Daily Market Report - 29 August 2025
- Wall Street closed positively with the S&P 500 touching another record high as traders were convinced that Nvidia’s earnings further affirmed the prevailing AI boom, albeit with some initial concerns.
- Meanwhile, the US 10-year yield eased to 4.205% further highlighting the rate cut possibility by the Federal Reserve in midSeptember.
- Over in Hong Kong, the HSI declined to just below the 25,000 level as sentiment was affected by earnings from Chinese companies weren’t compelling enough coupled with NVidia’s downbeat outlook.
- Back home, despite hovering rather positively throughout the day, the FBM KLCI ended marginally lower attributed to last minute selling activities.
- We believe this could be due to profit taking by foreign funds.
- For today, we expect the index to hover between the 1,585-1,595 range ahead of the long weekend.
