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 (June 22): The FBM KLCI closed 3.98 points or 0.26% higher at 1,511.24 after a final hour jump helped the index erased losses, following volatile trade, as concerns of a second wave in Covid-19-infections dented world market sentiment.
At 5pm, the KLCI closed higher after dropping to its intraday low at 1,502.64.
Across Bursa Malaysia, 6.33 billion shares worth RM3.11 billion were traded. There were 548 decliners and 434 gainers.
Rakuten Trade Sdn Bhd research vice president Vincent Lau told theedgemarkets.com that the KLCI’s rise "reflected a cautious regional performance” amid concerns of a resurgence in Covid-19 cases globally.
It was reported that emerging market stocks started the week on softer footing on Monday, after the World Health Organization reported a record global increase in Covid-19 cases, while South Africa’s rand weakened ahead of a local emergency budget later this week.
"Fears of a second wave of coronavirus infections pushed the MSCI’s index of emerging market stocks 0.1% lower. The index had risen 1.5% in the previous week,” Reuters reported.
Across Bursa today, top gainers included KLCI stocks PPB Group Bhd and Hong Leong Financial Group Bhd (HLFG). PPB’s share price closed up 56 sen or 3.24% at RM17.86, while HLFG rose 26 sen or 1.85% at RM14.28.
The top active stock was MQ Technology Bhd, which saw some 506 million shares traded. MQ Technology’s share price closed up 1.5 sen or 30% at 6.5 sen.
Source: The Edge
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