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
Unilever is making "drastic" changes in its Indonesian operations, according to Chief Financial Officer Fernando Fernandez, as the company grapples with consumer boycotts of multinational brands in response to the ongoing war in Gaza. These boycotts have worsened the company's distribution challenges in the region.
Unilever, known for brands like Dove, Knorr, and Ben & Jerry's, first reported in February that Southeast Asian sales had taken a hit due to Indonesian shoppers boycotting multinational brands, linked to the geopolitical situation in the Middle East.
Speaking after delivering slightly better-than-expected quarterly sales, Fernandez said Unilever plans to make its brands more "contemporary" to adapt to the significant societal changes taking place in Indonesia. He expects improvement over the next six months.
Unilever’s Indonesian unit reported an 18% drop in third-quarter revenue, largely driven by a decline in volumes. CEO Hein Schumacher acknowledged "long-standing issues" in the country but noted that major changes in the third and fourth quarters will not yield immediate results. The company is also revamping its distribution system to stabilize prices and recover market share lost during the consumer backlash. Fernandez noted that Unilever has already regained one-quarter of its lost market share.
Despite these efforts, analysts like Warren Ackerman from Barclays remain skeptical, pointing to Unilever's underperformance in Indonesia for nearly a decade.
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