KUALA LUMPUR, April 25 (Bernama) -- Bursa Malaysia extended its uptrend for a third consecutive day on Friday, closing higher on renewed buying interest amid positive regional market performance due to potential de-escalating US-China trade tensions. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.68 points, or 0.18 per cent, to 1,509.20 from Thursday’s close of 1,506.52. The benchmark index opened 5.12 points better at 1,511.64, and moved between 1,505.68 and 1,512.29 throughout the day. Market breadth was positive, with advancers beating decliners 651 to 325, while 434 counters were unchanged, 1,047 untraded, and 39 suspended. Turnover improved to 3.10 billion units valued at RM1.95 billion against Thursday’s 3.08 billion units valued at RM2.14 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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