Markets

INVESRTOS have made a pile of money recently by focusing on niche stocks in the AI trade. Earnings from some of the world’s biggest technology companies this week will offer an indication of whether they should stick to that strategy in 2026.

The Magnificent Seven tech giants — Alphabet Inc., Amazon.com Inc., Apple Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc. — have led the stock market higher for much of the past three years. But that reversed at the end of 2025 as Wall Street grew skeptical of the hundreds of billions of dollars the companies are spending to develop artificial intelligence and when the returns on those investments will materialize.

An index tracking the group closed at a record on Oct. 29, and since then the shares of five of the seven members are down and trailing the S&P 500 Index. Alphabet, which has soared almost 20% during that stretch, and Amazon.com are the only stocks in the green. 

In response, traders have been piling into the recipients of Big Tech’s largesse. Memory and storage maker Sandisk Corp. is up more than 130% since the Magnificent Seven index hit an all-time high and then retreated, while Micron Technology Inc. has jumped 76% and Western Digital Corp. has gained gained 67% in that time. Power producers and generator makers have also advanced, and even materials companies are outperforming on expectations for accelerating economic growth and the appeal of cheaper valuations.

“Tech has become more of a show-me story,” said Darrell Cronk, chief investment officer, wealth and investment management at Wells Fargo, which manages $2.3 trillion. “If Big Tech can continue to deliver, I think capital will start flowing in tech’s direction again.”

Microsoft, Meta Platforms and Tesla report earnings on Wednesday, followed by Apple on Thursday. Alphabet, by far the best performer among the Magnificent Seven last year, reports on Feb. 4, while number two Nvidia’s results land on Feb. 25. Amazon.com reports on Feb. 5.

The results will offer a glimpse into the health of industries ranging from cloud computing and electronic devices to software and digital advertising. The group is expected to post 20% profit growth for the fourth quarter, which would be the slowest pace since early 2023, according to data compiled by Bloomberg Intelligence. So the companies are under pressure to show that the vast sums they’ve committed to capital expenditures are starting to pay off in a bigger way. 

“We’re no longer in an environment where companies can beat by 1% to 2% and continue spending on capex and get rewarded,” said Chris Maxey, managing director and chief market strategist at Wealthspire, which has $580 billion in assets. “They need to show they’re accelerating growth and beating the bar by a pretty evident edge.”

Performance or Punishment

AI growth is most visible in cloud businesses like Microsoft’s Azure, which rents out computing power and is benefiting from a surge in demand from corporate customers who are training AI models and running services. In Microsoft’s fiscal first quarter, which ended in September, Azure revenue rose 39% as demand continued to outstrip supply. Wall Street is expecting 36% growth for Azure in Microsoft’s fiscal second quarter.

Adding computing capacity isn’t cheap. Microsoft, Amazon, Alphabet and Meta are expected to spend roughly $475 billion in capital expenditures in 2026, up from $230 billion in 2024. Not surprisingly, investors want to start seeing a return on those investments. Without it, companies risk getting punished, according to Clayton Allison, portfolio manager at Prime Capital Financial.

“If they don’t hit their growth targets, they’re going to get hit hard,” said Allison, whose firm has $40 billion in assets under management. “If we do start to see an ROI, increased profitability despite increased capex, that would start to massage some of these fears.”

Investors got a sense of what punishment looks like on Oct. 29, when Meta Platforms projected “notably larger” capital expenditures in 2026 with no details on how the spending will lead to profits. The stock dropped 11% the following day and remains down 17% from an August peak. Facebook’s parent’s fourth-quarter earnings per share is expected to rise less than 2% from a year ago to $8.16, while revenue is projected to jump 21%, according to analyst estimates compiled by Bloomberg.

Of course, it’s very hard for investors to avoid the tech giants even if they want to, considering their massive position in the S&P 500. Counting Alphabet’s dual shares, the group represents eight of the nine largest weights in the index and more than a third of it combined.

