Asian equities mostly closed lower, with Hong Kong's Hang Seng falling 1.1% and Singapore's Straits Times Index down 0.5%. Sentiment was dampened by upcoming US big tech earnings and the Federal Reserve's policy outlook.
Asian stock markets displayed weakness today, with regional indices generally closing lower. Hong Kong's Hang Seng Index led the decline, falling 1.1% amid a sell-off in technology giants. Singapore's Straits Times Index fell 0.5%. Investors adopted a cautious stance, awaiting quarterly earnings reports from major US technology companies, such as Alphabet and Microsoft, which will provide clues about the health of the global tech sector. More crucially, the market is eagerly anticipating the outcome of the US Federal Open Market Committee (FOMC) meeting for any guidance on the timing of future interest rate cuts. This regional cautiousness capped the upside potential for the KLCI, despite strong local banking performance.
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