Daily Market Report - 10 Feb 2025
- Wall Street declined as sentiment turned cagey whilst inflationary pressure remains evident.
- The latest unemployment rate fell to 4% from 4.1% however, the average hourly earnings were higher than expected for January.
- As such, the US 10-year yield spiked up to 4.495%.
- Over in Hong Kong, the HSI maintained its impressive performance to end at above the 21,000 level spurred on by the tech sector which showed promising advancements of late.
- On the home front, the FBM KLCI continues with its climb to land at 1,590 as we believe foreign funds may have returned.
- Though the daily trading volume remains subdued we are hopeful that this will improve as foreign money trickles back.
- For today, we expect the index to hover within the 1,585-1,595 range.
- Meanwhile, the CPO price seems to be making a comeback as it trended around the RM4,500/tonne.
- For comparison, Jan 2025 CPO price averaged at RM4,670/tonne against Jan 2024 RM3,780/tonne.
