Daily Market Report - 18 Feb 2025
- Wall Street was closed for President’s Day yesterday and will resume trading today.
- Over in Hong Kong, the HSI ended flat following a sterling performance of late.
- YTD the Hong Kong market has jumped 15% spearheaded by the Tech sector predominantly from the DeepSeek effect.
- For today, the muted performance was more of an opportunity for the market to digest recent gains.
- However, the situation was different at home as the FBM KLCI surprisingly declined to near the 1,580 level amid persistent foreign selling.
- As we enter into a fresh earnings period over the next 2 weeks, investors may wait for the results before committing themselves.
- Meanwhile based on our estimates, we believe earnings growth for the 4Q2024 to be good as we forecast a 16.9% improvement for CY2024.
- Thus, we reckon yesterday’s lacklustre performance may be an opening for some bargain hunting activities hence expect the index to hover within the 1,580-1,590 range today.
