KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Hasbro reported a smaller-than-expected decline in second-quarter sales on Thursday, thanks to steady digital gaming demand that offset a slump in toy sales, while effective cost-control strategies helped the toymaker exceed profit expectations.
Shares of Hasbro rose 6% in premarket trading as the company saw its margins improve to 21.3% from a decline of 15.6% a year earlier.
The maker of Nerf toy guns has implemented a turnaround strategy focused on limiting expenses and maintaining a tight inventory amidst an industrywide slowdown in toy demand, boosting its overall performance.
- Quarterly Revenue: Dropped 18% to US$995.3 million (RM4.6 billion), beating the analyst estimate of a 22.02% drop according to LSEG data.
- Adjusted Earnings: Hasbro earned US$1.22 per share in the second quarter, surpassing estimates of 78 cents.
Full-Year Forecast:
- Consumer Products Segment Revenue: Now expected to decline by 7% to 11%, compared with a previous forecast of a 7% to 12% decline made in February.
This positive report follows Barbie maker Mattel's announcement on Tuesday, where it topped Wall Street estimates for second-quarter profit through tight cost control, despite a surprise drop in sales.
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