Besides, it’s doubtful that many shareholders would want to escape the group anyway considering its ability to generate profits at a faster clip than the rest of the market. The 493 companies in the S&P 500 that aren’t in the Magnificent Seven are projected to deliver earnings growth of just 8% in the fourth quarter, according to Bloomberg Intelligence, which is significantly slower than what’s expected from Big Tech.

In addition, the stocks aren’t historically expensive. The Magnificent Seven index is trading at 28 times profits expected over the next 12 months, below previous peaks and roughly in line with its average over the past decade, according to data compiled by Bloomberg. Nvidia shares, for example, have soared 1,184% since the end of 2022, yet they’re priced at 24 times anticipated profits, slightly above the S&P 500’s multiple of 22.

All that being said, investors are waiting for these stocks to snap out of their slumber. To do that, the companies need to deliver on growth before long.

“I don’t know that this is the quarter when those questions have to be answered,” said Wells Fargo’s Cronk. “But the market will look at this earnings season as an important progress milestone.” –BLOOMBERG

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GOLD rose beyond $5,000 an ounce for the first time, extending a breakneck rally fueled by US President Donald Trump’s reshaping of international relations and investor flight from sovereign bonds and currencies.

Bullion climbed to around $5,040, having gained more than 8% last week as geopolitical risks and dollar weakness reinforced demand. A key gauge of the US currency posted its biggest weekly decline since May, making precious metals cheaper for most buyers. Silver also advanced to a record, having crossed $100 an ounce in the previous session.

Gold’s dramatic rally – the metal has more than doubled over the last two years – drives home bullion’s historic role as a gauge of fear in markets. Fresh from its best annual performance since 1979, it’s gained more than 15% so far this year due largely to the so-called debasement trade, whereby investors retreat from currencies and Treasuries. A massive selloff in the Japanese bond market last week is the latest example of investors rejecting heavy fiscal spending.

In recent weeks, the Trump administration’s actions — attacks on the independence of the Federal Reserve, threats to annex Greenland, military intervention in Venezuela — have also spooked markets. For investors looking to navigate this uncertainty, the haven appeal of gold has rarely been more attractive.

“Gold is the inverse of confidence,” said Max Belmont, a portfolio manager at First Eagle Investment Management. “It’s a hedge against unexpected bouts of inflation, unanticipated drawdowns in the market, flare-ups in geopolitical risk.”

Beyond geopolitics, swelling public debt in advanced economies has become another key pillar of gold’s rally. Some long-term investors, convinced that inflation will become the only path to state solvency, have piled into gold as a way to preserve purchasing power.

“People have become a lot more worried about the long-term debt trajectory over the past three years,” said John Reade, chief strategist at the World Gold Council. “The place that I have found the debasement and debt arguments come through the most has been with family offices. They’re thinking about generational wealth protection, rather than the short term.”

This debasement trade reached its zenith in late 2025, when prominent investors like Citadel Securities Chief Executive Officer Ken Griffin and Bridgewater Associates Founder Ray Dalio pointed to gold’s rise as a warning signal.

Investors are now waiting for Trump’s pick for the next Fed chair after the US president said he has finished interviewing candidates, reiterating that he has someone in mind for the job. A more dovish chair would increase bets on further interest-rate cuts this year — a positive for non-yielding bullion — after three successive reductions. 

Gold rose 1% to $5,035.25 an ounce as of 8:12 a.m. in Singapore. Silver advanced 2.2% to $105.50. Platinum edged lower, having earlier hit a record high, while palladium climbed. The Bloomberg Dollar Spot Index was down 0.2% after losing 1.6% last week. –BLOOMBERG

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KUALA LUMPUR — Bursa Malaysia is expected to rise further next week, supported by steady buying interest and strengthening overall sentiment.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said at current levels, the FTSE Bursa Malaysia KLCI (FBM KLCI) is moving toward an important historical zone, with the previous higher peak of 1,721.42 recorded on Feb 22, 2019.

