KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 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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