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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Market Analysis: Nasdaq Hits Two-Week Low Amid Chip Stock Rout

The Nasdaq Composite fell nearly 2% on Wednesday, reaching a two-week low, while the S&P 500 also posted losses. This decline was driven by significant pressure on major technology and semiconductor stocks due to potential U.S. trade restrictions on companies providing advanced semiconductor technology to China.

  1. Nasdaq and S&P 500 Performance

    • Nasdaq: Down 338.95 points (-1.83%) to 18,170.39.
    • S&P 500: Down 54.33 points (-0.96%) to 5,612.87.
    • Dow Jones: Up 28.20 points (+0.07%) to 40,982.68.

  2. Semiconductor Sector Impacted

    • The Philadelphia SE Semiconductor index dropped 3.5%.
    • Notable stock declines included:
      • Nvidia: -4.3%
      • ASML: -9.2%
      • Taiwan Semiconductor Manufacturing: -6.4%
      • Other companies such as Marvell Technology, Broadcom, Qualcomm, and AMD fell over 5% each.

  3. Major Tech Stocks Decline
    All "Magnificent Seven" megacap stocks recorded losses:

    • Apple: -2.7%
    • Microsoft: -1.2%
    • Meta Platforms: -2.1%
    • Tesla: -1.8%

  4. Investor Sentiment
    The VIX, known as Wall Street's "fear gauge," reached its highest level in six weeks, indicating increased market volatility.

  5. Market Rotation
    The technology sector led losses, with a 2.7% decline in the S&P 500 tech index, while the energy sector gained 1.3%.

  6. Recent Economic Data
    U.S. factory production increased more than expected in June, contributing to a solid rebound in second-quarter output, despite ongoing higher borrowing costs.

Notable Stock Movements

  • Eli Lilly: Down 2.3% following competitor Roche's promising early-stage data for an obesity drug.
  • Spirit Airlines: Fell 8.2% after lowering its second-quarter revenue outlook.

Summary of Market Indices

IndexChange
Dow Jones+28.20 points (0.07%)
S&P 500-54.33 points (-0.96%)
Nasdaq Composite-338.95 points (-1.83%)

Conclusion

The recent decline in the Nasdaq and pressure on tech and semiconductor stocks underscore the current challenges in the market amid trade and economic factors.

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