KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
The S&P 500 and Nasdaq rebounded on Thursday, buoyed by Tesla’s positive earnings forecast, which boosted market sentiment after a prior selloff. Tesla shares surged nearly 16.7%, adding more than US$100 billion (RM435.2 billion) to its market capitalization following robust third-quarter profits and a surprising forecast of 20%-30% sales growth next year.
This optimism lifted the Consumer Discretionary sector by 2.4%, making it the top performer among the S&P 500’s 11 sectors. Other major growth stocks, including Nvidia (+0.8%) and Meta Platforms (+0.6%), also saw gains.
Conversely, the Materials sector fell by 1%, dragged down by Newmont after it missed profit estimates due to higher costs and weaker production in Nevada. IBM dropped nearly 7% after missing third-quarter revenue estimates, weighing on the Dow. Additionally, Boeing fell 1.9% as factory workers continued their strike, and Honeywell slipped 3.8% following a weaker-than-expected annual sales forecast.
The Dow Jones Industrial Average closed down 156.57 points (-0.37%) at 42,358.38, while the S&P 500 gained 7.94 points (+0.14%) to 5,805.36, and the Nasdaq Composite added 70.52 points (+0.39%) to 18,347.18.
Treasury yields eased slightly, but the 10-year yield remained around its highest since July, briefly touching 4.26% on Wednesday. Despite concerns about Federal Reserve rate cuts, corporate earnings, and election uncertainty, Tesla’s positive results and guidance provided a welcome boost.
On the earnings front, UPS rose 7.6% on strong third-quarter profits, while FedEx gained 2.4%. In the airline sector, Southwest Airlines fell 2.5%, while American Airlines gained 3.4% after reporting earnings.
As of now, 32% of S&P 500 companies have reported quarterly results, with 79% beating earnings estimates, according to LSEG data.
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