Daily Market Report - 22 Apr 2025
- Wall Street slumped as tension between Trump and Powell escalates to new heights with Trump looking to remove Powell, but his hands may be tied in doing so.
- However, if Trump forces it through, this will change the perception on the Federal Reserve as an independent entity.
- Meanwhile, the US 10-year yield edged up to 4.417%.
- Hong Kong market will resume trading today following a 2-day break.
- Back home, the FBM KLCI closed flat amid a muted trading session.
- We suspect foreign selling may have evaporated somewhat judging from the daily trading volume which had dwindled to 1.53bn shares yesterday, possibly the lowest we have seen YTD.
- Although this may be good news for the index, the prevailing low daily volume is negative for the market trading velocity.
- As such, the local bourse is in dire need of major buying catalysts with the local institutions to take the lead in accumulating shares at current reasonable levels.
