KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
Wall Street Summary
- S&P 500 (-0.47%) and Nasdaq (-1.35%) fell, while Dow Jones (+0.37%) managed to stay in positive territory.
- Tech stocks tumbled due to weak consumer confidence, Tesla’s poor sales data, and a crypto pullback.
- Bitcoin dropped 4% after reaching $90K, while MicroStrategy slid 11% after increasing its Bitcoin purchases.
- Tesla fell 8% due to a 50% drop in sales in the UK & Europe since early 2025.
- Super Micro Computer surged 23% in after-hours trading after filing reports to avoid delisting from Nasdaq.
- Nvidia remains under pressure ahead of its earnings report.
Bursa Malaysia Insight
- FBM KLCI (-1.02%) plunged to a 3-week low as over 900 stocks declined, reflecting weak market sentiment.
- Losers outpaced gainers 4:1, with high trading volume of 3.14 billion shares worth RM2.65 billion.
- Only the Transportation & Logistics Index ended in the green.
Stocks to Watch
- Eco World Development sells land for RM266.1 million and partners with Pearl Computing Malaysia (affiliated with Google) to build a data center.
- Nestlé Malaysia's net profit dropped 72.2% YOY to RM41.1 million, the lowest in 11 years, due to rising costs and weaker sales.
- Affin Bank's Q4 profit tripled to RM135.1 million, with a bonus issue of 1 new share for every 18 existing shares.
- Telekom Malaysia (TM) saw a 68.5% surge in net profit, supported by tax credit recognition.
Summary:
- Tech stocks slump ahead of Nvidia earnings, dragging down Nasdaq and Bitcoin.
- Bursa Malaysia suffers a broad sell-off, with over 900 stocks declining.
- Super Micro jumps 23% after avoiding Nasdaq delisting.
- Key stocks to watch: Nestlé (profit drop), Affin (strong earnings), TM (profit surge), Eco World (Google-linked data center).
Comments
Post a Comment