KUALA LUMPUR, April 22 (Bernama) -- Bursa Malaysia ended lower on selling activities in the financial services and industrial products and services sectors’ heavyweights, amid tensions between US President Donald Trump and Federal Reserve chair Jerome Powell. The tensions, coupled with global uncertainty, have sparked investors’ concern, prompting them to remain cautious. CIMB gave up 11 sen to RM6.75, Hong Leong Bank slid 44 sen to RM19.54, and Press Metal Aluminium erased 10 sen to RM4.70. These counters dragged the composite index down by a combined 5.04 points. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 13.22 points or 0.88 per cent to 1,486.25 from Monday’s close of 1,499.47. The benchmark index opened 7.03 points lower at 1,492.44 and moved between 1,482.70 and 1,492.44 during the early session.
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
Comments
Post a Comment