Selling Pressure On Oil & Gas Stocks

Wall Street ended lower on rising recession fears. The DJIA dived 1.62% to close at 29,590.41. S&P500 and Nasdaq tumbled 1.72% and 1.80% to end at 3,693.23 and 10,867.93 respectively.

Selling Pressure On Oil & Gas Stocks
Photo by Omar Elsharawy / Unsplash

The FBM KLCI continued to slide attributed to persistent unloading from foreign funds.

"With the local bourse now in oversold territory, we reckon the index to stage a rebound anytime soon hence expect it to trend within the 1,420-1,435 range today. Bargain hunting may emerge on Technology and Telco related stocks following last Friday’s sell-down.

"Nonetheless, Oil & Gas counters may see some selling pressure as crude oil prices decline with the Brent crude dipped to US$86/barrel on global recession concerns," says Rakuten Trade.

FBM KLCI Losing Streak

FBM KLCI continued its losing streak due to weak regional market sentiment. The benchmark index lost 0.99% or 14.18 points to 1,424.98 with losers led by NESTLE, KLK and PETGAS. Market breadth was negative with 540 losers against 278 gainers. Total volume stood at 1.84bn shares valued at RM1.57bn.

Key regional markets closed lower yesterday. STI fell 1.10% to close at 3,227.10. HSI and SHCOMP slumped 1.18% and 0.66% to end at 17,933.27 and 3,088.37 respectively. Meanwhile, Nikkei 225 was closed for Autumnal Equinox Day holiday.

Wall Street closed steeply lower on recessionary fears as all 3 major indices ended in negative territory despite some signs of bargain hunting activities. The DJI Average was down by 469 points while the Nasdaq declined by almost 200 points as the US 10-year yield inched slightly lower at 3.69%.

Wall Street ended lower on rising recession fears. The DJIA dived 1.62% to close at 29,590.41. S&P500 and Nasdaq tumbled 1.72% and 1.80% to end at 3,693.23 and 10,867.93 respectively.