KUALA LUMPUR, March 10 (Bernama) -- Bursa Malaysia rebounded to end higher today with the benchmark FBM KLCI reclaiming the 1,700 psychological level, supported by improved global sentiment after US President Donald Trump signalled a potential de-escalation of the Iran conflict, alongside Malaysia’s stronger Industrial Production Index (IPI) data. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 27.51 points, or 1.64 per cent, to 1,701.68 from yesterday’s close of 1,674.17. The benchmark index opened 10.68 points higher at 1,684.85, its lowest point today, and hit a high of 1,703.61 in the late afternoon session. Market breadth was positive, with gainers thumping losers 929 to 382. A total of 361 counters were unchanged, 982 untraded and 19 suspended. Turnover declined to 3.60 billion units worth RM3.75 billion from yesterday’s 5.52 billion units worth RM5.87 billion.
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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