Daily Market Report - 23 Apr 2025
- Wall Street surged on hopes that current trade tension between China and the US would ease, after Treasury Secretary Scott Bessent said that there will a de-escalation as prevailing situation is not sustainable.
- Meanwhile Trump reiterated that he has no intension to get rid of Jerome Powell as the US 10-year yield eased marginally to 4.401%.
- Over in Hong Kong, the HSI ended on a positive note amid a choppy session as sentiment improved on hopes of more stimulus from China.
- As gold is testing its all-time high again, a spate of gold related stocks on the HKSE displayed solid “high-jumps” of between 5-14%.
- Back home, the FBM KLCI closed broadly lower to below the 1,490 level mainly attributed to the emergence of foreign sellers as illustrated by the higher daily volume traded of 3.53bn shares from 1.53bn on Monday.
- Nonetheless, we believe the index may experience some buying support today, taking cue from Wall Street’s sharp rebound.
- As such, we expect the index to hover between the 1,490-1,500 range today.
