Market: Fragile Sentiments To Remain

Wall Street fell sharply into the final hour of trading Monday following news Apple plans to slow hiring and curb spending next year to prepare for a possible recession.

Market: Fragile Sentiments To Remain

The FBM KLCI ended higher, inline with improving sentiment across the region. The benchmark index gained 0.78% or 11.1 points to end at 1,429.54 with gainers
led by PETDAG, PPB and KLK. Market breadth was positive with 517 gainers against 334 losers.

Total volume stood at 2.4bn shares valued at RM1.28bn. Key regional markets closed mostly higher yesterday.

HSI, SHCOMP and STI gained 2.70%, 1.55% and 0.65% to end at 20,846.18, 3,278.10 and 3,119.24 respectively.

Nikkei 225 was closed for a holiday.

Wall Street fell sharply into the final hour of trading Monday following news Apple plans to slow hiring and curb spending next year to prepare for a possible recession.

The DJIA fell 0.69% to end at 31,072.61. S&P500 and Nasdaq lost 0.84% and 0.81% to end at 3,830.85 and 11,360.05 respectively.

Sentiments

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US equities closed lower following a strong opening as sentiments became cautious on expectations over a choppy earnings season ahead.

The DJI Average lost 215 points while the Nasdaq declined by 92 points as the US 10-year yield edged higher to almost 2.99%. As for the local bourse, the FBM KLCI ended higher attributed to some late buying activities.

Nonetheless, potential upside for the benchmark index may be capped as sentiments remained fragile hence anticipate the index to hover within the 1,420-1,435 range today.

Meanwhile, the Brent crude rose above the US$105 mark to close at US$106.30/barrel as Biden failed to obtain a pledge from Saudi Arabia to
boost output, says Rakuten Trade.