What's The Pattern On Bursa Ahead of FOMC Meet?
Concerns over the US banking sector spooked crude oil prices as well with the Brent crude dropping to below US$81/barrel thus may see some headwinds for the Oil & Gas counters today
Back home, some bargain hunting activities helped the FBM KLCI to close in positive territory despite overall sentiment remains cautious.
"Concerns over the US banking sector spooked crude oil prices as well with the Brent crude dropping to below US$81/barrel thus may see some headwinds for the Oil & Gas counters today," says Rakuten Trade.
"We anticipate a similar trading pattern on the local bourse today ahead of the FOMC meeting next week hence expect the index to hover between the 1,420-1,430 range," it says.
Wall Street slumped after a decent opening as weak earnings from First Republic Bank that saw its deposits declined by 40% for the 1Q 2023 reignited concerns over the broader sector.
As such, the DJI Average declined by 344 points while the Nasdaq lost 238 points while the US 10-year yield eased to the 3.40% level as outlook for the US economy is not as promising.
Meanwhile Hong Kong equities succumbed to strong selling as investors believe that prevailing valuations may have gone beyond actual fundamentals especially for major tech companies. As a result, the HSI plunged 342 points or to a 4-week low.
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