Yesterday, the benchmark index reached 1,719.99, just shy of the 1,720 mark.

“We reckon a decisive break above this level will be crucial, as it would signal the next wave of upward momentum and potentially pave the way for further gains in the broader market.

“As such, we anticipate the FBM KLCI to trade within the 1,700-1,730 range next week,” he told Bernama.

Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said moving forward, Bursa Malaysia is expected to trade on a measured and orderly tone next week, with market direction shaped more by external macro signals than domestic catalysts.

“Investor attention will centre on the upcoming US Federal Reserve policy decision, though expectations for any immediate policy change remain low.

“Recent US inflation data has broadly met expectations, supporting the view that inflation pressures are easing without signs of renewed acceleration,” he said.

Regionally, attention will also turn to China, with December industrial profits data due for release, he said.

Mohd Sedek said that with next week marking the end of the January trading month and the FBM KLCI is expected to close above the 1,730 level, it would represent its highest monthly close since 2018.

“In the immediate term, the index is likely to test the 1,730–1,740 range, which we continue to view as modest upside rather than a decisive breakout,” he said, adding that trading activity is likely to remain selective, with investors favouring disciplined positioning amid lingering macro uncertainties.

Bursa Malaysia traded lower at the beginning of this week before rebounding at the end of the week on positive sentiment surrounding the Overnight Policy Rate status quo, easing geopolitical uncertainty and strengthening ringgit.

On a Friday-to-Friday basis, the FBM KLCI garnered 7.25 points to 1,719.99 from 1,712.74 a week earlier.

On the index board, the FBM Emas Index increased 15.51 points to 12,660.54, the FBMT 100 Index rose 19.08 points to 12,455.80, and the FBM Emas Shariah Index went up 6.83 points to 12,309.65, while the FBM 70 Index trimmed 123.39 points to 17,562.22 and the FBM ACE Index fell by 68.38 points to 4,905.05.

By sector, the Financial Services Index gained 77.36 points to 20,803.17, the Plantation Index edged up 2.67 points to 8,369.77, and the Industrial Products and Services Index improved 1.42 points to 176.49, while the Energy Index dipped 14.67 points to 769.38.

Weekly turnover shrank to 15.10 billion units worth RM15.66 billion from 15.97 billion units worth RM15.88 billion last week.

The Main Market volume dropped to 8.15 billion units worth RM14.27 billion compared to 8.37 billion units worth RM14.24 billion previously.

Warrants turnover fell to 4.34 billion units valued at RM529.99 million from 5.01 billion units valued at RM697.01 million a week ago.

The ACE Market volume grew to 2.60 billion units valued at RM847.79 million from 2.58 billion units valued at RM932.35 million last week. — BERNAMA

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INTEL Corp.’s stock slide is delivering a reality check to President Donald Trump’s vision for quickly reviving domestic chip manufacturing led by an American champion, four months after the US moved to acquire as much as a 10% stake in the company.

Though Chief Executive Officer Lip-Bu Tan managed to win the president’s confidence and save his own reputation in Washington, turning around his company is proving more arduous. Intel’s shares plunged Friday, tumbling as much as 18%, following a lackluster forecast that highlighted the company’s struggles in lining up big customers. 

Just a few weeks ago, Trump had praised the company’s progress and its “very successful” CEO, as the president assessed early returns on the US investment. Tan took a more sober tone when speaking to investors on Thursday following the release of Intel’s quarterly results. 

“We are on a multiyear journey,” Tan said on a conference call with analysts. “It will take time and resolve, but my team and I are committed to rebuilding this iconic American company.” 

Intel’s first-quarter projections for revenue and earnings fell well short of Wall Street estimates. The company also disclosed that it still doesn’t have an anchor customer for its most advanced 14A process, though it expects firmer decisions from buyers in the second half of the year or the first half of 2027. 

Intel shares fell 17% on Friday to close at $45.07, their biggest one-day decline since 2024. 

