KUALA LUMPUR, June 12 (Bernama) -- Selected blue-chip counters trading at attractive valuations helped Bursa Malaysia close higher on Friday, despite cautious market sentiment driven by developments in West Asia, volatility in crude oil prices and uncertainty over the global interest rate outlook. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 4.10 points or 0.24 per cent to 1,683.63 compared with Thursday's close of 1,679.53. The key index opened 5.34 points stronger at 1,684.87 earlier today and moved between 1,679.72 and 1,685.39 throughout the session. Market breadth was negative, with losers leading gainers 533 to 479, while 561 counters were unchanged, 1,130 untraded and 33 suspended. Turnover fell to 2.79 billion units worth RM2.31 billion from 3.32 billion units worth RM2.88 billion yesterday.
The S&P 500 closed lower on Tuesday as technology stocks led the decline, capping broader market resilience powered by strength in defensive sectors. The Nasdaq Composite posted its sharpest drop in recent weeks, as profit-taking hit the “Magnificent Seven” mega-cap names.
Tech Rout Pressures Benchmarks Despite Broader Sector Strength
The S&P 500 slipped 0.6%, dragged by sharp losses in growth-oriented technology stocks.
The Nasdaq Composite underperformed, falling 1.5%, as all constituents of the Magnificent Seven posted losses.
Palantir (PLTR) dropped 9.4%, entering correction territory, while AMD fell 5.4% on valuation concerns.
NVIDIA (NVDA) and Broadcom (AVGO) each declined 3.5%, contributing heavily to the Nasdaq’s underperformance.
Despite tech weakness, eight out of eleven S&P sectors posted gains, led by defensive rotation into utilities and healthcare, as investors reassessed risk.
Retail Sector Mixed: Home Depot Warns on Tariffs but Shares Rebound
Home Depot (HD) shares rose 3.2%, despite disappointing quarterly results.
The home improvement retailer warned of modest price increases due to shifting tariff expectations but reaffirmed its full-year guidance.
Peer Lowe’s is due to report next, followed by Target on Wednesday and Walmart on Thursday.
Policy Watch: Resilient Growth But Signs of Inflation Stir
Despite the tariff regime under President Trump, the economy remains surprisingly resilient.
Homebuilding data surprised to the upside, with housing starts jumping in July.
However, signs of upward inflation pressure and a cooling labor market are moderating expectations for aggressive stimulus.
Intel Jumps on SoftBank Interest and Government Stake Speculation
Intel (INTC) surged 7% after reports emerged of a potential US$2 billion investment by SoftBank.
Additionally, discussions are ongoing within the Trump administration regarding a possible 10% U.S. government stake in Intel to boost domestic chip security.
Fixed Income and Currency Markets Steady
The 10-year Treasury yield fell to 4.301%, reflecting modest flight-to-safety demand.
S&P Global Ratings maintained the U.S. sovereign credit rating, citing that tariff revenue offsets the impact of fiscal expansion.
The U.S. dollar index edged higher after paring earlier losses.
Geopolitical Update: Ukraine Ceasefire Prospects Pressure Commodities
European defense stocks and international crude benchmarks slipped as markets responded to rumors of a potential three-party peace summit involving the U.S., Ukraine, and Russia.
President Trump is reportedly pushing for a direct engagement with both Ukrainian President Zelensky and Russian President Putin.
Crypto Brief: Bitcoin Pulls Back After Reserve Freeze
Bitcoin (BTC) retreated below US$114,000, continuing its decline following Treasury Secretary Scott Bessent’s announcement that the U.S. will pause new BTC purchases for its digital reserve program.
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