Daily Market Report - 29 Apr 2025
Daily Market Report - 29 Apr 2025

Daily Market Report - 29 Apr 2025

  • Wall Street ended mixed with an eye on corporate earnings coupled with the so-called ongoing trade negotiation with China as stated by Trump even though the Chinese denied such statement.
  • Meanwhile, the US 10-year yield eased to 4.206%.
  • Over in Hong Kong, the HSI was flattish as Beijing latest economic updates failed to inspire investors’ confidence in the absence of any stimulus measures.
  • Nonetheless, Goldman Sachs expect Chinese funds to increase buying of Hong Kong stocks this year by 50% to around USD110bn.
  • Back home, the FBM KLCI maintained its ascension with another impressive performance pushing the index to above the 1,520 level.
  • We suspect foreign buying is playing a large part in this after 3 consecutive days of net inflows amounting to USD540m.
  • We are indeed surprised by the sudden U-turn after 4 months of relentless foreign selling this year.
  • If such buying continues, we may see the index to hover between the 1,520-1,530 range today and surpass the crucial 1,530 mark anytime soon.
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