Daily Market Report - 12 March 2025
- Wall Street slumped further amid a mud slinging contest between Trump and Canada over the latest tariffs of which both agreed to suspend temporarily.
- However, trading on US equities remains choppy on fresh recessionary concerns.
- Meanwhile, the US 10-year yield edged higher at 4.282%.
- Over in Hong Kong, the HSI closed flat despite a poor opening as bargain hunters returned in the afternoon session.
- Early sentiment was spooked by recessionary fears in the US but soon dissipated as funds mopped up shares following Citigroup downgrades on US equities.
- Back home, the FBM KLCI maintained its lacklustre performance as it closed just above the 1,520 level.
- Foreign funds remain net sellers as we believe many are selling down their SEA region holdings as a knee jerk reaction and move over to Hong Kong for now.
- We are certainly buyers of local shares at current levels, trending at a cheap 14x market PER hence expect some bargain hunting activities to emerge and the index to hover within the 1,515-1,530 range today.
