Daily Market Report - 19 Feb 2025
- Wall Street closed on a positive note albeit just, as all 3 major indices experienced late buying support following a rather choppy session.
- Overall sentiment remains cautious as traders weighed on prevailing trade tension plus inflationary headwinds.
- Meanwhile, the US 10-year yield edged higher to 4.552%.
- Over in Hong Kong, the HSI’s bull run continues and briefly breached the 23,000 mark before closing near the 22,980 level or at almost a 5-month high.
- Sentiment was buoyed by Xi Jinping’s recent meeting with China’s Tech giants indicating solid endorsements by Beijing for the private sector.
- Back home, the FBMKLCI finally managed to end marginally higher despite signs of foreign selling throughout the session.
- Nonetheless, we believe local institutions may be accumulating selective stocks ahead of the 4Q2024 earnings season.
- For today, we expect the index to hover between the 1,580-1,590 range as market undertone remains rather cautious.
