KUALA LUMPUR, March 14 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) ended the week slightly higher, in line with regional indices despite the weaker performance on Wall Street overnight. At 5 pm, the FBM KLCI rose 2.12 points or 0.14 per cent to 1,512.15 from Thursday’s close of 1,510.03. The market bellwether opened 10.08 points lower at 1,499.95, and moved between 1,493.29 and 1,516.25 throughout the day. On the broader market, gainers outpaced losers with 680 to 292, while 437 counters were unchanged, 1,009 untraded, and 13 suspended. Turnover was marginally lower at 3.24 billion units worth RM2.5 billion from 3.25 billion units worth RM2.90 billion on Thursday.
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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