New Headwinds On Energy Stocks

Concerns on global demand from OPEC saw the Brent crude dipped to below the USD93/barrel thus the Energy sector may experience some headwinds today

New Headwinds On Energy Stocks
Concerns on global demand from OPEC saw the Brent crude dipped to below the USD93/barrel - Photo by Dean Brierley / Unsplash

While the FBM KLCI closed lower amid some profit taking activities attributed a mixed regional performance, today we the Energy sector to experience some headwinds.

"Concerns on global demand from OPEC saw the Brent crude dipped to below the USD93/barrel thus the Energy sector may experience some headwinds today.

"Nonetheless, we noticed market undertone remains strong as there were some accumulations on Utilities and Healthcare stocks. Hence, we expect the index to hover between the 1,460- 1,475 range today as the Ringgit continues to strengthen against the USD currently at below the RM4.60 level," says Rakuten Trade.

Stocks Ended Lower

Malaysian equities ended lower attribute to profit taking activities amid mixed market sentiment across the region. The FBM KLCI shed 0.29% or 4.21 points to close at 1,464.00 with losers led by NESTLE, KLK and PPB. Market breadth was mixed with 445 losers against 431 gainers while 393 counters remain unchanged. Total volume stood at 2.80bn shares valued at RM1.57bn.

Key indices closed mixed on Monday. Nikkei 225 fell by 1.06% to close at 27,963.47 whereas STI gained 1.01% to close at 3,260.80. Meanwhile, HSI ended 1.70% higher to close at 17,619.71 though SHCOMP ended flattish with 0.13% lower to 3,083.40.

Wall Street ended lower as investors digested recent uptrend and the possibility that the Federal Reserves may ease their aggressive stance on interest rate hikes. The DJIA dropped 0.63% to end at 33,536.70. S&P500 and Nasdaq lost 0.89% and 1.12% to end at 3,957.25 and 11,196.22 respectively.

Wall Street ended lower as traders took a breather to digest recent uptrend and the possibility that the Federal Reserves may ease their aggressive stance on interest rate hikes. The DJI Average lost 211 points while the Nasdaq was 127 points lower as the US 10-year yield inched higher at 3.86%. Back home,

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