Tan acknowledged to investors that yields — the number of non-defective chips produced compared with the total possible capacity — are below his expectations. This metric is at the heart of chip manufacturing, as poor yields are likely to weigh on margins and deter possible customers for its foundry business, which makes chips for outside clients in its fabrication plants. 

“Customers aren’t going to lock in unless they know they have a manufacturing process that can deliver,” JoAnne Feeney, a partner and portfolio manager at Advisors Capital Management, said in an interview Friday on Bloomberg Television. “You have to know the supply will be there if you commit to a certain manufacturing partner. It’s a real chicken and egg problem.”

Since plans emerged for the US to become one of Intel’s top shareholders, the Santa Clara, California-based company’s stock had more than doubled, feverish gains that were pared by the latest projections. So far, the US owns 5.5% of Intel, a stake that’s currently worth roughly $12 billion, with options for the government to take ownership of additional shares in the future.

White House spokesman Kush Desai said Trump “remains committed to reshoring critical manufacturing and supporting American companies with a full policy suite of tariffs, tax cuts, and deregulation. The Trump administration’s equity stake in Intel in particular represents how we are investing in the long-run success of American technology and manufacturing.” 

Spokespeople for the US Commerce Department didn’t immediately respond to a request for comment.  

Some analysts see the US investment in the company as a crucial backstop to its long-term success. “This makes Intel’s fabs a strategic asset to the US military, and Intel has the full backing of the US government,” Gus Richard, an analyst at Northland Securities, wrote. “Intel needs to leverage its US government contacts and its US military industrial base foundry business into broader commercial relationships.”

While the success of Intel’s turnaround may not be clear for several more quarters, Taiwan Semiconductor Manufacturing Co. is already achieving what Intel has sought. That includes building in the US, where TSMC plans to invest another $100 billion in Arizona as part of a Taiwan trade deal unveiled by the Trump administration last week. TSMC has promised to bring 12 advanced manufacturing and packaging facilities to Arizona by the mid-2030s. 

Under the Taiwan agreement, companies investing in the US will receive an exemption on future potential chip tariffs to import as much as 2.5 times their American capacity, reducing the odds that the levies would make Intel’s products more attractive in the US market. Still, TSMC’s decision to continue adding manufacturing in Arizona points to a positive long-term trend for Intel: continued growth in demand for AI chips. 

Intel has begun shipping its sub-2-nanometer 18A chips, a generation behind 14A, to customers from its manufacturing facilities in Arizona and Oregon. The company’s Chips Act-sponsored investment in Ohio has been repeatedly delayed, and the company avoided any mention of it in the Thursday investor call. The more than $28 billion project was supposed to be producing chips last year, but Intel now doesn’t expect to begin operations until 2030.  –BLOOMBERG

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KUALA LUMPUR — 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 decliners outnumbering gainers 570 to 512, while 597 counters were unchanged, 1,051 untraded and 21 suspended. 

Turnover expanded to 3.40 billion units worth RM3.49 billion from Thursday’s 2.81 billion units worth RM3.41 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that the benchmark index was close to breaking its 1,720 resistance level and multi-year highs, reflecting improving confidence in the local market.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan  said the late-session recovery was notable, highlighting improving market depth rather than a narrow, technical rebound.

“This reflected a shift towards broader-based accumulation rather than selective defensive positioning, suggesting that investors were increasingly willing to re-engage as confidence stabilised,” he said.

He opined that sustained foreign investor inflows recorded over Wednesday and Thursday continued to provide meaningful support.

“These inflows helped anchor sentiment during the weaker morning session and played a key role in underpinning the afternoon recovery, reinforcing the view that external participation remains a critical stabilising force for the local market,” he added.

Among heavyweights, Maybank rose 14 sen to RM11.36, IHH Healthcare gained 11 sen to RM8.60, Public Bank and CIMB both remained unchanged at RM4.78 and RM8.30, while Tenaga Nasional shed six sen to RM13.80.

