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 (April 11): The FBM KLCI rose 8.91 points or 0.5% while volume across Bursa Malaysia exceeded four billion shares amid certainty on Malaysia's 14th general election (GE14) timing.
Yesterday, the Election Commission announced that GE14's polling date will be on May 9 while the nomination date is on April 28. At a press conference, Election Commission chairman Tan Sri Mohd Hashim Abdullah said the election writ would be issued today (April 11) while early voting will be held on May 5.
Today, the Prime Minister's Office said in a statement the Government has declared GE14 polling day on May 9 as an additional public holiday to enable Malaysians to fulfill their obligation as voters.
At 5pm, the KLCI closed at 1,869.89 as Bursa Malaysia's small-cap and technology indices gained 1.43% and 2.07% respectively. Across Bursa Malaysia, 4.65 billion shares worth RM3.21 billion changed hands.
Areca Capital Sdn Bhd chief executive officer Danny Wong told theedgemarkets.com that as "GE14's date is now certain, the market is moving ahead strongly.”
Rakuten Trade Sdn Bhd vice president of research Vincent Lau said the "strong momentum seen in the Malaysian stock market is across the board and is led by the small and mid-cap stocks."
Source: The Edge
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