Southeast Asian markets saw mixed performance this week, with Singapore and Hong Kong posting modest gains, but a pullback in US tech stocks weighed on Malaysian market sentiment.
Regional equity markets displayed mixed performance this week. Singapore's Straits Times Index edged up 0.3%, and Hong Kong's Hang Seng Index also saw a modest gain of 0.5%, buoyed by expectations of China's economic recovery. However, the recent pullback in US technology stocks, particularly a 1.2% decline in the Nasdaq, created ripple effects across Asian tech sectors and subsequently impacted overall sentiment on Bursa Malaysia. Despite robust local fundamentals, investor concerns over slowing global growth and a high-interest-rate environment led to a shift towards more defensive assets. Analysts noted that regional markets would continue to closely monitor the US Federal Reserve's monetary policy trajectory amidst increasing global uncertainties.
Share: