Malaysia Morning Wrap | Super Micro Soars 23% After - Hours, Avoids Delisting; Slumping Tech Stocks Await Nvidia Earnings

Moomoo News MY wrote a column · Feb 26 09:06

Good morning mooers! Here are things you need to know about today's market:

Tech rout continues, sending US stocks lower.

Bursa Malaysia plunges as a sell-off affects more than 900 stocks.

Stocks to watch: TM, AFFIN

- Moomoo News MY

Malaysia Morning Wrap | Super Micro Soars 23% After - Hours, Avoids Delisting; Slumping Tech Stocks Await Nvidia Earnings

Wall Street Summary

$S&P 500 Index (.SPX.US)$ 5955.25 (-0.47%)

$Dow Jones Industrial Average (.DJI.US)$ 43621.16 (+0.37%)

$Nasdaq Composite Index (.IXIC.US)$ 19026.39 (-1.35%)

On Tuesday afternoon, the market declined. However, it rebounded from the session lows by the closing time. This was after a tech sell-off, spurred by concerns in the chip trade, issues with Tesla's sales figures, and low consumer confidence data, which pushed the Magnificent Seven stocks into correction territory.

$Strategy (MSTR.US)$ drove down crypto and the Nasdaq 100, dropping 11% as Bitcoin fell. $Bitcoin (BTC.CC)$ hit $90k Tuesday morning but slid 4% after hacks and a tech pullback. MicroStrategy kept buying Bitcoin and selling stocks, purchasing 20k coins at over $97k last week.

$Tesla (TSLA.US)$ fell 8% early Tuesday after sales data from its UK and European markets showed nearly a 50% drop since the beginning of the year. The stock faced headwinds in 2025 as competition pushed sales lower.

$Super Micro Computer (SMCI.US)$ is going bonkers (+23%) in after-hours trading after the company filed the necessary reports to avoid being delisted from the Nasdaq. The deadline was today.

$NVIDIA (NVDA.US)$ also continued to slump with earnings due after the close on Wednesday.

Bursa Market Insight

$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ 1568.030 (-1.02%)

Top Gainer: $IHH (5225.MY)$ RM7.31 (+0.83%)

Top Loser: $SDG (5285.MY)$ RM4.83 (-3.40%)

USD/MYR: $USD/MYR (USDMYR.FX)$ 4.4141 (-0.19%)

Tuesday, Bursa Malaysia extended its downward trend. Widespread selling pressure pushed the market down, with over 900 stocks dropping due to weak buying interest.The FBM KLCI plunged 16.22 points (1.02%) to 1,568.03, its lowest in three weeks.

All indices ended in the red, except the Bursa Malaysia Transportation & Logistics Index.In the broader market, losers outnumbered gainers nearly 4 to 1, with 904 stocks falling and 218 rising.

Traded volume reached 3.14 billion shares, worth RM2.65 billion.Dealers said the broad-based selloff showed cautious sentiment, as persistent uncertainties made market participants nervous.

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Stocks to Watch

Eco World Development Bhd announced that it has executed agreements to dispose of a piece of land for RM266.1 million. Additionally, it will construct a data centre on a separate parcel of land, which will be leased to Pearl Computing Malaysia Sdn Bhd, a company affiliated with Google.

For the fourth quarter of the financial year 2024 (4QFY24), $NESTLE (4707.MY)$(Malaysia) Bhd's net profit plummeted 72.2% year-on-year, dropping to RM41.1 million, which is the lowest in 11 years since 4QFY13. In 4QFY23, the net profit was RM148.1 million. This significant decline was mainly attributed to rising input costs and reduced sales.

$AFFIN (5185.MY)$’s 4Q profit triples to RM135.1mil, announced bonus Issue of one new share for every 18 existing shares

$TM (4863.MY)$ Malaysia Bhd saw its net profit surge by 68.5% in the fourth quarter of the financial year 2024 (4QFY24), buoyed by the accounting recognition of the remaining one-off tax credits.