Daily Market Report - 21 Mar 2025
- Wall Street closed lower despite a bright opening as sentiment turned cautious amid Trump’s tariff uncertainties coupled with the Fed’s not too optimistic outlook on inflation and economic growth.
- Meanwhile, the US 10-year yield eased slightly to 4.241%.
- Over in Hong Kong, the HSI slumped by more than 560 points to end at a 3-day low as recent rally is showing some fatigue.
- In addition, the Fed’s neutral stance on interest rates may also have diluted expectations of rate cuts going forward.
- Back home, the FBM KLCI maintained its decline as selling by the foreign funds remains unrelenting.
- Regardless, we believe at current levels bargain hunting activities should emerge anytime soon, especially when the index dips below the 1,500 level.
- We believe the weakness can also be attributed to the weak futures on Wall Street whereby the DJIA and Nasdaq are losing almost 200 points at time of writing.
- For today, we expect the index to trend between the 1,495-1,515 range.
