KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
Key Market Movements
- Nasdaq Composite (-1.35%) fell sharply, dragged by tech stocks.
- S&P 500 (-0.41%) recorded its fourth straight losing session.
- Dow Jones (+0.37%) ended higher, bucking the broader downtrend.
Major Stock & Crypto Updates
- Tesla (TSLA) plunged over 9%, bringing its market cap below $1 trillion.
- Solventum (SOLV) soared 10% after Thermo Fisher Scientific (TMO) announced a $4.1 billion acquisition of its purification and filtration unit.
- Bitcoin dropped to $87,000, a three-month low, as the crypto market saw an overall 10% decline.
- VIX spiked to 21.28, the highest since Jan. 27, indicating growing market volatility.
Bond Market & Earnings Watch
- 10-year Treasury yield fell below 4.3%, its lowest level since December, signaling recession fears.
- Upcoming Earnings:
- After the bell: Intuit (INTU), CAVA Group (CAVA), Maplebear (CART), Workday (WDAY).
- Wednesday: Nvidia (NVDA) earnings—market watchers anticipate a major impact.
Summary:
- Nasdaq led the market decline, down over 200 points, while Dow gained slightly.
- Tesla slid 9%, losing its $1 trillion market cap.
- Bitcoin fell to $87K amid a broader crypto selloff.
- 10-year Treasury yields dropped, fueling recession concerns.
- Nvidia’s earnings on Wednesday could be a major market driver.
Comments
Post a Comment