Malaysia 02 - Market News (Mar 24 - Feb 25)

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PIVB RESEARCH
02-05-24 CLOSING:

Dow Jones, +322.37 pts to 38,225.66
S&P 500, +45.81 pts to 5,064.20
FBM KLCI, +4.33 pts to 1,580.30
Straits Times, +4.20 pts to 3,296.89
Hang Seng, +444.10 pts to 18,207.13
Shanghai. CLOSED

Gold: -4.07 to USD 2,299.68/oz
Crude Oil (Brent): +0.23 to USD 83.67/bbl
CPO Futures: +28.00 to RM 3,846.00 per MT

MYR/USD: -0.0172 to 4.7545
MYR/SGD: +0.0026 to 3.4980
YUAN/MYR: +0.0053 to 1.5231

US: US stocks closed higher on Thursday after a choppy Wednesday, Fed Chair Jerome Powell provided some relief yesterday for investors who had started to fear the possibility of an interest-rate hike but he also indicated the bar to cut rates had gone up, further clouding the outlook for when cuts may begin. The Dow Jones Industrial Average gained 0.8% to 38,225, the S&P 500 rose 0.9% to 5,064 and the Nasdaq Composite advanced 1.5%, to 15,840.

Europe: European markets were mostly lower as investors returned from a mid-week holiday to gauge a slew of earnings after the Fed signaled a delay in US interest rate cuts. The German DAX eased 0.2% to 17,896, the French CAC slipped 0.9% to 8,088 while the UK’s FTSE 100 closed higher by 0.6% at 8,172.

Asia: Asian markets wobbled after Wall Street swung to a mixed finish with Fed delaying cuts to interest rates. The Tokyo’s Nikkei 225 slipped 0.1% to 38,236 while the Hang Seng index surged 2.5% to 18,207, other markets in China remained closed for the Labour Day holiday.

Malaysia: Gainers: 530, Losers: 620.

Notable developments-

Westports Holdings net profit rose 11.4% YoY in the first quarter, thanks to higher container revenue, coupled with higher finance income and share of results of a JV.

Lotte Chemical Titan Holdings logged a net loss of RM178m in the first quarter, making it the group's eighth straight quarter in the red as product costs continued to exceed revenue.

Protasco has received an offer for its education unit Ikram Education SB, which owns the Infrastructure University Kuala Lumpur, from Hong Kong-based Star Teenagers International Group Ltd.

UOA REIT net rental income fell 13% to RM18m in 1QFY24 from RM21m a year earlier, due to lower occupancy rates and higher property operating expenses.

Frontken Corp recorded a 27% jump in its net profit for 1QFY24 to RM30m from RM24m last year, mainly due to improved revenue and profit margin.

Pasukhas Group has secured a RM57m contract from an undisclosed company to build a data centre in Selangor.

Boustead Heavy Industries Corp has secured a contract worth RM44m from the Ministry of Defence for the in-service support for its Royal Malaysian Navy Prime Minister Class submarines.

JAKS Resources unit has signed a MOU with China-based CALB Group Co Ltd to explore opportunities in the battery energy storage system market, with a particular focus on the SEA region.

Epicon, formerly Korsortium Transnational, will exit PN17 status on Friday as it has regularised its financial condition.

Ajinomoto (M) RM2.12 special dividend announced in July last year will go ex on May 15.

PIVB RESEARCH

[winston]

Market News on 6 MAY 2024

Dow closes higher by more than 400 points as April jobs report bolsters Fed rate cut hopes (CNBC)

Fed's Bowman supports current policy stance but still sees inflation risks (Reuters)

Warren Buffett says AI scamming will be the next big 'growth industry' (CNBC)

PetGas gets nod for gas transportation tariff hike; regas sees mixed adjustment (The Edge)

Ranhill to cooperate with MACC over bribery probe on employees (The Edge)

Naza completes RM700m purchase of Berjaya waste management business (The Malaysian Reserve)

WTK buys another 15% in Sarawak planter Durafarm for RM28m (The Edge)

XOX proposes RM303mil share capital reduction (The Edge)

*TT Vision, aims to raise RM25m via private placement to fund solar energy venture (The Edge)

Uzma unit secures integrated production contract from Shell (The Edge)

Pestech loses another appeal in Gemas-JB double track dispute (The Edge)