On the most active list, Capital A rose 2.5 sen to 54.5 sen, Zetrix AI perked up half-a-sen to 81.5 sen, AirAsia X surged 18 sen to RM1.84, while Press Metal Aluminium edged down nine sen to RM7.41, and Tanco Holdings eased one sen to RM1.30.

Top gainers included Dutch Lady Milk Industries which increased 40 sen to RM32.34, Fraser & Neave Holdings added 22 sen to RM35.86, Hong Leong Industries was up 20 sen to RM17.18, Time Dotcom put on 21 sen to RM5.96, and Telekom Malaysia bagged 18 sen to RM7.96.

Among top decliners, Nestle fell RM1.80 to RM115.20, Hong Leong Bank dipped 20 sen to RM24.00, United Plantations sank 22 sen to RM30.50, Malaysian Pacific Industries slipped 88 sen to RM33.12, and UWC shaved off 19 sen to RM4.25.

On the broader market, the FBM Emas Index rose 11.19 points to 12,660.54 and the FBM Top 100 Index gained 12.24 points to 12,455.80.

The FBM Emas Shariah Index lost 5.60 points to 12,309.65, the FBM Mid 70 Index declined 20.52 points to 17,562.22, and the FBM ACE Index went down 32.25 points to 4,905.05.

Sector-wise, the Financial Services Index increased 46.91 points to 20,803.17, and the Plantation Index garnered 11.14 points to 8,369.77 while the Energy Index dropped 9.0 points to 769.38, and the Industrial Products and Services Index eased 0.37 of-a-point to 176.49.

The Main Market volume expanded to 1.92 billion units worth RM3.22 billion from Thursday’s 1.57 billion units worth RM3.15 billion.

Warrants turnover jumped to 980.15 million units worth RM109.52 million from 722.66 million units worth RM915.49 million previously. 

The ACE Market volume declined to 500.36 million units worth RM153.45 million from 514.75 million units worth RM168.56 million yesterday.

Consumer products and services counters accounted for 429.36 million shares traded on the Main Market, industrial products and services (374.13 million), construction (158.64 million), technology (236.67 million), financial services (120.58 million), property (247.15 million), plantation (25.70 million), real estate investment trusts (26.11 million), closed-end fund (33,400), energy (142.34 million), healthcare (68.67 million), telecommunications and media (32.46 million), transportation and logistics (39.83 million), utilities (18.59 million), and business trusts (12,300). — BERNAMA

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THE HAGUE — Czech weapons manufacturer CSG debuted on the Amsterdam stock market Friday, raising 3.8 billion euros in the world’s biggest initial public offering (IPO) in the defence sector.

The $4.6-billion flotation values the company, a key supplier of ammunition and weapons to NATO countries and Ukraine, at 25 billion euros, according to a statement from the Amsterdam market.

It was “the world’s largest defence IPO ever recorded, both in terms of amount raised and market capitalisation,” the exchange said.

According to the firm’s prospectus, CSG is the “second largest medium- and large-calibre ammunition producer in Europe and largest small-calibre ammunition producer globally by sales.”

Nearly 70 percent of its sales come from NATO countries and it believes it stands to benefit as the alliance ramps up weapons and ammunition production to counter threats from Russia.

At a summit meeting in The Hague last year, NATO countries committed to boosting spending on defence to five percent of output by 2035.

The firm said it sells in more than 70 countries worldwide and employs 14,000 staff.

Founded in the Czech Republic, CSG also has factories in India, Italy, Serbia, Slovakia, Spain, the United Kingdom and the United States.

CSG chairman Michal Strnad hailed what he called a “historic milestone” with the IPO.

“We are proud of the combination of our Czech industrial heritage and our global manufacturing footprint,” added the 33-year-old entrepreneur. — AFP

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KUALA LUMPUR — Positive sentiment surrounding the Overnight Policy Rate (OPR) status quo, coupled with easing geopolitical uncertainty, supported the Bursa Malaysia benchmark index in closing higher today.

