U.S. 10Y touches 5%, AI stocks tumble and oil stays above US$105 markets brace for tomorrow’s Fed decision Global markets enter Tuesday with three pressure points converging: U.S. borrowing costs briefly crossed 5%, oil remains above US$100, and the AI trade suffered a sharp reset overnight . The S&P 500, Dow and Nasdaq all closed lower Monday, while the Philadelphia semiconductor index plunged 5.9% . For Malaysian investors, there was one encouraging counterpoint: the FBM KLCI rebounded 0.66% to 1,698.01 , snapping four consecutive losing sessions despite the difficult global backdrop. 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,619.98, -0.48% 🇺🇸 Dow Jones 52,421.20, -0.29% 🇺🇸 Nasdaq 26,186.41, -0.56% 🇲🇾 FBM KLCI 1,698.01, +0.66% 💵 USD/MYR ~4.04–4.05 🇺🇸 U.S. 10Y Treasury briefly >5%; ~4.98% later 🥇 Spot gold ~US$4,313/oz, -0.8% 🛢️ Brent US$105.68/bbl, +~1% ₿ Bitcoin ~US$79,150, +~2% Monday The dollar strengthened Mo...
KUALA LUMPUR (Nov 10): The FBM KLCI dropped 4.53 points or 0.26% today, taking a weak lead from the overnight lower closing on Wall Street following possible delays in its corporate tax cuts.
The benchmark index opened at 1,746.53 points this morning, and was trading between 1,740.94 and 1,748.94 points, before it ended the week at 1,742.28 points.
Inter-Pacific Securities head of research Pong Teng Siew told theedgemarkets that the KLCI traded between small gains and small losses today, mainly because investors were worried over the prospect of the landmark US tax bill which may be delayed until 2019.
“Uncertainties around the US tax plans was a huge trigger for its market, the US market was down last night and it is not surprising that we are experiencing some spillover negative effects,” he said.
Pong also noted some abnormalities on Bursa Malaysia today, as the strengthening of the ringgit against the US dollar to levels just below 4.20 sent export-oriented stocks upwards instead.
Across the board 3.11 billion shares worth RM2.14 billion were traded today. Decliners outpaced gainers at 503 stocks to 342 respectively.
The most actively-traded stocks today were Sumatec Resources Bhd, Hibiscus Petroleum Bhd, Malayan United Industries Bhd and Key Asic Bhd.
Stocks ending in negative territory were led by Kim Loong Resources Bhd, MISC Bhd, Genetec Technology Bhd, and Malayan Smelting Corp Bhd; whereas top gainers were export-oriented KESM Industries Bhd, Hartalega Holdings Bhd and Vitrox Corp Bhd.
Looking to major bourses, Tokyo’s Nikkei 225 lost 0.82% or 187.29 points at 22,681.42 points while South Korea’s Kospi ended 7.62 points or 0.30% down at 2,542.95 points.
Source: The Edge
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