Daily Market Report - 16 Jan 2025
- Wall Street rebounded with a vengeance after December’s CPI came in slightly lower than expected thus allowing some breathing space that rate hike may be off the table for now.
- As a result, the US 10-year yield eased to below the 4.7% level to 4.655%.
- In Hong Kong, the HSI maintained its uptrend as investors are taking a positive stance ahead of some key economic data from China (economic growth for 4Q24) and the US CPI figure that will shape the outlook for monetary policies.
- Back home, the FBM KLCI continued to be pressured by foreign selling as it ended just above the 1,560 mark.
- We suspect foreign funds may be off-loading their position ahead of Trump’s inauguration, thereafter, gauge his move on tariffs.
- As we moved half-way into January, the index has already lost 5%.
- Nonetheless, we believe this presents an excellent opportunity to accumulate shares thus expect the index to hover within the 1,565-1,580 range today.
