KUALA LUMPUR, Jan 7 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) recovered from yesterday’s losses to close higher Tuesday, driven by bargain-hunting amidst the positive momentum on Wall Street overnight and most regional markets. At 5 pm, the market bellwether increased 4.32 points or 0.26 per cent to 1,629.79 compared with Monday’s close of 1,625.47. The index opened 0.97 of-a-point lower at 1,624.50 and moved between 1,624.50 and 1,634.27 throughout the day. However, the broader market was negative with losers outpacing gainers 614 to 490, while 537 counters were unchanged, 712 untraded and 10 others suspended. Turnover improved to 3.91 billion units valued at RM3.29 billion against Monday’s 3.47 billion units valued at RM2.66 billion. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said optimism in the...
Pre-Market Highlights: Stocks Making Big Moves
Gapping Up
- Poseida Therapeutics (PSTX):Stock skyrocketed over 200% after Roche announced its acquisition for up to $1.5 billion in cash.
- Novo Nordisk (NVO) and Eli Lilly (LLY):Shares of these weight-loss drug makers rose 2.1% and 4.9% respectively after President Joe Biden proposed expanding Medicare and Medicaid coverage for anti-obesity drugs.
- Arqit Quantum (ARQQ):Stock climbed 4% in pre-market trading following a 37% surge yesterday, driven by Amazon's new Quantum Embark Program, which aims to integrate quantum computing with AI.
- Dick’s Sporting Goods (DKS):Shares jumped 8.2% after the company raised its full-year outlook. CEO Lauren Hobart credited an “excellent” back-to-school season and better-than-expected Q3 sales for the positive forecast.
- Intel (INTC):Shares rose 0.4% as the US government confirmed $7.86 billion in subsidies, slightly below the original $8.5 billion plan. Intel also secured $3 billion from the Pentagon.
- Analog Devices (ADI):Stock gained 5.6% despite reporting lower year-over-year Q4 profits. Results still outperformed analyst expectations.
Gapping Down
- Kohl’s Corp (KSS):Shares plunged 17% as the company lowered its annual sales forecast following its 11th consecutive quarter of declining sales. Same-store sales dropped 9.3%, raising concerns about its ability to attract holiday shoppers.
- Best Buy (BBY):Stock dropped 7% after reporting disappointing Q3 results and lowering its full-year sales outlook. Comparable sales fell 2.9%, with weak demand in appliances, home theater, and gaming categories.
- MicroStrategy (MSTR) and Coinbase (COIN):Shares declined 5% and 4.4% respectively as Bitcoin prices fell to $92,000, down 5% in a single day. Long position liquidations totaled $413 million
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