Daily Market Report - 6 Feb 2025
- Wall Street ended higher as traders are looking past the prevailing tariff uncertainty underscored by strong earnings from a selection of tech-based companies.
- Meanwhile, the US 10-year yield eased further to 4.424%.
- It is worthwhile noting that the US 10-year yield had declined from 4.8% a month ago to current level.
- Over in Hong Kong, the HSI eased by almost 200 points as sentiment was weighed down by Trump’s tariff uncertainty amid the ongoing trade tension.
- Meanwhile, Trump’s tactics help pushed gold prices to another record high to almost USD2,900/oz level.
- Back home, the FBM KLCI maintained its climb to close above the 1,570 mark thus illustrating that foreign selling may be done for now.
- We are still adamant that flight of funds from overseas will eventually land into Asia attributed to the reasonable valuations where the risk-reward ratio is better.
- That said, we still need to see if prevailing stock accumulation is sustainable hence expect the index to hover within the 1,570-1,580 range today.