ACE Market-bound Farm Price’s IPO oversubscribed by 91.35 times (The Edge)

UUE inks deal with M&A Securities to go public (The Star)

Ocean Fresh inks underwriting agreement with KAF IB for ACE Market IPO (The Edge)

Friday, 3 May 2024 Entitlement Announcement

5:04PM SLP First Interim Dividend
1:09PM RANHILL Share Dividend

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Market News on 7 MAY 2024

Wall Street closes higher for third session on rate cut optimism (Reuters)

US banks report weaker loan demand, Fed survey says (Reuters)

China's services activity eases in April but still solid (Reuters)

Banking sector's 5.4% YTD loan growth in line with expectation for 2024 (The Star)

Foreign Investors Remain Net Sellers With Outflows Of RM1.4bn In April (Business Today)

Perodua eyes 79% export surge to 1,960 units this year (The Star)

EPF buys more shares in QL Resources, raising stake to 5.01% (The Star)

MGRC and Twistcode Technologies collaborate to develop advanced bioinformatics platform (The Star)

Rohas Tecnic to sell loss making unit to Ann Joo Metal for RM13M (The Malaysian Reserve)

Niche Capital aims to raise RM18.7m via private placement to fund mining business (The Edge)

EPF Disposes Shares In Kossan Rubber (Business Today)

The Edge owner trims stake, ceases to be substantial shareholder in Star Media (The Edge)

Favelle Favco wins four contracts worth RM39.2 mil (The Edge)

Sunzen Biotech to acquire Eye Nation Medical for RM6.4m (The Malaysian Reserve)

KKB gets PETRONAS LPG contract worth RM37.9mil (The Star)

NCT inks deal to integrate 4G and 5G networks at NCT Smart Industrial Park (The Edge)

Sin-Kung IPO shares oversubscribed by 26.5 times ahead of ACE Market listing (The Edge)

Monday, 6 May 2024 Entitlement Announcement

5:17PM SENFONG Third Interim Dividend

[winston]

Market News on 9 MAY 2024

Dow ends higher for 6th session but Treasury yields pressure market (Reuters)

U.S. and China trade divisions threaten a ‘reversal’ for global economy, IMF official warns (CNBC)

US revokes Intel, Qualcomm's export licenses to sell to China's Huawei, sources say (Reuters)

Increase in corporate demand may help push Malaysian banks' credit growth to 6% — S&P Global (Bernama)

Global semiconductor industry to recover this year through 2026 on generative AI demand — Nomura (The Edge)

China Extends Free Visa Till 2025 To 12 Countries Including Malaysia (Business Today)

Digital banks will not affect traditional banks in Malaysia (The Star)

VSTECS appointed as the first Amazon Web Services distributor in Malaysia (The Star)

Axiata, Sinar Mas seek permission for Indonesia telco merger, minister says (The Star)

Mega First buys 64% stake in CSC Agriculture for RM25 mil (The Edge)

Pharmaniaga faces financial uncertainty again: PwC flags concerns for second time (The Malaysian Reserve)

Metronic Global director Wong emerges as a substantial shareholder of Fitters (The Edge)

Sarawak Cable (SCABLE) needs a new white knight as 'resuscitation exercise' falls through (The Edge)

Ivory Properties gets three-month restraining order to avoid winding up proceedings by creditors (The Edge)

Annum slips into PN17 after auditor says it can't vouch for company's financials (The Edge)

IT services firm Go Hub Capital gets Bursa Malaysia nod for ACE Market listing (The Edge)

Wednesday, 8 May 2024 Entitlement Announcement

5:06PM MKHOP First Interim Dividend
12:46PM ULICORP Second Interim Dividend

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Market News on 10 MAY 2024

Dow closes up to make it seven in a row, as jobs data boosts rate-cut hopes (Reuters)

US weekly jobless claims highest in more than eight months as labor market eases (Reuters)

US eyes curbs on China's access to AI software behind apps like ChatGPT (Reuters)

China's exports and imports return to growth, signalling demand recovery (Reuters)

Malaysian Government Securities (MGS) Sees Strong Demand, As Foreign Investors Continue Buying Local Debts (Business Today)

Bank Negara holds OPR firm at 3% (The Star)

