Daily Market Report - 6 March 2025
- Wall Street staged a recovery rally after Trump allowed a 1-month tariff reprieve for automakers which many hopes will extend to other industries.
- Nonetheless, uncertainties remain coupled with potential inflationary pressure that saw the US 10-year yield higher at 4.28%.
- In Hong Kong, the HSI rebounded to almost the 23,600 mark led by CK Hutchinson following its proposed disposal of assets worth USD23bn near the Panama Canal.
- Meanwhile, China’s Premier Li Qiang during the opening of the National People’s Congress alluded to another 5% growth for China’s GDP this year plus more fiscal spending.
- On the home front, the FBM KLCI closed broadly higher as bargain hunters returned mopping up shares that were trashed a day before.
- The announcement of “a first of its kind” collaboration with Arm Holdings plc to fast-track Malaysia’s Tech sector up the value chain may be a catalyst for the sector as this will benefit existing players significantly.
- Judging from the positive regional performance, we believe the flight of foreign funds may have started thus expecting the index to hover within the 1,565-1,575 range today.
