Daily Market Report - 17 Feb 2025
- Wall Street ended mixed as traders selectively ignored the weaker than expected Retail sales for January.
- As such, while the Nasdaq closed positively on persistent demand for tech stocks, both the DJIA and S&P500 declined.
- Meanwhile, the US 10-year yield eased further to 4.478%.
- Over in Hong Kong, the HSI surged past the 22,000 underscored by improving sentiment over the muted responses between both the US and China on the prevailing trade war.
- Meanwhile, attention is also centred on the assembly of China’s tech giants in Beijing today.
- On the home front, the FBM KLCI was flat attributed to last minute buying on blue chips.
- Though the benchmark index performance has been rather erratic so far, we are convinced that the return of buying in Hong Kong illustrates that Asia is becoming the preferred destination for foreign funds and that ASEAN should benefit in due course.
- For today, we anticipate the index to trend between the 1,590-1,600 range.
