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
Royal Philips NV has reduced its sales-growth forecast for 2024, citing sluggish demand from China, which has impacted the company's order intake. Philips now expects comparable sales growth of up to 1.5% for the year, a sharp decline from its previous forecast of up to 5%. The company saw a 2% drop in order intake during the third quarter, driven by the slowdown in China.
The Dutch medical technology firm has been affected by China's anti-corruption campaign in the healthcare sector, which includes tighter scrutiny on local medical-technology procurement. The country has also imposed stricter requirements for domestic products in various categories, further affecting demand.
Roy Jakobs, Philips' CEO, noted that uncertainty in China is likely to persist over the next few quarters, while the company continues to see solid growth in other regions globally.
Philips reported adjusted operating earnings of €516 million ($557 million) for the third quarter, which aligned with analyst expectations. However, the company is still dealing with the aftermath of a recall of faulty sleep apnea devices, which has cost it around $5 billion and attracted scrutiny from the US Department of Justice. Philips has not yet made financial provisions for this ongoing investigation, and its outlook excludes the potential impact of legal proceedings.
Despite the recall challenges, Philips' shares have risen around 45% this year, though they remain down by more than 30% since the recall began in June 2021.
Earlier this month, Charlotte Hanneman made history as Philips’ first female Chief Financial Officer and management board member in its 133-year history.
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