Local market was smacked down on the open and then stayed down with US growth and geopolitical risks. The morning trade looked like a global transition portfolio that hit all the main sectors before some recovery through the day with Banks leading the negative sentiment after BEN’s update. Local market lacked positive sentiment as US futured were pointing negative from the start. The best performers were Gold, IT and Energy while Banks, Miners and Telcos were the worst performers. The latest geopolitical risk is the move by Saudi Arabia, UAE and Bahrain to break relationship with Qatar. US has their fingers a few pies in this debacle and any inflammation of the situation will drive up oil price and risk off trade.
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Hi Mathan, Is this just a continuation of the Sunni vs Shiite problem. Regards, Rick Huxtable