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.
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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