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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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Tech Earnings Fall Short Amid High Hopes for AI Profits

Investors anticipated that strong earnings from tech giants like Microsoft, Apple, Alphabet, Amazon, and Meta Platforms would fuel a rally in the S&P 500. However, despite meeting or exceeding expectations, these results failed to justify the high valuations of the "Magnificent 7" tech stocks. Consequently, the Magnificent 7 index dropped by 1.8% last week, with only Amazon and Alphabet seeing gains.

The main issue is the uncertain profit outlook for 2025, especially as tech companies ramp up heavy spending on AI infrastructure. Amazon, Microsoft, Alphabet, and Meta collectively spent a record $59 billion on capital expenditures last quarter, with plans to continue significant investment in AI computing power.

Key takeaways:

  • Microsoft's AI business expects to reach a $10 billion annual revenue rate, yet this growth comes with high costs, leading to a narrow commercial cloud margin.
  • Microsoft’s shares dropped 6.1% after its earnings report due to concerns over slowing cloud revenue.
  • Apple’s forecast also missed analyst expectations, tempering excitement over its AI features.

Investors are cautious, with Goldman Sachs reporting net selling in tech stocks—the highest in five weeks. Analyst Michael Casper from Bloomberg Intelligence noted that other sectors of the S&P 500 are starting to catch up, suggesting a potential s

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