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Market Daily Report: Bursa Malaysia Closes Slightly Higher After BNM's OPR Hold

KUALA LUMPUR, May 7 (Bernama) -- Bursa Malaysia closed marginally higher today, supported by continued buying in banking heavyweights following Bank Negara Malaysia’s decision to maintain the overnight policy rate (OPR) at 2.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.98 points, or 0.11 per cent, to 1,758.85 from Wednesday’s close of 1,756.87. The benchmark index, which opened 5.94 points higher at 1,762.81, moved between 1,758.42 and 1,768.46 during the day. Market breadth was positive with gainers beating losers 660 to 583. A total of 593 counters were unchanged, 815 untraded, and nine suspended. Turnover eased to 3.78 billion units worth RM4.24 billion, compared with 3.98 billion units worth RM3.97 billion yesterday.
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AI Rally Powers Record Highs as Oil Slump Boosts Risk Appetite

US equities surged to fresh records, driven by strong AI earnings momentum and a sharp decline in oil prices, as hopes of a US-Iran deal lifted market sentiment.

Record Highs Led by Tech and AI Stocks

The S&P 500 rose 1% to a record ~7,332, while the Nasdaq 100 gained 1.2%, also hitting a new high.

The Dow Jones Industrial Average climbed 1.1%, supported by broad-based gains.

The rally reflects a powerful combination of:

  • AI-driven earnings beats
  • Improved geopolitical sentiment
  • Lower energy costs easing inflation concerns

AMD Leads AI Surge on Strong Guidance

Advanced Micro Devices surged ~16%, after:

  • Beating earnings expectations
  • Raising forward guidance
  • Highlighting strong data center demand

The move reinforced confidence in the AI infrastructure cycle, lifting peers like NVIDIA and Intel.

Oil Prices Plunge on Peace Optimism

Crude markets saw a sharp reversal:

  • WTI crude -6.6% (~US$95)
  • Brent crude -6.9% (~US$102)

The decline followed signals from Donald Trump that progress toward a deal with Iran could reopen the Strait of Hormuz, easing supply disruptions.

Lower oil prices helped:

  • Reduce inflation fears
  • Support equity valuations

Sector Divergence: Tech Leads, Energy Lags

Market gains were concentrated in growth sectors:

  • Semiconductors and AI stocks surged
  • VanEck Semiconductor ETF rallied strongly

Meanwhile:

  • Energy stocks declined as oil prices fell
  • Energy Select Sector SPDR Fund was the only major sector in the red

Mixed Earnings Reactions Highlight Market Sensitivity

While several companies posted strong results, reactions were mixed:

Gainers:

  • Flex Ltd +30% on strong outlook
  • DaVita +18% after earnings beat

Losers:

  • Coupang -17% on margin pressure
  • Arista Networks -15% despite strong results

This underscores that valuation and guidance remain critical drivers.

Gold Rises Despite Risk-On Sentiment

Interestingly, Gold rose ~2.9%, supported by:

  • Lower real yields
  • Continued demand for portfolio hedging

Investor Takeaways

  • US equities hit record highs, driven by AI earnings and lower oil prices.
  • AMD led gains, reinforcing AI investment momentum.
  • Oil price decline eased inflation concerns, supporting risk assets.
  • Sector divergence remains, with tech outperforming energy.
  • Markets remain sensitive to earnings quality and guidance, not just headline beats.
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