KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
Gapping Up:
- FedEx (FDX.US): Stock surged 8.6% after the company exceeded fiscal Q2 earnings expectations and announced plans to spin off its freight business.
- Eli Lilly and Co (LLY.US): Shares climbed 5.5%, buoyed by increasing confidence in its obesity treatmentscompeting in a high-demand market.
Gapping Down:
- Nike (NKE.US): Shares dropped 7.4% despite strong Q2 results, as the company highlighted guidance concernslinked to "severe issues."
- Novo-Nordisk A/S (NVO.US): Fell 18% after its next-gen obesity drug CagriSema delivered weight loss resultsbelow expectations in a late-stage trial.
- Tesla (TSLA.US): Declined 5%, impacted by a 40.9% drop in European Union registrations in November compared to last year.
- Trump Media & Technology (DJT.US): Slipped 5.5% after an SEC filing revealed Donald Trump transferred his stake in the company into a revocable trust.
- MicroStrategy (MSTR.US): Dropped 7.6%, and Coinbase (COIN.US) fell 6.6%, driven by a sharp decline in Bitcoin prices after recent highs.
Takeaway:
The market remains volatile, with significant movements driven by sector-specific headwinds and broader macroeconomic factors. Investors are closely monitoring performance and guidance adjustments, particularly in tech, retail, and healthcare sectors.
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