Daily Market Report - 24 Feb 2025
- Wall Street slumped as traders weighed on the latest batch of data suggesting weakening US economic growth.
- Lower consumer sentiment, inflationary pressure and lower home sales have had traders looking at safer assets.
- Meanwhile, the US 10-year yield eased further to 4.431%.
- Over in Hong Kong, the HSI flew past the 23,000 mark with ease, to a 3-year high boosted by the Tech rally following the recent engagements between Xi Jinping and the Tech bigwigs.
- YTD, the HSI has gained 16% while the Hang Seng Tech Index improved by 20%.
- Back home, the FBM KLCI ended higher above the 1,590 mark as we believe foreign funds are finally back in view of the regional positive performances.
- As mentioned numerously, we expect a flight of funds out of US equities to Asian ones attributed to better risk/reward ratio.
- For today, we expect the index to trend within the 1,590-1,600 range.
