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 (Sept 13): The FBM KLCI closed up 7.35 points or 0.41% on bargain hunting and as Asian stocks rose on renewed interest in US-China trade talks.
Reuters reported that Asian shares advanced on Thursday on news the Trump administration has reached out to China for a new round of trade talks, which raised hopes for a deal easing the bitter tariff dispute between the world's two biggest economies. It was reported that MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent, a day after it hit 14-month lows.
At Bursa Malaysia, the KLCI closed at 1,792.6 after falling to its intraday low at 1,777.45. Yesterday, the KLCI fell 13.92 points.
Today, Vincent Khoo, head of research for Malaysia at UOB Kay Hian said: “I think the local market will continue to be squeezed by external sentiment." Khoo noted that the KLCI's recovery followed the direction of regional peers.
He said Malaysian markets may continue to track the movements of Mainland China and Hong Kong indices. Today, the Shanghai Stock Exchange Composite climbed 1.15% while Hong Kong's Hang Seng rose 2.54%. Elsewhere across Asia, Japan's Nikkei 225 closed up 0.96%.
Across Bursa Malaysia, 2.38 billion shares were crossed for RM2.58 billion. Top gainers included United Plantations Bhd besides KLCI-linked stocks, CIMB Group Holdings Bhd and Axiata Group Bhd.
Source: The Edge
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