Daily Market Report - 27 Dec 2024
- Wall Street ended little changed after a weak opening as the pre-Christmas buying fizzled out.
- Meanwhile, the US 10-year yield remains high at 4.585%.
- The Hong Kong market was closed for Boxing Day and will resume trading today.
- On the home front, the FBM KLCI finally closed above the 1,610 level underpinned by bargain hunting activities.
- Based on 2025 estimates, the local bourse is currently trading at a PE of almost 15x which is deem reasonable.
- Nonetheless, daily volume traded remained low as foreign selling may be drying up, hence offer ample opportunities for the benchmark index to climb further, hopefully to above the 1,630 mark.
- As such, we expect the index to possibly hover within the 1,610-1,620 range today.
