KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Guan Chong Bhd (KL:GCB) slumped to its lowest level since March 2024, as disappointing second-quarter results triggered heavy selling among investors.
Stock Performance
Shares fell as much as 9% or nine sen to 92 sen in morning trade.
At 11.15am, the counter was last seen at 93 sen.
Trading activity was brisk, with more than 11 million shares changing hands — the highest volume in over five months.
Market Reaction
The sharp drop followed weaker-than-expected earnings that missed analyst forecasts, raising concerns over near-term profitability. Investors are turning cautious as margins face pressure from volatile cocoa prices and softer demand outlook in downstream chocolate products.
Outlook
While Guan Chong remains a leading regional cocoa grinder, analysts note that sustained earnings recovery will depend on stabilising raw material costs and stronger demand traction from key export markets. For now, sentiment remains under pressure, reflected in the stock’s sharp correction.
Comments
Post a Comment