Daily Market Report - 24 Mar 2025
- Wall Street managed to barely close positively on a “quadruple witching day” when stock and index options, index and single stock futures expire.
- Despite all 3 major indices coming off their lows, trading was choppy as sentiment remain cautious over the tariff uncertainties.
- Meanwhile, the US 10-year yield inched higher at 4.25%.
- Over in Hong Kong, the HSI slumped further citing the narrowing valuation gap between the Chinese and US tech companies.
- Dismal results from CK Hutchinson Holdings further compounded the sell-down.
- On the local front, the FBM KLCI ended above water, but market undertone was jittery as selling by foreign funds remains evident.
- Though we noticed some early buying support, this evaporated as foreign disposal became more pronounced.
- As a result, we expect the index to hover within the 1,500-1,510 range today.
