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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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McDonald's Global Sales Decline Amid Muted Demand and E. Coli Outbreak Concerns



McDonald's reported a sharper-than-expected 1.5% drop in global sales for the third quarter, its steepest decline in four years. The burger chain's struggles stem from muted demand across key markets, including the US and Europe, compounded by the fallout from a deadly E. coli outbreak in the US. The company’s shares were down 2.4% before the market opened, despite beating profit expectations.

The E. coli outbreak, linked to slivered onions in Quarter Pounders, led McDonald's to temporarily halt serving the burger in 20% of its US restaurants. The outbreak has caused 75 infections and one death, further dampening US sales recovery efforts. Customer visits in the US dropped sharply in late October, raising concerns about the near-term impact of the outbreak on sales.

International markets also saw a 2.1% decline, particularly in France, the UK, and China, as consumers cut back on spending. Additionally, the Middle East conflict and boycotts over McDonald's perceived pro-Israeli stance added further pressure, particularly in urban markets.

Despite the challenges, US comparable sales grew 0.3%, thanks to promotions, while McDonald’s CEO Chris Kempczinski emphasized the company’s focus on affordability as customers become more cautious about their spending.

The company posted earnings of US$3.23 per share on an adjusted basis, slightly above analysts' estimates of US$3.20. However, analysts remain concerned about McDonald's ability to navigate the ongoing E. coli fallout and sluggish demand across major markets.

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