The index surpassed its previous peak of 1,713.45 recorded on Feb 27, 2019.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 11.33 points, or 0.66 per cent, to 1,717.14 from Wednesday’s close of 1,705.81.

The barometer index opened 8.08 points higher at 1,713.89 and moved between an intraday low of 1,711.29 in early trade and a high of 1,717.66 during the mid-morning session.

Market breadth was positive, with gainers outpacing losers 622 to 435, while 589 counters were unchanged, 1,066 counters untraded, and nine suspended.

Turnover slid to 2.81 billion units worth RM3.41 billion from Wednesday’s 2.94 billion units worth RM3.14 billion.

Earlier this afternoon, Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) has decided to maintain the OPR at 2.75 per cent during its meeting today.

The MPC considers the monetary policy stance to be appropriate and supportive of the economy amid price stability, said the central bank.  

Hence, amid a broadly accommodative monetary policy backdrop and a tariff pullback by US President Donald Trump on several European Union economies, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said market performance today was notably robust, with broad-based gains across all segments.

He said that while Wall Street in the United States experienced a recent sharp pullback, the FBM KLCI remained firmly in positive territory, with momentum extending into today’s session.

“While markets may still require a few days of conciliatory signals before fully moving past the Greenland episode, attention is gradually shifting back towards macroeconomic and policy drivers ahead of the upcoming US Federal Reserve meeting.

“This refocus could keep global markets selective, particularly as stabilising US labour conditions continue to support a cautious policy bias,” he told Bernama.

Against this backdrop, he opined that Malaysia’s relative resilience stands out, underpinned by strong macroeconomic fundamentals that provide a solid structural base for corporate earnings growth.

Among heavyweights, Maybank rose 12 sen to RM11.22, Public Bank added four sen to RM4.78, CIMB gained eight sen to RM8.30, RHB Bank climbed 14 sen to RM8.13, and Press Metal Aluminium notched up 10 sen to RM7.50.

On the most active list, SMRT perked up one sen to 20 sen, Velesto Energy put on 2.5 sen to 31.5 sen, Nationgate jumped 19 sen to RM1.19, Tanco rose two sen to RM1.31, while Zetrix AI eased half-a-sen to 81 sen.

As for the top gainers, Nestle advanced RM1.40 sen to RM117, Allianz Malaysia added RM1.08 to RM22.66, United Plantations was 42 sen higher at RM30.72, LPI Capital garnered 32 sen to RM15.40, and Hong Leong Bank increased 28 sen to RM24.20.

Among the leading decliners, Fraser & Neave slid 16 sen to RM36.00, Petronas Gas slipped 10 sen to RM18.70, Solarvest lost nine sen to RM2.81, Atlan decreased 13 sen to 2.72, and Kein Hing International edged down nine sen to RM1.21.

On the broader market, the FBM Emas Index rose 84.40 points to 12,649.35, the FBM Top 100 Index gained 84.52 points to 12,443.56, the FBM Emas Shariah Index garnered 71.76 points to 12,315.25, the FBM Mid 70 Index jumped 130.13 points to 17,582.74, and the FBM ACE Index went up 18.59 points to 4,937.30.

Sector-wise, the Financial Services Index surged 207.60 points to 20,756.26, the Energy Index gained 7.70 points to 778.38, the Industrial Products and Services Index advanced 1.79 points to 176.86, and the Plantation Index garnered 60.49 points to 8,358.62.

The Main Market volume improved to 1.57 billion units worth RM3.15 billion from Wednesday’s 1.51 billion units worth RM2.86 billion.

Warrants turnover dwindled to 722.66 million units worth RM915.49 million from 939.71 million units worth RM109.84 million previously. 

The ACE Market volume expanded to 514.75 million units worth RM168.56 million from 483.39 million units worth RM163.83 million yesterday.

