported this Friday.
  • Over in Hong Kong, the HSI reversed its losses last Friday by adding 218 points as sentiment improved over China’s industrial companies profits in April that jumped 4% from a month earlier suggesting China’s policies are taking effect.
  • At home, the FBM KLCI ended marginally lower after hovering in positive territory for most of the session following some last-minute selling on the Banks.
  • For today, we expect accumulation of stocks to emerge, namely the Banks, as most have reported decent earnings for 1Q24 so far.
  • As such, we believe the index to hover between the 1,620-1,630 range today.
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