Bursa Malaysia opens lower as Nvidia leadership crisis weighs on Wall Street

Detailed summary

Bursa Malaysia’s key index opened lower today, tracking US Wall Street’s overnight decline amid mounting concerns over Nvidia’s leadership ...

KUALA LUMPUR, Nov 13 — Bursa Malaysia’s key index opened lower today, tracking US Wall Street’s overnight decline amid mounting concerns over Nvidia’s leadership crisis.

At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 1.05 points to 1,584.91 from yesterday’s close of 1,585.96.

Despite the weaker index performance, market breadth was positive, with gainers outnumbering losers 175 to 150. A total of 285 counters were unchanged, while 2,174 remained untraded and 16 were suspended.

IPPFA director of investment strategy and country economist Mohd Sedek Jantan said US equities came under renewed selling pressure as concerns over Nvidia’s leadership intensified, prompting investors to reassess risks across the artificial intelligence (AI) investment ecosystem.

Sedek said Nvidia’s shares plunged, dragging semiconductor stocks and broader technology sentiment lower.

“The development adds another layer of uncertainty to an already volatile AI trade, given co-founder Jensen Huang’s central role in shaping the industry’s investment narrative and Nvidia’s extensive financial and commercial relationships across the AI ecosystem,” he told Bernama.

He said the weakness extended beyond Nvidia, with AI infrastructure and cloud-computing companies also coming under selling pressure.

Neocloud provider Nebius plunged about 20 per cent despite reporting strong quarterly results, as investors reacted to weaker revenue guidance, revised growth targets and a substantial increase in planned capital expenditure to US$40 billion-US$45 billion, he added.

Heavyweight stocks at Bursa Malaysia were mixed. CIMB fell four sen to RM7.05, Tenaga Nasional lost two sen to RM12.78, while IHH Healthcare eased one sen to RM7.83. Maybank gained one sen to RM9.92, while Public Bank was unchanged at RM4.53.

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