KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Bitcoin reached new highs, breaking $100K and peaking at $104K, while equity markets retreated slightly from record levels on Thursday.
Market Performance
- S&P 500 Index (.SPX.US): Fell 0.19%.
- Dow Jones Industrial Average (.DJI.US): Dropped 0.55%.
- Nasdaq Composite Index (.IXIC.US): Declined 0.18%.
Investors await unemployment data on Friday, following continuing jobless claims that remained steady at 1.87 million, aligning with expectations.
Bitcoin’s Record Surge
Bitcoin's breakthrough of the $100K milestone garnered significant attention. However, Bitcoin-related stocks were volatile:
- Coinbase (COIN.US): Rose 5% at the open but closed down 3%.
- MicroStrategy (MSTR.US): Climbed 9% before ending the day down 4%.
Commodities and Yields
- Crude Oil Futures (JAN5): Steady at $68/barrel after OPEC+ opted to maintain its current production cuts.
- Gold and Silver: Declined modestly.
- Treasury Yields:
- U.S. 2-Year Notes: Rose.
- U.S. 10-Year Notes: Increased.
Stock Movers
Decliners
- Synopsys (SNPS.US):
- Fell 12% after Q4 earnings beat expectations ($3.40 vs. $3.30), but Q1 2025 guidance disappointed analysts with a midpoint revenue projection of $1.45 billion, down 12% YoY.
Gainers
Brown-Forman-B (BF.B.US):
- Rose 10%, leading the S&P 500 after beating EPS estimates ($0.55 vs. $0.49) despite a YoY revenue decline of $12 million.
Ulta Beauty (ULTA.US):
- Jumped 10% after hours on strong earnings ($5.14/share), beating consensus estimates ($4.54) by 13.22%.
American Airlines (AAL.US):
- Climbed 16%, leading the airline sector after raising its Q4 profit outlook to $0.55–$0.77/share.
Lululemon Athletica (LULU.US):
- Increased 8% after hours following a raised full-year revenue forecast ($10.45–$10.49 billion), citing a strong holiday sales start despite Q3 softness in the Americas.
Sector Insights
- Airlines: Boosted by optimism after American Airlines’ profit guidance upgrade.
- Consumer Discretionary: Lululemon and Ulta Beauty outperformed on strong earnings and improved guidance.
- Tech: Synopsys' disappointing forecast weighed on sentiment.
Takeaway
Thursday’s market movement highlighted the divergence between crypto markets, where Bitcoin set new records, and equities, which saw mild pullbacks ahead of critical economic data. Sectors like airlines and consumer discretionary led gains, while tech faced challenges amid cautious forecasts. Investors remain focused on economic data and Fed policy signals to guide their next moves.
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