Market Reports

Daily Market Report ( 9 October 2024)
Daily Market Report ( 9 October 2024)
  • Wall Street closed positively as traders are pondering the decline in crude oil prices amid the ongoing tension in the middle east.
  • As such, the DJIA rose 126 points while the Nasdaq added 259 points with the US 10-year yield easing slightly to 4.014%.
  • Over in Hong Kong, the HSI tumbled sharply to below the 21,000 mark as the buying euphoria waned following the absence of more handouts during the National Development and Reform Commission (NDRC) press conference yesterday.
  • On the home front, the FBM KLCI closed marginally higher due to last minute buying activities paring earlier losses.
  • Though daily traded volume improved somewhat, it remains insufficient to instigate any heightened trading activities.
  • Therefore, we maintained that the local bourse is still stuck within its consolidation phase and the index is expected to hover within the 1,630-1,640 range today.
  • Meanwhile, crude oil price slipped as the Brent crude lost almost 5% to USD77/barrel on concerns on weakening demand.
Download
Daily Market Report (8 October 2024)
Daily Market Report (8 October 2024)
  • Wall Street closed broadly lower as sentiment tuned cautious amid the rising Treasury yields and crude oil prices.
  • As such, the DJIA declined by almost 400 points while the Nasdaq lost 214 points as the US 10-year yield climbed to 4.028%.
  • Meanwhile, Hong Kong market remained buoyant attributed to the meteoric rise of the Chinese markets.
  • The HSI closed above the 23,000 mark, a level last seen in February 2022 as foreign funds returned hoping that there will be more goodies from the Chinese authorities.
  • Back home, the FBM KLCI ended positively as foreign funds turned net buyers.
  • Nonetheless, market undertone remains cautious as illustrated by the low daily volume traded at below 2.8bn shares.
  • We noticed the index is still consolidating within the 1,630-1,680 range and needs to break the 1,680 level decisively before the upward trajectory resumes towards the 1,700 mark.
  • Despite the lack of catalysts currently, we hope recent strong performance of the crude palm oil (CPO) price may attract some interests on the planters hence expect the index to hover within the 1,635-1,645 range today.
Download
Daily Market Report (7 October 2024)
Daily Market Report (7 October 2024)
  • Wall Street closed broadly higher attributed to a robust monthly job data which exceeded expectations plus the ending of the US dockworkers strike.
  • As such, the DJIA jumped 314 points while the Nasdaq added 219 points as the US 10-year yield edging higher at 3.969%.
  • Over in Hong Kong, buyers returned with a vengeance as the HSI surged closer to the 22,800 level.
  • Traders flocked into Hong Kong stocks as valuations remain below their historical averages.
  • Back home, the FBM KLCI closed weaker to end below the 1,630 level due to persistent selling from the foreign funds.
  • As the index has lost 25 points over the past 5 days, a quick rebound is needed before we enter into another prolong consolidation phase.
  • Therefore, we expect the index to trend within the 1,630-1,640 range today.
  • Meanwhile, we noticed that the CPO price maintained its uptrend to hover above RM4,200/tonne spur by the higher crude oil prices amid the tension in the middle east and partly due to the lower MYR currently at RM4.23 vs the greenback.
Download
Daily Market Report (4 October 2024)
Daily Market Report (4 October 2024)
  • Wall Street closed lower on concerns over the escalating tension in the middle east coupled with September’s payroll report due later today.
  • As a result, the DJIA lost 185 points while the Nasdaq dipped marginally by 7 points as the US 10-year yield inched higher at 3.846%.
  • Hong Kong market took a breather yesterday as the HSI declined 330 points after surging by 2,800 points over the past 5 days.
  • Back home, the FBM KLCI closed slightly higher attributed to late buying activities paring earlier losses.
  • Nonetheless, we believe the index remain stuck within a consolidation phase hence expect it to hover within the 1,640-1,650 range today.
  • Meanwhile, crude palm oil (CPO) trended higher at around RM4,200/tonne due to higher crude oil prices and a weaker MYR which currently pegs at RM4.23/USD1.
Download
Daily Market Report ( 3 October 2024)
Daily Market Report ( 3 October 2024)
  • Wall Street closed on a positive note despite the heightening tensions in the middle east.
  • As such, the DJIA gained 39 points while the Nasdaq added 15 points while the US 10-year yield edged higher at 3.783%.
  • Meanwhile, Hong Kong stocks maintained their bullish trajectory as the HSI breached the 22,000 mark, a level last seen in early-2023.
  • Sentiment remains buoyant from China’s easing measures as traders jumped into the buying bandwagon.
  • On the home front, the FBM KLCI closed below the 1,640 mark as selling from foreign funds gathered momentum.
  • Regionally, sentiment has turned extremely cautious amid the escalating tensions in the middle east.
  • Judging by the recent unloading of riskier assets, we believe investors may have switched to “Cash is King” mode.
  • Nonetheless, we expect some bargain hunting activities to emerge and anticipate the index to hover within the 1,635-1,645 range today
Download