Analysts positive on outlook of FBM KLCI heavyweights despite sluggish Q1 performance

[KUALA LUMPUR] The lacklustre earnings performance of Bursa Malaysia-listed heavyweights in the KLCI for the first quarter of this year may have disappointed analysts, but they are upbeat that corporate earnings will improve after the country concludes state elections by this August.

The aggregate reported earnings of the 30 FBM KLCI component companies came in at RM15.8 billion (S$4.58 billion) for Q1 2023, around 35 per cent lower quarter on quarter, but 3 per cent higher year on year.

Analysts attributed the underwhelming performance to global headwinds, softening commodity prices and political uncertainty.