KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99. The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
Shares Cool After Historic Surge
Oracle Corp’s stock fell nearly 5% on Thursday, cooling from a record-breaking rally that had propelled the company’s market valuation to US$933 billion — its highest ever — and brought co-founder Larry Ellison within striking distance of Elon Musk on the global wealth leaderboard. If losses hold, Oracle’s valuation will ease to around US$890 billion.
Fuelled by AI Cloud Deals
The enterprise software giant’s meteoric rise was underpinned by a string of multi-billion-dollar cloud contracts, underscoring insatiable demand for computing power as companies race to scale AI infrastructure.
On Wednesday, Oracle shares had soared 35.9% in a single session, one of the largest daily gains in its history.
A Wall Street Journal report revealed that OpenAI signed a US$300 billion computing power deal with Oracle, among the largest in history, and a key driver behind the revenue surge.
Market Reaction and Outlook
Despite Thursday’s pullback, analysts remain upbeat.
“A bit of buyer exhaustion here. I think the ‘buy the dip’ crowd is likely to re-emerge,” said Dennis Dick, chief strategist at Stock Trader Network.
Oracle’s stock trades at US$312.44, still about 9% below the median price target of US$342, according to LSEG data.
The company’s forward P/E multiple of 45.3x places it at a premium to peers such as Amazon (31.3x) and Microsoft (31x), highlighting both investor enthusiasm and elevated valuation risks.
Ellison’s Wealth Surge
Larry Ellison, Oracle’s co-founder and chief technology officer, now commands an estimated net worth of US$387.6 billion, primarily tied to his 41% stake in Oracle. That puts him close to Elon Musk’s US$437.5 billion fortune, which still leads Forbes’ global rankings.
Bottom Line
Oracle’s record-setting rally underscores how AI-driven cloud infrastructure is reshaping the competitive landscape — but Thursday’s pullback suggests investors are taking a breather after an unprecedented run. With guidance described as “incredible,” many see the recent dip as a pause rather than the end of Oracle’s momentum.
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