Daily Market Report - 26 Dec 2024
- Wall Street managed to conjure up a mini Santa Rally as all 3 major indices ended positively ahead of the Christmas break.
- Nonetheless, overall sentiment remains cautiously bullish as the US 10-year yield remains elevated at 4.591%.
- Over in Hong Kong, the HSI broke the 20,000 mark amid a muted trading session as mainland investors went on a shopping spree on expectations that China will introduce more stimulus to spur economic growth.
- Back home, the FBM KLCI closed higher at above the 1,600 level despite daily volume traded dwindling to around 2.0bn shares.
- Though hints of bargain hunting were apparent, the local bourse is seriously in need of a major dose of liquidity.
- Hopefully, the buying momentum will gather pace and carry the index higher into 2025.
- Hence, we expect the benchmark index to hover within the 1,600- 1,610 today.
