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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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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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