Consumer products and services counters accounted for 199.06 million shares traded on the Main Market, industrial products and services (322.38 million), construction (149.78 million), technology (189.20 million), financial services (112.95 million), property (155.57 million), plantation (29.10 million), real estate investment trusts (18.25 million), closed-end fund (8,000), energy (217.63 million), healthcare (62.40 million), telecommunications and media (56.46 million), transportation and logistics (38.18 million), utilities (26.47 million), and business trusts (49,900).

Meanwhile, the exchange in a listing circular today said Apex Healthcare Bhd will be removed from the Official List of Bursa Malaysia Securities Bhd with effect from 9 am, Jan 27, 2026 pursuant to Paragraph 16.07(a) of the Main Market Listing Requirements. — BERNAMA

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Bursa Malaysia opened higher on Thursday, following a strong rebound on Wall Street after US President Donald Trump signalled a pullback from planned tariff increases on several European Union economies.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.39 points to 1,715.20, up from Wednesday’s close of 1,705.81. 

The benchmark had opened 8.08 points higher at 1,713.89.

Market breadth was positive, with gainers outnumbering decliners 259 to 85. A total of 251 counters were unchanged, while 2,117 were untraded and nine were suspended. 

Turnover stood at 131.47 million shares worth RM93.80 million.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the easing of trade-related uncertainty had lifted near-term risk appetite across Asian markets, supporting Bursa’s upward momentum.

“Beyond external cues, Bursa Malaysia’s ability to close higher yesterday despite a challenging global backdrop highlights its declining short-term correlation with Wall Street. This suggests investors are becoming more discerning, with capital increasingly anchored to domestic fundamentals, earnings visibility, and valuation support rather than reacting mechanically to offshore headline risk.

“If sustained, this would reinforce the view that current market resilience is becoming structural rather than a temporary relief rally,” he told Bernama.

He said attention would later turn to Bank Negara Malaysia’s Monetary Policy Committee decision.

“While consensus fully prices in no change to the policy rate, the announcement remains important from a signalling perspective. A steady policy stance would further entrench confidence among businesses and investors, reinforcing expectations of interest rate stability amid moderating inflation and a still-supportive growth backdrop,” he added.

Among heavyweight stocks, Maybank rose 12 sen to RM11.22, Public Bank added four sen to RM4.78, CIMB Group increased two sen to RM8.24, Tenaga Nasional gained eight sen to RM13.88, while IHH Healthcare was unchanged at RM8.46.

On the most active list, SMRT Holdings perked up one sen to 20 sen, OB Holdings added half-a-sen to 20 sen, IJM Corp advanced seven sen to RM2.56, ACE debutant Guan Huat Sen Holdings shed one sen to 24 sen, and Reneuco fell half-a-sen to three sen.

Top gainers included Nestle, up 50 sen to RM116.50; Allianz Malaysia, 34 sen to RM21.92; United Plantations, 20 sen to RM30.50; Kuala Lumpur Kepong, 18 sen to RM20.18; and Malaysian Pacific Industries, 16 sen to RM34.16.

Leading decliners were Zhulian Corp, down seven sen to RM1.00; Mercury Industries, 5.5 sen to 62 sen; MISC, four sen to RM7.74; Tomei Consolidated, four sen to RM2.01; and QL Resources, three sen to RM4.02.

On the broader market, the FBM Emas Index rose 66.94 points to 12,631.89, the FBM Top 100 Index gained 69.04 points to 12,428.08, the FBM Emas Shariah Index added 59.06 points to 12,302.56, the FBM Mid 70 Index climbed 101.88 points to 17,554.49, and the FBM ACE Index increased 15.90 points to 4,934.61.

Sector-wise, the Financial Services Index rose 140.47 points to 20,689.13, the Energy Index gained 2.02 points to 772.70, the Industrial Products and Services Index advanced 0.95 of-a-point to 176.02, and the Plantation Index recovered 38.02 points to 8,336.15. — BERNAMA

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KUALA LUMPUR — Bursa Malaysia’s benchmark index rebounded to close higher today as investors engaged in bargain hunting at lower levels following yesterday’s profit-taking, in line with gains across most regional markets.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.75 points or 0.39 per cent to 1,705.81 from Tuesday’s close of 1,699.06.

