Daily Market Reports Issued By Rakuten Trade Research : Page 5

Wall Street has had another mixed day as traders continue to pare down their tech holdings that saw the Nasdaq ended in negative territory while the DJIA notched another record high spearheaded by the financials.
Meanwhile, the US 10-year yield eased to 4.065% in view of the re-opening of the US government.
Over in Hong Kong, the HSI regained its strength to hit almost the 27,000 level or at a 1-month high as sentiment was boosted by the imminent re-opening of the US government coupled with the Federal Reserve’s rate adjustments in December.
On the domestic front, the FBM KLCI closed lower but stayed above the 1,630 mark as the local bourse may be undergoing a minor indigestion.
We see market undertone is now more stable thus expecting the index to hover within the 1,630-1,640 range today

Wall Street ended mixed as traders are rotating their funds out from tech stocks into those with lower valuations.
As a result, the DJIA reached a record high while the Nasdaq closed negatively.
Meanwhile, the US 10-year yield remains flat at 4.122%.
As for Hong Kong, the HSI regained its strength during late session to close mildly positive.
Overall market activities were encouraging, boosted by the imminent reopening of the US government thus enabling access to crucial economic data going forward.
Back home, the FBM KLCI ended above the 1,630 mark attributed to possible window dressing activities that saw the index adding about 15 points over the past 2 trading days.
We believe such accumulation to persist in view of the stronger Ringgit against the USD currently trending around 4.14.
As such, we expect the index to hover between the 1,630-1,640 range today.

Wall Street closed broadly higher as the US Senate have taken a step closer for a potential deal to end the ongoing government shutdown.
Meanwhile, the US 10- year yield inched higher at 4.122%.
Over in Hong Kong, the HSI surged past the 26,500 as sentiment was buoyed by the better than expected China’s consumer price index for October which is its strongest reading since January.
On the home front, the FBM KLCI ended positively but off the day’s high at 1,633.
As mentioned, we believe the strong buying may be attributed to the strengthening ringgit against the USD currently hovering at 4.16 from 4.20 a week ago.
In addition, we also noticed that interest in small caps may have also improved.
In view of the improving sentiment, we anticipate the index to trend within the 1,625-1,635 range today.

Wall Street ended mixed as selling on AI-related stocks continues.
Nonetheless, all 3 major indices managed to close off their respective day’s low amid a new proposal to end the prevailing US government shutdown.
Meanwhile, the US 10-year yield edged marginally higher at 4.093%.
Over in Hong Kong, the HSI slipped to hover around the 26,200 level over China’s weak exports data and persistent profit taking on AI-related counters.
Back home, the FBM KLCI was flat attributed to late buying support as benchmark index remains stuck in a consolidation phase.
As market sentiment remains cautious, we believe the ongoing strength of the MYR should entice some inflows of funds back into the domestic market.
For today, we anticipate the index to hover between the 1,620-1,630 range.

Wall Street tumbled as concerns over a valuation bubble of AI-related stocks intensified.
Sentiment was further worsened by the state of the labour market as October saw a significant number of layoffs.
Meanwhile, the US 10-year yield eased to 4.085%.
As for Hong Kong, the HSI climbed to almost the 26,500 level attributed to emergence of bargain hunters.
Concerns over the lofty valuations seems to be overdone amongst Asian AI-related stocks as most are trading at decent levels unlike their US counterparts.
Back home, the FBM KLCI declined slightly to below the 1,620 mark notwithstanding a strong morning session, possibly due to foreign selling again.
This is despite BNM maintaining the OPR propping the MYR higher currently at 4.18 against the greenback.
Meanwhile, YTL Power’s success in its AU$284m tax dispute should be good news for the group.
In view of this, we believe buying activities should return hence expect the index to trend within the 1,620-1,630 range today.

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