Daily Market Report - 8 Jan 2025
- Wall Street closed lower as the latest market data pointed to a higher-than-expected number of US job openings in November, underscoring economic resilience that might prompt the Federal Reserve to pause additional rate cuts.
- The Dow slide 0.42% while S&500 fell 1.11%.
- Profit takings in tech stocks caused the Nasdaq plunging 1.89%.
- The US 10- year Treasury yield rose over 7 basis points to 4.693%, after reaching an intraday peak of 4.699%, marking its highest level since April 2024.
- In Hong Kong, the HSI ended lower as Chinese tech stocks faced a sell-off following the US designation of dozens of Chinese firms as military-linked entities.
- Tencent Holdings and Contemporary Amperex Technology were among those blacklisted, highlighting deteriorating trade relations between the two largest economies, with tensions expected to escalate under President-elect Donald Trump's tariff policies.
- As for the local bourse, the FBM KLCI finished higher as bargain hunting activities emerged following two days of sell-off.
- The benchmark index is showing signs of recovery, supported by a positive EMA crossover and strong backing from local institutions.
- We believe the upward momentum will help the index regain its strength.
- For today, we expect the FBM KLCI to trade within the range of 1,625–1,635.
