Daily Market Report - 15 Jan 2025
- It was another mixed day on Wall Street as the unloading on big tech stocks persisted despite the lower than expected PPI (producer price index) as traders are looking at today’s CPI figure.
- Meanwhile, the US 10-year yield remains high at 4.794%.
- Over in Hong Kong, the HSI added almost 350 points to close above the 19,000 mark following reassuring remarks from China’s securities regulator that it will stabilize the market after a wobbly start to 2025.
- Back home, the FBM KLCI ended in negative territory attributed to late selling activities.
- The index was trending positively throughout yesterday’s session but succumbed to selling pressure in the final hour.
- We were surprised by the sudden sell-down and may have been instigated by foreign funds.
- Nonetheless, we believe a quick rebound is required, hence anticipate the index to hover between the 1,575-1,585 range today.
- At current level, market valuations are at a cheap 14.5x vs historical average of 16.5x.
