Market Reports

Daily Market Report (3 May 2024)
Daily Market Report (3 May 2024)
  • Wall Street closed higher as US Fed Chair Jerome Powell played down the likelihood of an interest-rate hike, bringing relief to investors.
  • Furthermore, the US central bank revealed its strategy to slow down the pace of its balance sheet drawdown starting on June 1, aiming to prevent any excessive strain on financial markets.
  • As a result, the Dow finished 0.85% higher, ending above the 38,800 mark, while the tech-heavy Nasdaq jumped 1.51%, closing in on the strong resistance level of 16,000.
  • In Asia, key indices finished mixed due to profit-taking in some bourses, while in Hong Kong, stocks finished sharply higher with strong buying in EV and real estate sectors.
  • Consequently, the Hang Seng Index jumped 2.5% to finish at 18,000 points.
  • On the domestic front, the FBM KLCI closed higher as investors seized the opportunity to bottom fish following the sell-off on Tuesday.
  • We believe the outlook for local equities remains positive, thanks to the continuous inflow of foreign funds into the region.
  • Hence, we anticipate the FBM KLCI to trend within the range of 1,580-1,590 for today.
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Daily Market Report (2 May 2024)
Daily Market Report (2 May 2024)
  • Wall Street closed with mixed results following the Federal Reserve's decision to maintain its key interest rate, as anticipated.
  • The Fed suggested that while a rate cut might be the next step, sustained progress on inflation remains uncertain.
  • The Dow rose 87 points (0.20%) to end just below the 38,000 mark.
  • However, stocks associated with artificial intelligence faced difficulties, as some of the top AI companies reported disappointing earnings, sending the Nasdaq 52 points lower to settle at 15,605.
  • Meanwhile, trading was muted in the region as several bourses were closed for a public holiday.
  • On the domestic front, the FBM KLCI closed lower after on Tuesday due to profit taking activities.
  • While there was a pullback subsequent to the rally, we perceived this correction as a healthy consolidation essential for sustaining the upward trend.
  • As such we anticipate the FBM KLCI to trend within the range of 1,570-1,580 for today.
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Daily Market Report (30 April 2024)
Daily Market Report (30 April 2024)
  • Wall Street continued with its uptrend boosted by solid corporate earnings report, but Tesla was the day’s hero after it cleared the first hurdle for full self-driving technologies in China.
  • Nonetheless, rotational plays amongst the mega tech stocks were evident with McDonald’s, Coke and Amazon earnings still to come.
  • As such, the DJI Average gained 146 points while the Nasdaq added 55 points with the US 10-year yield easing further to 4.612%.
  • In Hong Kong, the HSI added another 96 points or improved by almost 19% from its YTD low in mid-January.
  • The revitalisation of the Hong Kong market can largely thanks to China’s new measures to boost sentiment plus the improving corporate earnings.
  • Back home, the FBM KLCI ended at another YTD high underpinned from broad-based buying on blue chips and surprisingly Banks were not the preferred ones.
  • Nonetheless, we believe this offers good opportunities to buy some banking stocks as interest will eventually return to the sector.
  • For today, we expect the index to hover between the 1,580-1,590 range and we will be closed for Labour Day tomorrow.
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Daily Market Report (29 April 2024)
Daily Market Report (29 April 2024)
  • Wall Street ended the week on a strong note buoyed by robust earnings from both Alphabet and Microsoft while dispelling initial concerns over slower US economic growth and sticky inflation.
  • As such, the DJI Average gained 154 points while the Nasdaq rallied 316 points as the US 10-year yield eased slightly to 4.663%.
  • Over in Hong Kong, the HSI jumped 366 points as confidence seems to be back underpinned by policies to boost the market coupled with positive corporate earnings.
  • On the home front, the FBM KLCI closed on a YTD high as bargain hunters returned to the local bourse.
  • For today, we expect the index to maintain its upward trajectory hence anticipate the index to hover between the 1,575-1,585 range with buying interests possibly focused on the Banks.
  • Meanwhile, crude oil prices are expected to trend higher in view of the escalating tension in the Middle East and lower inventory that saw the Brent crude to close at US$89.50/barrel.
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Daily Market Report (26 April 2024)
Daily Market Report (26 April 2024)
  • Wall Street tumbled as traders were spooked by lower latest US economic growth amid a persistently high inflation rate thus adding more headaches for the Federal Reserve.
  • In view of this, the DJI Average declined 375 points while the Nasdaq lost 101 points with the US 10-year yield closing higher at 4.704%.
  • Nonetheless, stock futures rose on the back of solid earnings released by both Alphabet and Microsoft during after-hour activities.
  • In Hong Kong, the HSI maintains its uptrend but off the day’s high as foreign funds are raising their allocation for Chinese assets buoyed by recent pledge from the Chinese authority to support the Hong Kong market.
  • Back home, the FBM KLCI eased marginally after touching a YTD high due to some profit taking activities of which is deemed healthy.
  • As such, we believe the local bourse may have more legs to trend higher hence expect the index to hover between the 1,565-1,575 range today.
  • Meanwhile, the crude palm oil fell to below the US$3,900/tonne to a 2-month low  in line with the drop in other edible oils.
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