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Market Daily Report: Profit-Taking In Index Heavyweights Pulls Bursa Malaysia Lower

KUALA LUMPUR, Oct 16 (Bernama) -- Bursa Malaysia closed lower on Friday as buying interest shifted from index heavyweights to smaller-cap technology and telecommunications stocks as well as real estate investment trusts (REITs).  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 15.94 points, or 0.98 per cent, to 1,607.76 from Thursday’s close of 1,623.70. The benchmark index, which opened 1.13 points higher at 1,624.83, moved between 1,602.98 and 1,626.34 throughout the session. On the broader market, gainers outnumbered decliners 597 to 470, while 518 counters were unchanged, 1,258 untraded and 33 suspended. Turnover rose 3.13 billion units worth RM3.27 billion from 3.06 billion units worth RM3.03 billion on Thursday.
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Pre-Market Movers and Top Ratings: MSTR, NVDA, SNOW, PANW, and More

 Gapping Up

  1. Deere (DE.US):

    • +1.6% after surpassing Q4 earnings forecasts despite challenging market conditions.

  2. MicroStrategy (MSTR.US):

    • +13% surge amid widespread gains in cryptocurrency-related stocks.

  3. Marathon Digital Holdings (MARA.US):

    • +11% increase, riding the wave of the cryptocurrency sector's strong performance.

  4. 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.

  5. Novartis AG (NVS.US):

    • +0.2% following improved growth projections, signaling confidence in future performance.

  6. Logitech International (LOGI.US):

    • +1% after UBS upgraded its rating to ‘neutral’ from ‘sell’, citing a stabilizing risk-reward outlook.

Gapping Down

  1. NVIDIA (NVDA.US):

    • -0.7% after a disappointing revenue forecast hinted at slower quarterly revenue growth, contrasting with its recent robust performance.

  2. Palo Alto Networks (PANW.US):

    • -2.8% despite beating quarterly revenue and profit expectations, coupled with announcing a two-for-one forward stock split.

  3. 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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