Bursa Malaysia’s FBM KLCI fell by 2.54 points to 1,580.22 as investors anticipate earnings reports. Rakuten Trade predicts a 16.9% growth for 4Q24, suggesting potential bargains. Global attention is on US-Russia peace talks and upcoming earnings from Walmart and Alibaba. Notable declines were seen in Maybank, Genting, and Nestle, while Techstore had a successful debut.
KUALA LUMPUR: Bursa Malaysia continued its downward trend as investors awaited upcoming earnings reports from Malaysian corporations. The benchmark FBM KLCI opened lower, declining by 2.54 points to 1,580.22. This drop occurred amid a lack of new developments from Wall Street, which was closed for the President’s Day holiday.
Rakuten Trade noted that entering the earnings season, investors are likely to hold off on significant commitments until results are announced. They project robust earnings growth of 16.9% for the financial year 4Q24, interpreting the current market dip as a potential opportunity for bargain hunting.
Malacca Securities Research highlighted that global markets will be attentive to ongoing peace talks between the US and Russia regarding the Ukraine conflict, scheduled in Saudi Arabia this week. Additionally, market insights will emerge from earnings reports from major retailers and tech companies such as Walmart and Alibaba.
In the Malaysian blue-chip sector, Maybank dropped eight sen to RM10.48, Genting fell five sen to RM3.86, and Nestle decreased by ten sen to RM91.02. Other notable stocks like PETRONAS Chemicals and QL Resources also experienced slight declines.
Conversely, Techstore, a provider of IT security and automation solutions, saw an increase of six sen to 26 sen following its trading debut. Ingenieur’s shares gained 0.5 sen to six sen, whereas CME’s shares fell by 0.5 sen to one sen.
In summary, Bursa Malaysia is navigating a cautious phase as investors await quarterly earnings results. Despite a slight decline in major blue-chip stocks, opportunities for bargain hunting may arise. Market participants are closely watching international developments, particularly peace negotiations and key earnings announcements from global enterprises.
Original Source: www.thestar.com.my
