US markets extended losses as rising oil prices and a sharp sell-off in tech stocks weighed on sentiment , overshadowing dovish signals from the Federal Reserve. Key Market Moves S&P 500 fell 0.4% to 6,343.72 Nasdaq dropped 0.7% to 20,794.64 Dow Jones rose 0.1% to 45,216.14 Key takeaway: Tech weakness and oil-driven inflation fears are dragging the broader market lower. What’s Driving the Sell-Off? 1. Oil Prices Surge Again Crude oil jumped over 5% to around US$105 Driven by ongoing US–Iran–Israel conflict Higher oil = higher inflation risk = pressure on equities 2. Tech Stocks Lead the Decline Heavy losses in AI, chip, and data-related names: Applied Digital : -13.5% AXT Inc : -13% Micron Technology : -9.9% Arm Holdings : -5% Intel : -4.5% Super Micro Computer : -4.1% AI and semiconductor stocks are facing profit-taking and valuation concerns 3. Fed Comments Not Enough to Lift Sentiment Jerome Powell signaled no immediate rate hikes despite rising energy pri...
KUALA LUMPUR (May 9): The FBM KLCI fell 1.59 points or 0.1% as the index pared losses on Axiata Group Bhd and Westports Holdings Bhd share gains.
At 5pm, the KLCI closed at 1,766.56 points after falling to its intraday low at 1,765.14 points. Investors took profit after the KLCI rose to its intraday high at 1,770.43 points.
Yesterday, the index climbed 5.41 points to 1,768.15 points as Emmanuel Macron's win in France's presidential election improved world market sentiment.
Today, Maybank Investment Bank Bhd chartist Nik Ihsan Raja Abdullah told theedgemarkets.com that the KLCI had fallen on Genting Bhd, Genting Malaysia Bhd, MISC Bhd and Malayan Banking Bhd (Maybank) share losses.
Genting Bhd fell eight sen to RM9.72, Genting Malaysia dropped two sen to RM5.74, MISC declined nine sen to RM7.35 while Maybank was three sen lower at RM9.36.
“Investors were battering down these four counters today but the losses were mitigated by continued support in Axiata and Westports today," Nik Ihsan said. Axiata rose three sen to RM5.25 while Westports added six sen to RM3.92.
Across Bursa Malaysia, 3.23 billion shares worth RM2.74 billion exchanged hands. A total of 427 counters ended higher versus 455 decliners.
Iskandar Waterfront City Bhd (IWCity) was the most-active stock with 237.62 million shares traded. The stock fell 55 sen to RM1.61 to become the second-largest decliner.
Tomorrow (May 10), Malaysian markets will be closed for the Wesak Day holiday. Markets reopen on Thursday (May 11).
On Thursday, the Statistics Department will announce the country's industrial output numbers at 12 noon. The Malaysian Palm Oil Board will announce the sector's output, inventory and export figures at about 12:30pm.
Source: The Edge
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