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.
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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