The sell-off in the stock market was also on account of weak global cues as higher US retail inflation dampened hopes of early rate cuts by the Federal Reserve and rise in the US 10 year yield
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Pulling data for year-end, including looking at change in overall stock prices for local companies, through almost 11 months, local stocks are up more than 25%, with most stocks up and many up a bit.
Local stocks followed most Asian equities lower in directionless trading yesterday after softening US data and renewed banking sector concerns fanned fears of a recession and dampened risk appetite.