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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session.  Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
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Wall Street Slides as Tech Sinks and Gold, Silver Crash on Warsh Fed Pick

Quick Summary

  • US stock markets closed lower, led by a sharp tech sell-off

  • Gold and silver collapsed, snapping months-long rallies

  • Markets reacted to Trump naming Kevin Warsh as Fed chair, reducing rate-cut expectations

  • Apple beat earnings, but couldn’t offset weakness across semiconductors and AI stocks

Market Snapshot

  • Dow Jones Industrial Average: -0.36% to 48,892.47

  • S&P 500: -0.43% to 6,939.03

  • Nasdaq Composite: -0.90% to 23,461.82

Tech-heavy Nasdaq led losses as investors continued to unwind crowded AI and semiconductor trades.

What Drove the Sell-Off

1️⃣ Tech Earnings Disappointment

While Apple posted a solid earnings beat, it failed to lift sentiment after:

  • Weak reactions to Microsoft results earlier in the week

  • Poorly received earnings from Western Digital

Major tech decliners included:

  • Western Digital: -10.1%

  • Seagate Technology: -8.7%

  • AMD: -6.1%

  • Micron Technology: -4.8%

  • Intel: -4.5%

  • Palantir: -3.5%

Microsoft extended losses with another -0.8%, following a 10% plunge on Thursday.

2️⃣ Precious Metals Collapse

After months of record highs, gold and silver plunged violently:

  • Gold futures: -11.6% to US$4,700/oz

  • Silver futures: -35.3% to US$74/oz

The trigger: President Donald Trump nominating Kevin Warsh to replace Jerome Powell.

Markets see Warsh as less aggressive on rate cuts, boosting the US dollar and reducing demand for inflation hedges like precious metals.

Crypto: Volatile but Mixed

Cryptocurrencies initially sold off with metals, then stabilised:

  • Bitcoin: +0.4% to US$84,258

  • Ethereum: -3.3% to US$2,703

  • Solana: +0.6%

  • Ripple: -2.8%

Magnificent Seven Performance

  • Decliners:

    • Meta Platforms: -3.0%

    • Amazon: -1.0%

    • Microsoft: -0.7%

    • NVIDIA: -0.7%

    • Alphabet: -0.1%

  • Gainers:

    • Apple: +0.5%

    • Tesla: +3.3% (on speculation of a SpaceX–xAI tie-up)

Notable Movers

Top Gainers

  • Verizon +11.8% (strong earnings)

  • SanDisk +6.9% (earnings beat, strong guidance)

Top Losers

  • Unity Software -24.2% (AI competition fears)

  • Crypto-related stocks broadly lower on risk-off sentiment

Bottom Line

Friday’s sell-off marked a sharp regime shift.
With Kevin Warsh’s Fed appointment resetting rate expectations, markets rapidly unwound:

  • High-duration tech trades

  • Inflation hedges like gold and silver

  • Speculative crypto exposure

The focus now shifts to tighter liquidity, fewer rate cuts, and higher volatility — a very different backdrop from the easy-money rally investors had grown used to.

Key Takeaways

  • Tech stocks remain vulnerable after earnings

  • Gold and silver no longer one-way trades

  • Fed leadership now a dominant market driver

  • Volatility likely to stay elevated

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