KUALA LUMPUR, Jan 23 (Bernama) -- Bursa Malaysia’s benchmark index recouped earlier losses to settle higher, maintaining a more than six-year high, buoyed by continued buying interest in technology stocks, while the strengthening of the ringgit against the US dollar further lifted investor sentiment. At 2.27 pm today, the local currency strengthened to 3.9992 versus the greenback, its strongest level in more than seven years. It was last seen at this level on June 18, 2018, at 3.9960/9990. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.85 points or 0.17 per cent to 1,719.99 from yesterday’s close of 1,717.14. The index surpassed its previous peak of 1,719.00 recorded on Feb 26, 2019. The barometer index opened 1.30 points lower at 1,715.84 and moved between an intraday low of 1,711.89 in early trade and a high of 1,723.41 in late afternoon before slipping slightly toward the close. However, market breadth was negative with decl...
Key Takeaways
Wall Street indices rose on strong TSMC-led tech earnings
TSMC’s capex outlook boosted AI and semiconductor stocks
Dow +0.6%, S&P 500 +0.26%, Nasdaq +0.25%
Goldman Sachs and Morgan Stanley rallied on Q4 beats
US jobless claims surprised to the downside
Crypto prices fell as risk hedging eased
Wall Street closed higher as strong earnings from Taiwan Semiconductor Manufacturing Co reignited optimism across the technology sector, lifting all three major US indices.
The Dow Jones Industrial Average rose 0.6%, while the S&P 500 gained 0.26% and the Nasdaq Composite advanced 0.25%. The rally was fuelled by a 4.4% jump in TSMC shares, following well-received results and signals of higher-than-expected capital expenditure, reinforcing confidence in long-term AI and semiconductor demand.
The upbeat outlook rippled through the chip ecosystem. Applied Materials, Lam Research, ASML, Super Micro Computer, AMD and Nvidia all posted solid gains as investors rotated back into AI-related names. Nvidia climbed 2.1%, while AMD added 1.9%, reflecting continued appetite for high-performance computing plays.
Financial stocks also contributed to the upside. Goldman Sachs and Morgan Stanley rallied strongly after delivering Q4 earnings and revenue beats, providing additional support to the Dow and S&P 500.
On the macro front, US jobless claims fell to 198,000, well below expectations, easing fears of an economic slowdown. Meanwhile, oil prices slid 4.4% as geopolitical tensions around Iran softened, helping to reduce inflation concerns.
Risk sentiment, however, was mixed elsewhere. Cryptocurrencies pulled back, with Bitcoin and Ethereum retreating after recent highs, partly due to easing geopolitical risk and the postponement of a US Senate hearing on crypto regulation.
Within the “Magnificent Seven,” gains were selective. Nvidia, Meta and Amazon ended higher, while Alphabet, Apple, Microsoft and Tesla closed lower, signalling continued stock-picking rather than broad-based buying.
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