KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78. The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close. However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended. Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 billion.
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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