Daily Market Report - 2 May 2025
- Wall Street rose as traders preferred to focus on the results posted by both Meta Platforms and Microsoft that beat expectations.
- This came when weekly jobless claims increases, showing a slowing economy with the US 10- year yield edged higher at 4.216%.
- The Hong Kong and Malaysia markets were closed for Labour Day yesterday.
- Nonetheless, both markets ended on a positive note on Wednesday.
- The HSI maintained above the 22,000 level buoyed by heavyweights namely AIA and Xiaomi despite a weakened PMI (purchasing manager’s index) for April.
- Back home, the FBM KLCI sprung another surprise by surging past the 1,530 level to close at 1,540.
- Though buying was broad-based, we noticed interests were particularly centred on the banks, telcos and Petronas related companies.
- Meanwhile, earnings reported so far have been rather encouraging, indicating corporate Malaysia may be on the right track to achieve the estimated 16% growth for CY2024.
- As such, we expect the index to trend within the 1,535-1,545 range today.
