KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
Stock Performance
- CCK Consolidated Holdings Bhd (KL:CCK) fell over 10% to RM1.25, its lowest level in nine months.
- Market capitalization now stands at RM819 million.
Earnings Miss Triggers Sell-Off
- Q4 and full-year results failed to meet market expectations, sparking a sharp decline in investor confidence.
- Weaker-than-expected financial performance in its poultry farming operations likely contributed to the decline.
Investor Sentiment & Market Reaction
- The sharp 15 sen drop reflects growing concerns over earnings pressure in the poultry industry.
- Investors are waiting for further details on what caused the earnings miss and whether CCK has strategic plans for recovery.
Summary:
- CCK shares plunged over 10% to RM1.25, hitting a nine-month low.
- Q4 and full-year earnings missed expectations, triggering a sell-off.
- Investors are cautious as they await further updates on the company’s outlook.
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