Shares of YTL Power International Bhd and YTL Corp plunged following the release of DeepSeek-V3, a powerful and affordable AI model from China that has raised concerns about the future demand for Nvidia's products and its impact on the technology sector. The negative sentiment from Wall Street spread to Malaysia, dragging down the Bursa Malaysia's Technology Index and pushing the FBM KLCI to an intraday low. Investors remain cautious amidst US tariff concerns and anticipation of the Federal Reserve's policy decision.
PETALING JAYA: YTL-related stocks and local technology counters were the collateral damage of China’s new artificial intelligence model, which is both cheaper and more powerful than those of Meta and OpenAI.
This further extended YTL Power’s share price downtrend, wiping out its entire gain in market capitalisation since November. Notably, YTL Power and YTL Corp have been under water in recent days after announcing their respective one-for-five bonus warrants. With both YTL counters ending the day in the red, they dragged down the FBM KLCI and forced the benchmark index to close at an intraday low.The KLCI-segment stocks saw a predominance of losses, with 18 decliners and nine advancers.Market breadth was negative across the local exchange as 782 losers trumped 235 gainers, with 415 counters traded unchanged.
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