Bursa Malaysia shrugs off Apple’s income warning – Enterprise Information

Bursa Malaysia shrugs off Apple's revenue warning - Business News

KUALA LUMPUR: Bursa Malaysia skilled a rebound following yesterday’s steep selloff at the same time as markets are anticipated to weigh on Apple Inc’s minimize to its income forecast.

The tech big issued its first income warning in over a decade because it stated slowing China gross sales and fewer iPhone upgrades have been the explanation for the minimize.

MSCI’s broadest gauge of Asia-Pacific shares exterior Japan slipped 0.2% early in Asian buying and selling.

Bucking expectations, the FBM KLCI rose in early morning commerce in a bid to retrace a number of the 22-point loss seen within the earlier session.

The technical outlook on the index nonetheless continues to be detrimental, in accordance with Kenanga analysis. 

“The technical outlook continues to lean in direction of a draw back bias because the index fashioned a protracted bearish candlestick and is buying and selling beneath its key SMAs. 

“We opine that the index could proceed to pattern down, given the poor indicators from key momentum indicators, however could discover assist at 1,615 (S1) or 1,600 (S2) subsequent.”

At 9.10am, the FBM KLCI was up 3.32 factors to 1,671.43. Turnover was 128.93 million shares valued at RM47.37mil. There have been 142 gainers versus 86 decliners and 126 counters unchanged.

Among the many heavyweight counters, Nestle rose RM1.10 to RM147.80, Petronas Dagangan gained 46 sne to RM26.46 and Hong Leong Financial institution rose 20 sen to RM20.50.

Most energetic counters have been Inari falling 13 sen to RM1.34, Attain Power slipping 1.5 sen to 28.5 sen and MyEG dropping 1.5 sen to 96.5 sen.

Amongst main laggards, Globetronic shed 12 sen to RM1.60, KESM fell 10 sen to RM7.60 and QL Sources misplaced six sen to RM6.74.

In oil markets, costs rose about 2% in uneven buying and selling on Wednesday, supported by a slight restoration on Wall Avenue, at the same time as considerations remained about weakening world financial progress which may harm demand for oil.

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