Sharing some Investing and Economic insights:
- U.S. stocks sank into a bear market officially on Monday.
- Because its main indexes i.e. S&P 500 & Nasdaq had fallen more than 20% below its recent record high – meaning it had officially fallen into a bear market.
- Global stocks also plunged again yesterday as the U.S. inflation fuelled worries about even more aggressive interest rates hikes.
- At home, FBM KLCI lost 29 points to end at 1,464.83 – its lowest since November 2020.
- All the 30 KLCI-component stocks ended in the red and all indices on Bursa Malaysia were down.
- Losers overpowered the Gainers on a ratio of 1,084-to-138 stocks.
- Crypto Crash – crypto markets have dived in the past few weeks as rising interest rates and surging inflation prompted investors to get rid of riskier assets in their holdings.
- Bitcoin touched a low of US$23,300 yesterday – its lowest since December 2020. Bitcoin tumbled after Celsius Network, a big US cryptocurrency lending company, froze withdrawals, citing “extreme market conditions”.
Do You Know?
FTSE Bursa Malaysia KL Composite Index (FBM KLCI)
It is used to give an overview of the Malaysian stock market performance. It is composed of the 30 largest (by market value) companies listed on the Bursa Malaysia
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