KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17. The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session. Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 billion.
Gapping Up
Deere (DE.US):
- +1.6% after surpassing Q4 earnings forecasts despite challenging market conditions.
MicroStrategy (MSTR.US):
- +13% surge amid widespread gains in cryptocurrency-related stocks.
Marathon Digital Holdings (MARA.US):
- +11% increase, riding the wave of the cryptocurrency sector's strong performance.
Snowflake (SNOW.US):
- +23.3% spike after raising its annual product revenue outlook and announcing a collaboration with AI firm Anthropic to enhance cloud offerings.
Novartis AG (NVS.US):
- +0.2% following improved growth projections, signaling confidence in future performance.
Logitech International (LOGI.US):
- +1% after UBS upgraded its rating to ‘neutral’ from ‘sell’, citing a stabilizing risk-reward outlook.
Gapping Down
NVIDIA (NVDA.US):
- -0.7% after a disappointing revenue forecast hinted at slower quarterly revenue growth, contrasting with its recent robust performance.
Palo Alto Networks (PANW.US):
- -2.8% despite beating quarterly revenue and profit expectations, coupled with announcing a two-for-one forward stock split.
PDD Holdings (PDD.US):
- -10% following a severe earnings shortfall amid rising competition affecting its key business.
Takeaway:
- Cryptocurrency-related stocks are leading the pre-market rally, driven by bullish momentum in the sector.
- Notable gains for Snowflake highlight its strategic AI partnerships as a key growth driver.
- Weak forecasts for major players like NVIDIA and Palo Alto Networks suggest some market caution despite positive earnings reports.
Stay tuned for further developments as markets open!
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