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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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Crocs Shares Plummet After Downgraded Sales Outlook for HeyDude Brand



Crocs Inc. saw its shares drop by as much as 16% in US premarket trading after the shoemaker reduced its sales growth expectations and warned of significant declines in its casual HeyDude brand.

Despite the crucial back-to-school shopping period, Crocs reported flat sales growth in the third quarter. The company now expects 2024 sales growth of just 3%, the low end of its previous guidance range of 3% to 5%. Weighing down revenues is the HeyDude brand, with full-year sales expected to fall by 14.5% compared to last year, a steeper decline than the previous guidance of 8% to 10%.

Crocs CEO Andrew Rees acknowledged the difficulties facing the brand, stating, “HEYDUDE’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner.”

Crocs had experienced a resurgence in popularity over the past few years, following endorsements from celebrities like Justin Bieber and Post Malone, which helped the company triple its annual sales. However, recent setbacks include bans on Crocs in schools across the US due to safety concerns, which the company has called “baffling.”

As of Monday, Crocs shares were up 47% for the year, outperforming the S&P 500’s 22% rise.

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