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 (Aug 30): The FBM KLCI rose 16.96 points or 1.06% today to close at its intraday high as news on US and China's willingness to continue trade negotiations buoyed world markets.
At 5pm, the KLCI closed up at 1,612.14 points amid broad-based buying across Bursa Malaysia. All Bursa indices closed in positive territory save for the ACE Market gauge.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI rose on US-China trade optimism and as investors bargain hunted for selected KLCI stocks on August's final trading day today.
Today also marks the conclusion of the Malaysian corporate financial reporting season for the April-to-June quarter. At a glance today, Bursa top gainers included KLCI components Petronas Dagangan Bhd, Hong Leong Financial Group Bhd and Kuala Lumpur Kepong Bhd.
“The sharp uptick on the key index (KLCI) was also in line with the
positive sentiment across its regional peers," Leong told
theedgemarkets.com
Reuters reported that Asian shares jumped to a one-week high on Friday as the United States and China showed a willingness to resolve their trade dispute by returning to the negotiating table, though lingering recession fears tempered some of the enthusiasm.
It was reported that China's Commerce Ministry said both sides are discussing the next round of talks scheduled for September, but progress would be determined by whether Washington could create favorable conditions. US President Donald Trump said in a Fox News radio interview that trade talks were scheduled for Thursday "at a different level," but did not provide details, according to Reuters.
Next week, Malaysian markets will be closed on Monday (Sept 2) in lieu of Awal Muharram, which falls on Sunday. Trading resumes on Tuesday (Sept 3).
Source: The Edge
Reuters reported that Asian shares jumped to a one-week high on Friday as the United States and China showed a willingness to resolve their trade dispute by returning to the negotiating table, though lingering recession fears tempered some of the enthusiasm.
It was reported that China's Commerce Ministry said both sides are discussing the next round of talks scheduled for September, but progress would be determined by whether Washington could create favorable conditions. US President Donald Trump said in a Fox News radio interview that trade talks were scheduled for Thursday "at a different level," but did not provide details, according to Reuters.
Next week, Malaysian markets will be closed on Monday (Sept 2) in lieu of Awal Muharram, which falls on Sunday. Trading resumes on Tuesday (Sept 3).
Source: The Edge
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