Market Reports

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
Daily Market Report ( 2 October 2024)
Daily Market Report ( 2 October 2024)
  • US stocks closed lower amid the growing tensions in the Middle East.
  • As a result, the DJIA lost 173 points while the Nasdaq declined by 278 points as the US 10-year yield eased slightly to 3.732%.
  • Hong Kong market will resume trading today after closing for National Day yesterday.
  • Back home, the FBMKLCI finally rebounded amidst some bargain hunting activities.
  • Though the index managed to stay above the 1,650, overall sentiment was cautious.
  • In view of the ongoing consolidation phase, daily volume traded was extremely low at around the 2.5bn mark which indicates that the retail participation remains muted.
  • For today, we believe trading pattern to be similar in view of the latest events in the Middle East thus expect the index to hover within the 1,650-1,660 range today.
  • Meanwhile, gold is looking set to test another all time high soon from current level at around USD2,660/oz
Download
Daily Market Report ( 1 October 2024)
Daily Market Report ( 1 October 2024)
  • Wall Street closed positively as prevailing optimism over more rate cuts from the Federal Reserve continues.
  • Nonetheless, market watchers are also waiting for job data this Friday.
  • As such, the DJIA added 17 points while the Nasdaq gained 69 points as the US 10-year yield eased to 3.787%.
  • Over in Hong Kong, the HSI maintained its ascension after a week of buying frenzy following PBOC massive easing measures.
  • Sentiment was further buoyed by the easing of property buying restrictions in Guangzhou, Shanghai and Shenzhen.
  • The recent sharp uptrend in the HSI has also force short-sellers rushing to cover their positions.
  • Back home, sentiment remained subdued as profit taking activities continued within the ASEAN region.
  • As such, the FBMKLCI dipped below the 1,650 mark as the index remains stuck within a consolidation mode.
  • We noticed foreign funds as net sellers but are hopeful that the retail segment has begun to accumulate on stocks of late.
  • For today, we expect the index to over within the 1,645-1655 range in the absence of strong catalysts for now.
Download