KUALA LUMPUR, May 21 (Bernama) -- Bursa Malaysia ended at its intraday low on Thursday as investor sentiment remained cautious amid ongoing foreign outflows, although the recent weakness may present bargain-hunting opportunities in fundamentally sound blue-chip counters. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.33 points, or 0.54 per cent, to 1,708.36, from yesterday’s close of 1,717.69. The benchmark index, which opened 3.74 points higher at 1,721.43, hit an intraday high of 1,722.50 in early trade before losing momentum for the rest of the day. Market breadth was negative, with losers outpacing gainers 656 to 508, while 565 counters were unchanged, 989 untraded and 32 suspended. Turnover fell to 3.49 billion units worth RM3.70 billion compared with 4.15 billion units worth RM4.29 billion on Wednesday.
Summary Wall Street’s most popular trades — tech stocks, AI plays, gold and cryptocurrencies — are all unwinding at the same time after a sharp market sell-off. There was no single trigger. Instead, stretched valuations, AI disruption fears, heavy capex plans, and weakening labour data combined to spark a broad retreat from risk. What’s Driving the Sell-Off Crowded trades are being abandoned as investors turn defensive. AI optimism is being questioned , especially as new models threaten existing software businesses. Massive AI spending plans from Big Tech are raising concerns about overspending and future returns. Weak US labour data added fears that economic momentum may be slowing. Valuations across risk assets had run too far, too fast. Market Impact at a Glance S&P 500 fell 1.2% , marking its third straight daily decline Nasdaq 100 saw its worst slide since April Silver collapsed ~20% Bitcoin plunged over 13% , erasing ...