Trader’s Look at Market - "SET skyrocketed in a sea of red" (9 Jan 2025)

Ken Low wrote a column · Jan 9 08:33

Global markets

Fed minutes show concern about the pace of rate cuts and most likely, official would hold rates steady at this juncture. Fed provides guidance that higher than expected inflation may be attributed to potential tariffs by Trump. Officials thought inflation edging to 2% target, but “the process could take longer than previously anticipated”.

US treasury yields edged higher to close at 4.69%, within striking distance of 1 year high of 4.73%. VIX spiked to 19 regions before settling down at 17.70.

Malaysia markets

Local Macro

Local currency hovered around 4.5000 level (resistance) while MGS 10 years settled unchanged at 3.86%.

KLCI Performance

KLCI was so trendy, encountering selling pressure and declining to close at 1,614 (-14.96). The index retreated half of the gain of recently rally, starting from 1,600 on Christmas Eve.

Malaysia equity flow (MYR million)

Trader’s Look at Market - "SET skyrocketed in a sea of red" (9 Jan 2025)

Local equities continued risk off mode where foreigner sold MYR 112 mil equities yesterday.

Sectoral performance (%)

A sea of red in domestic market, led by the biggest loser, healthcare (-2.77%).

Stocks on focus:

Most stocks were hammered; only $SET (0337.MY)$ took the centre of the stage. SET skyrocketed to 0.395 (+41.1%) on its IPO debut. SET manufactures electrical and instrumentation equipment. It offers industrial automation, process control, solar PV, navigational aid, radar beacon and power distribution systems. SET serves customers in Malaysia, Thailand, Singapore and China. As of yesterday’s closing, P/E was around 18 while there was no track record of dividend yield.

Survey:

NFP tomorrow market consensus 165k, you think more or less than 165k?

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Ken Low

Head of Dealing, Moomoo Malaysia

Experienced trader at bank, covering equity, FX, commodity & derivatives. Specialize in market making & flow trading.

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