KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
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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