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 24): The FBM KLCI pared losses today to close 0.6 point or 0.04% down at 1,592.33 after investors bargain hunted for index-linked stocks including banking entities, which had earlier dropped in anticipation Bank Negara Malaysia (BNM) may further cut the overnight policy rate (OPR) this November, after the 25 basis point (bp) cut to 3% in May this year.
At a glance today, these banking stocks included Malayan Banking Bhd (Maybank) and Public Bank Bhd. At 5pm, the KLCI pared losses after falling to its intraday low at 1,585.58.
MIDF Amanah Investment Bank Bhd head of research Mohd Redza Abdul Rahman told theedgmarkets.com that "banking stocks, mainly Maybank and Public Bank, were affected by a report today that suggested that BNM may cut the OPR in November."
Today, Maybank's share price closed down seven sen or 0.8% at RM8.65 while Public Bank was down four sen or 0.2% at its intraday low at RM20.10.
Maybank pared losses after falling to its intraday low at RM8.62.
BNM's website showed that there will be one more Monetary Policy Committee (MPC) meeting this year on Nov 5.
At the latest MPC meeting on Sept 12 this year, BNM said the MPC decided to maintain the OPR at 3%.
On May 7 this year, BNM said the MPC decided to reduce the OPR to 3%. During the previous meeting on March 5 this year, BNM said then that the MPC decided to maintain the OPR at 3.25%.
Source: The Edge
BNM's website showed that there will be one more Monetary Policy Committee (MPC) meeting this year on Nov 5.
At the latest MPC meeting on Sept 12 this year, BNM said the MPC decided to maintain the OPR at 3%.
On May 7 this year, BNM said the MPC decided to reduce the OPR to 3%. During the previous meeting on March 5 this year, BNM said then that the MPC decided to maintain the OPR at 3.25%.
Source: The Edge
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