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 (Feb 15): The FBM KLCI reversed earlier gains to end 0.01% lower, along with key Asian markets on Friday, amid foreign selling of local equities.
At 5pm, the benchmark index closed at 1,688.83, down 0.23 points from Thursday's close of 1,689.06. Earlier in the day, the FBM KLCI hit an intraday high of 1,693.85 after opening 3.23 points higher at 1,692.29.
Across Asia, Japan's Nikkei 225 fell 1.13% and South Korea's Kospi lost 1.34%, while Hong Kong's Hang Seng dropped 1.87% and China's Shanghai Stock Exchange Composite declined 1.37%.
CNBC reported that major Asian stock markets closed lower on Friday, following the release of US retail data overnight, which raised concerns over a slowing American economy. Investors await developments from the ongoing US-China trade negotiations in Beijing.
Back to the local equity market, TA Securities technical analyst Steven Soo told theedgemarkets.com that the KLCI had been trading sideways today, as foreign selling pressure weighs on Malaysian blue chips.
He expects the benchmark index to continue to be range bound in the near term, pending positive catalysts that could push the KLCI through the 1,705-point resistance level.
Across Bursa Malaysia, market breadth was negative with 457 losers against 326 gainers, while 430 counters traded unchanged. A total of 3.06 billion shares were traded today, valued at RM1.99 billion.
Among the gainers are consumer-related stocks like Fraser & Neave Holdings Bhd, Heineken Malaysia Bhd and Carlsberg Brewery Malaysia Bhd. As for losing counters, Nestle (Malaysia) Bhd, IHH Healthcare Bhd and QL Resources Bhd were among the top on the list.
The most-active stocks included oil and gas-related companies Sapura Energy Bhd, Bumi Armada Bhd and Hibiscus Petroleum Bhd.
Source: The Edge
He expects the benchmark index to continue to be range bound in the near term, pending positive catalysts that could push the KLCI through the 1,705-point resistance level.
Across Bursa Malaysia, market breadth was negative with 457 losers against 326 gainers, while 430 counters traded unchanged. A total of 3.06 billion shares were traded today, valued at RM1.99 billion.
Among the gainers are consumer-related stocks like Fraser & Neave Holdings Bhd, Heineken Malaysia Bhd and Carlsberg Brewery Malaysia Bhd. As for losing counters, Nestle (Malaysia) Bhd, IHH Healthcare Bhd and QL Resources Bhd were among the top on the list.
The most-active stocks included oil and gas-related companies Sapura Energy Bhd, Bumi Armada Bhd and Hibiscus Petroleum Bhd.
Source: The Edge
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