KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 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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