KUALA LUMPUR: Investors on Bursa Malaysia are watching intently the raft of corporate earnings announcements over the next few days, even as the overarching sentiment remains cautious over the progress of US debt ceiling talks.
At the opening bell, the benchmark FBM KLCI was down 0.18 points to 1,411.36, suggesting that the market was attempting to find its footing following the previous session’s sharp decline.
However, Malacca Securities Research said it expects investors to remain jittery over the US debt ceiling discussions given the lack of progress, with only one week left before the June 1 hard deadline for raising the debt limit.
“Meanwhile, investors may focus on fundamentally solid companies amid the earnings season on the local bourse,” said the research firm.
On the blue-chip index, there continued to be selling pressure in banks including Maybank dropping two sen to RM8.59 while CIMB slipped two sen to RM4.99.
Ahead of the earnings announcements of major plantations players, Kuala Lumpur Kepong shed 38 sen to RM22.22 and Sime Darby Plantation dropped seven sen to RM4.41. IOI meanwhile rose five sne to RM4.01.
PETRONAS Gas, which announced its results yesterday, fell 24 sen to RM16.78.
Among other laggards, Hextar Technologies dropped 50 sen ot RM24 after posting a net loss of RM880,000 yesterday while Sports Toto dropped three sen to RMRM1.28 after its earnings fell sharply from the year before.
TOp actives included Bahvvest up two sen to 18 sen, Tanco rising 0.5 sen to 55 sen and YTL gaining two sen to 80 sen. – The Star