Market Reports

Daily Market Report (2 July 2024)
Daily Market Report (2 July 2024)
  • Wall Street closed firmer in a shortened trading week despite traders are becoming concern over the lack of market breadth during the recent run-up.
  • Nonetheless, the DJIA rose 51 points while the Nasdaq jumped 147 points with the US 10-year yield edging higher to 4.47%.
  • Hong Kong market was closed yesterday.
  • Back home, the FBM KLCI closed higher as bargain hunting activities emerged after a 7-day decline.
  • However, we noticed daily volume traded has declined tremendously to below the 4bn units threshold hence expect this to improve soon to sustain the recent uptrend.
  • As such, we anticipate the index to trend between the 1,600-,1610 range today as valuation remains reasonable amongst the blue chips.
  • Meanwhile, crude oil prices were mostly higher with the Brent crude closing in to the US$87/barrel on heightening geopolitical tension and improving demand.
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Daily Market Report (1 July 2024)
Daily Market Report (1 July 2024)
  • Wall Street closed lower as traders are digesting the latest economic data released last Friday, as May’s inflation is within consensus estimates but consumer sentiment is on the rise.
  • Nonetheless, the majority still feels that the Federal Reserve may adjust interest rates in September.
  • As such, the DJIA lost 45 points while the Nasdaq declined by 126 points as the US 10-year yield edged higher to 4.392%.
  • In Hong Kong, the HSI pared earlier gains to end the day flat as sentiment turned cautious on China’s growth trajectory.
  • On the home front, the FBM KLCI finally managed to close in positive territory at the 1,590 mark.
  • We believe the domestic market undertone to improve following a rather muted inflation data from the US thus expect the index to hover within the 1,590-1,600 range today.
  • Meanwhile, the weakening of the Japanese yen against the greenback to a 38-year low could prompt possible fresh realignments of portfolios out of the Japanese stockmarket and into other Asian markets.
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Daily Market Report (28 June 2024)
Daily Market Report (28 June 2024)
  • Wall Street edged marginally higher as traders remain sidelined ahead of fresh inflation data to be out later today.
  • As a result, the DJIA closed 36 points higher while the Nasdaq added 53 points.
  • Meanwhile, the US 10-year yield dipped slightly to 4.286% on higher jobless claims indicating a softening US job market.
  • Over in Hong Kong, the HSI fell by more than 370 points over the weaker industrial profits from Chinese companies illustrating that China’s economic recovery momentum may be weakening.
  • Back home, the FBM KLCI ended lower as selling persisted amid a declining regional performance.
  • We believe trading pattern on the local bourse to be subdued today ahead of the release of the US personal consumption expenditure data later today.
  • Therefore, we expect the benchmark index to trend between the 1,580-1,590 range today.
  • At current levels, the local bourse is trading at a reasonable 15x market PER as compared to the historical 16.5x thus may instigate some bargain hunting activities in due course.
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Daily Market Report (27 June 2024)
Daily Market Report (27 June 2024)
  • Wall Street barely stayed above water amid a muted trading session as sentiment was cautious ahead of May’s Personal Consumption Expenditure (PCE) data tomorrow.
  • As a result, the DJIA added 16 points while the Nasdaq closed 87 points higher with the US 10-year yield edged higher at 4.329%.
  • Over in Hong Kong, the HSI remained above the 18,000 level after China’s approval for more online games.
  • However, the index closed off highs as profit taking activities emerged amid the heightening geopolitical tension.
  • Back home, the FBM KLCI finally closed on a positive note underpinned by some bargain hunting activities.
  • Nonetheless, we believe trading would be rather subdued as many will be waiting for the inflationary data on Friday.
  • For today, we expect the index to hover within the 1,590-1,600 range as recent selling may have run its course.
  • Meanwhile, crude oil prices remained strong as the Brent crude stayed above the US$85/barrel and many is expecting prices to go higher amid increasing demand and supply deficiency.
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Daily Market Report (26 June 2024)
Daily Market Report (26 June 2024)
  • Wall Street closed mixed again on Tuesday following a cautious session, as investors awaited crucial U.S. data, including a report on consumer income and spending, for more insight into the Federal Reserve's interest rate outlook.
  • Nvidia stock rebounded on Tuesday following a multi-day decline, boosting the tech-heavy Nasdaq, which increased by 1.3%.
  • The S&P 500 closed 0.4% higher as well while the Dow eased 0.8% mainly due to selling on consumer stocks.
  • Regionally, key indices finished mostly higher due to bargain hunting activities.
  • Hong Kong stocks recovered stability, raising the HSI by 0.25% following three days of significant losses, as Mainland Chinese and European ministers initiated dialogue on tariffs for Chinese electric vehicles.
  • As for the local bourse, The FBM KLCI trended downward as investor sentiment remained cautious due to a lack of buying catalysts.
  • Despite this, we believe the sell-off offers an opportunity for investors to find bargains in lower-priced stocks.
  • However, we exercise caution due to increasing market volatility and expect the benchmark index to consolidate until more clarity emerges.
  • Therefore, we anticipate the benchmark index to range between 1,580 and 1,590 today.
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