Ahmad Maslan: Construction Sector To Pick Up In Second Half Of 2024 (Business Today)

Solarvest bags RM40.4m contract from Scientex to install rooftop solar PV systems (The Edge)

CTOS Inks Deal With 5 Fintech Platforms (Business Today)

Supermax acquires remaining stake in 67%-owned loss-making Canadian unit for RM18.96 mil cash (The Edge)

Salcon unit clinches RM9.7m sewerage treatment plant job (The Edge)

Kerjaya Prospek enters JV to develop prime land in Batu Kawan, Penang (The Malaysian Reserve)

Vegetable wholesaler Farm Price posts RM2.67 mil net profit in 1QFY2024 ahead of listing (The Edge)

Thursday, 9 May 2024 Entitlement Announcement

5:42PM MRDIY Interim Dividend

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PIVB RESEARCH

Dow Jones, +125.08 pts to 39,512.84
S&P 500, +8.60 pts to 5,222.68
FBM KLCI, -0.55 pts to 1,600.67
Straits Times, +24.75 pts to 3,290.70
Hang Seng, +425.87 pts to 18,963.68
Shanghai. +0.23 pts to 3,154.55

Gold: +30.67 to USD 2,360.50/oz
Crude Oil (Brent): -1.09 to USD 82.79/bbl
CPO Futures: -22.00 to RM 3,809.00 per MT

MYR/USD: -0.0013 to 4.7397
MYR/SGD: +0.0078 to 3.5030
YUAN/MYR: +0.0019 to 1.5248

US: US stocks were mixed Friday, pared some of the earlier gain after preliminary results from a University of Michigan survey said year-ahead inflation expectations rose to 3.5% from April's 3.2%, pulling respondents' views about the economy to their weakest levels in six months.

The Dow Jones Industrial Average rose 0.3% to 39,512, the S&P 500 edged higher by 0.2% to 5,222, while the Nasdaq Composite closed little changed at 16,340.

Europe: European markets ended higher, taking lead from the US market and its rise on the back of the latest jobless claims data. The German DAX rose 0.5% to 18,772, the French CAC climbed 0.4% to 8,219 and the FTSE 100 gained 0.6% to 8,433.

Asia: Asian markets ended higher, after an upbeat day on Wall Street following jobs data that supported the case for US rate cuts. Tokyo's Nikkei 225 edged higher by 0.4% to 38,229, the Hang Seng index advanced by 2.3% to 18,963 while the Shanghai Composite index little changed at 3,154.

Malaysia: Gainers: 601, Losers: 538.

Notable developments-

Innature is acquiring the operator of Burger & Lobster restaurants for RM21m in a related-party deal as part of a diversification plan.

Paramount Corp has bought a 21% stake in Eco World International for RM171m in cash.

Mi Technovation net profit more than quadruple to RM27m in the 1QFY24, from RM6m in the same period last year.

Awanbiru Technology will no longer be classified as an Affected Listed Issuer from May 13, 2024, after it secured a waiver from having to submit a regularisation plan.

Nova MSC two subsidiaries have attracted the interest of another Singapore-based family office Mark Investment Group VCC, which is considering investing about RM41m in the companies.

Jiankun International anticipates that the GDV of the group’s projects will soar to RM2bn under the leadership of its newly appointed chairman Datuk Saiful Nizam Mohd Yusoff, effective May 10.

PIVB RESEARCH

[winston]

Market News on 14 MAY 2024

Stocks near flat, dollar dips as focus shifts to US inflation data (Reuters)

Fed to cut rates in September, say nearly two-thirds of economists (Reuters)

China to kick off 1 trillion yuan stimulus bond issues this week (Reuters)

Bursa To Host First Carbon Credit Auction In July (Business Today)

Frontken Reports Fire At Plant, Damages Uncertain (Business Today)

Aurelius (ATECH) breaks ground on manufacturing plant with RM450m investment (Business Today)

Ajiya To Dispose Thai Asset For RM26.7 Million, Set To Gain RM9.8 Million (Business Today)

MISC, Petronas, Mitsui Form JV To Procure And Own LCO2 Carriers (Business Today)

PTT Synergy Accepts LOA From SDP Bukit Raja Worth RM73.2 Million (Business Today)

MMAG Inks Potential Deal To Provide Cargo Solutions For Air Sri Lanka (Business Today)

