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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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Buffett Cuts Apple Stake Again, Holding Shrinks by 60% This Year Amid Portfolio Rebalancing


Berkshire Hathaway Inc. continued to reduce its Apple holdings in the third quarter, marking a nearly 60% reduction in its stake since the start of 2024. Despite a 10.6% rise in Apple shares during Q3, Berkshire trimmed its position by 25%, following a nearly 50% cut in Q2. This strategic reduction has left Berkshire's Apple stake valued at $69.9 billion, down from $174.3 billion last year.

Some key insights include:

  • Apple’s Challenges: Apple faces hurdles like sluggish iPhone sales, increasing antitrust scrutiny, and AI competition. Recent AI updates were delayed, impacting investor confidence.

  • Reasons for the Reduction: Analysts suggest that the move could be tax-related or portfolio rebalancing as Apple’s stake grew outsized in Berkshire’s portfolio. Cathy Seifert of CFRA noted it was “reasonable to lighten that exposure a bit.”

  • Berkshire’s Cash and Equity Moves: Berkshire’s cash reserves reached $325.2 billion, with Buffett signaling caution in spending. Additionally, Berkshire sold a net $34.6 billion in equities in Q3, accelerating its disposals this year.

  • No Buybacks: For the first time since 2018, Berkshire refrained from buying back its own stock, citing a higher stock price as shares gained 25% this year.

  • Hurricane Losses: Berkshire’s earnings took hits from Hurricane Helene ($565 million) and is expected to absorb up to $1.5 billion in pre-tax losses from Hurricane Milton in Q4.

This shift shows Berkshire’s cautious approach as the tech landscape evolves and highlights portfolio adjustments aligned with diversification.

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