Daily Market Report - 6 Jan 2025
- Wall Street rebounded after a shaky start to 2025, attributed to broad based buying as traders are still confident of more upside unpinned by decent earnings growth.
- Meanwhile, the US 10-year yield edged higher at 4.602%.
- Over in Hong Kong, the HSI recovered from a bad start to 2025 as China regulators ramped up institutional support via a USD7.53bn swap facility in liquid assets to rebuild confidence.
- Back home, the FBM KLCI ended lower to just below the 1,630 level amid continued profit taking activities.
- Despite the absence of catalysts, we believe some stock accumulation to emerge as we expect foreign funds may be forced to re-look at Asia as a prime destination in view of the stuttering US market.
- As such, we anticipate the index to trend between the 1,630-1,640 range today.