The barometer index opened 4.25 points lower at 1,694.81 and moved between an intraday low of 1,693.95 in early trade and a high of 1,708.62 in late session.

Market breadth was positive, with gainers leading losers 591 to 442, while 568 counters were unchanged, 1,083 counters untraded, and 10 suspended.

Turnover increased to 2.94 billion units worth RM3.14 billion from Tuesday’s 2.85 billion units worth RM2.86 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the benchmark index continued to find firm support around the 1,700 level, underpinned by sustained buying interest in blue-chip stocks.

“This reflects underlying confidence in local fundamentals, as investors remain selective yet willing to accumulate quality names despite external uncertainties. 

“Provided buying interest remains intact, the FBM KLCI is expected to stay resilient in the near term, with any pullbacks likely to be mild and orderly,” he told Bernama.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said banking stocks led the gains among the FBM KLCI components, as investors positioned ahead of Bank Negara Malaysia’s monetary policy committee meeting tomorrow, with expectations that the policy rate will be maintained.

He said consumer stocks also advanced, supported by the payment of Sumbangan Tunai Rahmah credits yesterday and ahead of Phase 2 of the civil servants’ salary adjustment tomorrow, which is expected to boost household spending and transaction activity.

Among heavyweights, Maybank rose four sen to RM11.10, Public Bank added two sen to RM4.74, while CIMB and IHH gained five sen each to RM8.22 and RM8.46, respectively. Tenaga Nasional was flat at RM13.80.

On the actively traded list, Velesto, Zetrix AI and Tanco bagged one sen each to 29 sen, 81.5 sen and RM1.29, respectively, while SBS Nexus fell one sen to 23 sen, and IJM dropped eight sen to RM2.49.

Leading gainers included Hong Leong Financial which climbed 56 sen to RM20.84, Dutch Lady advanced 50 sen to RM31.78, Fraser & Neave and Malaysian Pacific Industries perked up 44 sen each to RM36.16 and RM34.00, respectively, while Petronas Gas firmed 38 sen to RM18.80.

As for the top decliners, United Plantations slid 76 sen to RM30.30, Nestle slipped 40 sen to RM115.60, BLD Plantation dipped 30 sen to RM15.30,  Far East sank 25 sen to RM3.95, and KL Kepong lost 20 sen to RM20.00.

On the broader market, the FBM Emas Index increased 49.74 points to 12,564.94, the FBM Top 100 Index added 46.50 points to 12,359.04, the FBM ACE Index climbed 37.47 points to 4,918.71, and the FBM Emas Shariah Index jumped 50.78 points to 12,243.49, and the FBM Mid 70 Index advanced 54.77 points to 17,452.61.

Sector-wise, the Financial Services Index soared 104.10 points to 20,548.66, the Energy Index inched down 0.15 of-a-point to 770.68, the Industrial Products and Services Index edged up 1.79 points to 175.07, and the Plantation Index shed 32.96 points to 8,298.13.

The Main Market volume was unchanged at 1.51 billion units while its value rose to RM2.86 billion from Tuesday’s 1.51 billion units worth RM2.58 billion.

Warrants turnover expanded to 939.71 million units worth RM109.84 million from 852.39 million units worth RM115.84 million previously. 

The ACE Market volume improved to 483.39 million units worth RM163.83 million from 480.23 million units worth RM167.71 million yesterday.

Consumer products and services counters accounted for 218.78 million shares traded on the Main Market, industrial products and services (283.49 million), construction (141.92 million), technology (214.37 million), financial services (111.97 million), property (166.26 million), plantation (26.41 million), real estate investment trusts (19.60 million), closed-end fund (9,000), energy (156.24 million), healthcare (50.81 million), telecommunications and media (31.74 million), transportation and logistics (65.44 million), utilities (31.30 million), and business trusts (609,900). — BERNAMA

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