KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Key Takeaway: The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all closed at record highs Monday, powered by strong gains in Nvidia (+4%) and Apple (+4.3%). Investors also welcomed dovish Fed signals, though inflation concerns and mixed moves among the “Magnificent Seven” kept the session balanced.
Wall Street extended its bull run on Monday as all three major indexes set fresh records, fueled by optimism in big tech.
The Nasdaq Composite added 157.5 points (+0.7%) to close at an all-time high of 22,788.98.
The S&P 500 gained 29.39 points (+0.4%) to finish at 6,693.75.
The Dow Jones Industrial Average rose 66.27 points (+0.1%) to 46,381.54, also a record close.
The rally was led by Nvidia (NVDA) and Apple (AAPL), two of the most influential components of all three indexes. Nvidia advanced 4% after announcing plans to invest up to US$100 billion in OpenAI, hitting an intraday record. Apple jumped 4.3% after Wedbush lifted its price target to US$310 on the back of strong iPhone 17 demand, adding to Friday’s 3.2% gain on the phone’s launch.
Federal Reserve commentary also buoyed sentiment. New governor Stephen Miran argued that current policy is too restrictive and urged deeper cuts to avoid job losses, while St. Louis Fed President Alberto Musalem took a more cautious stance but kept the door open for further easing. The Fed’s recent 25 basis-point cut continues to support equities, even as risks of inflation linger.
Gold reflected those concerns, with December futures climbing 2.1% to an intraday record of US$3,783.20.
The “Magnificent Seven” saw mixed results: Apple, Nvidia, and Tesla (+1.9%) rose, while Amazon (-1.7%), Meta (-1.6%), Alphabet (-0.9%), and Microsoft (-0.7%) declined.
Outside the tech giants, notable movers included:
Applied Digital (APLD), surging 19.4% as its AI/data-center rally stretched to 11 sessions.
IREN Ltd (IREN), up 8.4% after expanding its AI cloud capacity with a US$674M GPU purchase.
Oracle (ORCL), up 6.3% after news of its TikTok investment and leadership changes.
On the downside, Quantum Computing (QUBT) (-13.2%), Opendoor (OPEN) (-12.4%), and Bitmine Immersion (BMNR) (-10.1%) all tumbled on dilution concerns.
Bottom Line: Big tech’s leadership, a friendlier Fed, and record-breaking gold prices created a potent mix for another day of market highs. Still, uneven performance among the Magnificent Seven and valuation risks suggest the road ahead could be more selective for investors.
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