KUALA LUMPUR, May 21 (Bernama) -- Bursa Malaysia ended at its intraday low on Thursday as investor sentiment remained cautious amid ongoing foreign outflows, although the recent weakness may present bargain-hunting opportunities in fundamentally sound blue-chip counters. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.33 points, or 0.54 per cent, to 1,708.36, from yesterday’s close of 1,717.69. The benchmark index, which opened 3.74 points higher at 1,721.43, hit an intraday high of 1,722.50 in early trade before losing momentum for the rest of the day. Market breadth was negative, with losers outpacing gainers 656 to 508, while 565 counters were unchanged, 989 untraded and 32 suspended. Turnover fell to 3.49 billion units worth RM3.70 billion compared with 4.15 billion units worth RM4.29 billion on Wednesday.
Alibaba (BABA.US) shares have come under pressure, declining nearly 30% since October highs and about 6% year-to-date , as investors turn cautious ahead of its upcoming fiscal third-quarter earnings. Weak Earnings Outlook Clouds Sentiment Alibaba is expected to report results this week, with consensus estimates pointing to US$42.2 billion in revenue and US$1.59 earnings per ADR . While revenue is projected to grow over 9% year-on-year , profitability tells a different story. Earnings are expected to drop sharply by 46% , reflecting margin pressures and a more challenging operating environment. Notably, analyst sentiment has deteriorated , with 11 out of 15 analysts cutting earnings forecasts during the quarter, and none revising estimates upward — a clear sign of weakening confidence. Technical Signals Mixed but Improving From a technical perspective, Alibaba’s chart suggests a market in transition. The stock initia...