Daily Market Report - 18 Dec 2024
- Wall Street closed broadly lower as traders are now worried that Trump’s as president may not be as positive as initially expected amid the elevated interest rates and heightened uncertainties.
- In view of the highly anticipated 25bps rate cut anytime soon, the US 10-year yield eased to 4.395%.
- As for Hong Kong, the HSI declined further as investors remained disillusioned over the lack of details from Beijing’s recent mention of easing measures policy, while waiting for the Fed decision to adjust interest rates soon.
- On the local front, the FBM KLCI finally relented from the continuous foreign fund selling as it closes below the 1,600 level.
- Admittedly, it was another dismal day for regional markets, especially those within the SEA region.
- The recent weakness of the local bourse has rendered valuation to a more alluring level estimated at 14.7x currently based on 2025 numbers.
- For today, we expect the index to hover within the 1,595-1,605 range.
