Daily Market Report - 3 Jan 2025
- Wall Street closed lower amid a volatile session as high valuations remain a major stumbling block with an eye on Trump’s return.
- In addition, the latest job data showed that the US labour market is still strong and resilient hence the US 10-year yield stays elevated at 4.563%.
- On a broader perspective, Asian markets welcomed 2025 on a weak note as investors are faced with trepidation ahead of Trump’s return to the White House.
- As such, the HSI closed below the 20,000 mark over the uncertainty on China’s growth and Trump’s policy.
- Back home, the FBM KLCI also ended lower to just above the 1,630 level, suffering from indigestion after almost a 30-point gain since last Friday.
- Nonetheless, we believe this is only temporary as market valuations will play a pivotal role and Malaysian stocks are reasonably priced.
- Therefore, we expect the index to recover and hover within the 1,630- 1,640 range today.