Uzma bags RM44m contract with PTTEP International (Malaysian Reserve)

Fiamma plans private share sale to raise RM56m (Malaysian Reserve)

YNH extends deadline for RM170 mil land sale to Sunway by a year after caveat found (The Edge)

Southern Score Builders (SSB) to buy 51% stake in electrical contractor to broaden presence in construction value chain (The Edge)

Eversendai says unaware of reason for UMA after share price jumps to five-year high (The Edge)

Silver Ridge unit bags recruitment services contract (The Edge)

Monday, 13 May 2024 Entitlement Announcement

6:33PM ESCERAM First and Final Dividend
5:34PM DIALOG Interim Dividend
5:32PM ALLIANZ-PA First Interim Dividend
5:20PM ALLIANZ First Interim Dividend
5:12PM CARLSBG First Interim Dividend

[winston]

Market News on 15 MAY 2024

Nasdaq hits record close after Powell reassures investors, CPI in focus (Reuters)

Fed Chair Powell says inflation has been higher than thought, expects rates to hold steady (CNBC)

White House Slaps New Tariffs On China EVs, Solar Cells To Beijing’s Dismay (Business Today)

US makers of masks and gloves get lifeline: higher tariffs on Chinese-made products (Reuters)

New Covid-19 Sub Variant Unlikely To Cause New Infection Peak In China (Business Today)

Focus: Chinese firms make headway in producing high bandwidth memory for AI chipsets (Reuters)

Malaysian inflows bring London Metal Exchange (LME) aluminium stocks to highest since 2021 (The Edge)

Mah Sing and OSK Holdings in, Astro, Magnum and TSH out of MSCI Malaysia Index (The Edge)

Ancom Nylex to decarbonise via RTO of Ancom Logistics (The Edge)

Ageson says 'no material adverse findings' from independent assessment (The Edge)

Tuju Setia sees new substantial shareholder (The Edge)

Kumpulan Jetson shareholders' requisition notice to remove directors ruled invalid by court (The Edge)

YXPM Records QoQ Profit Jump Of 63% In Q1 As It Eyes Main Market Transfer (Business Today)

Ho Hup halts RM1b project to slash debt (Malaysian Reserve)

Uzma wins three-year contract from ExxonMobil (Malaysian Reserve)

Fibromat seeks transfer from LEAP Market to ACE Market for larger fundraising exercises (The Edge)

SL Innovation seeks new adviser, sponsor for ACE Market listing transfer (The Edge)

Tuesday, 14 May 2024 Entitlement Announcement

6:31PM TCS Rights Issue

5:54PM TALIWRK First Interim Dividend

5:33PM TEOSENG First Interim Dividend

5:05PM FPGROUP Interim Dividend

[winston]

Market News on 16 MAY 2024

Wall Street boasts record closes as inflation data fuels rate-cut bets (Reuters)

US consumer inflation resumes downward trend as domestic demand cools (Reuters)

Biden’s EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S. (CNBC)

US to issue rules on Chinese connected vehicles this autumn (Reuters)

China's central bank leaves key policy rate unchanged (Reuters)

MARGMA : US Tariff Hike On China Goods Unlikely To Boost Rubber Gloves Exports For Now (Business Today)

Boltless Steel Shelving Units From Malaysia Scrutinised By U.S. Trade Commission (Business Today)

NCT Signs Deal With MOF Unit To Develop 127 Acres Within Delapan (Business Today)

Bermaz Auto Buoyed By Kia Distributorship, Mazda Philippines Sales (Business Today)

Axiata Signs Non-Binding MOU For XL Axiata And Smartfren Indonesia Merger (Business Today)

Willowglen lands RM8m contract from Singapore’s HDB (Malaysian Reserve)

Mitrajaya wins RM174m hospital development contract (Malaysian Reserve)

Ewein to acquire rackform company for RM32 mil (The Edge)

Straits Energy* partners HK firm to form JV for cloud technology (The Edge)

LFE Corp bags two contracts worth RM16.7m for hotel project in Penang (The Edge)

MAHB confirms getting privatisation offer from consortium led by Khazanah, EPF at RM11 per share (The Edge)

SNS Network gets SC nod for transfer to Main Market (The Edge)

KNM's external auditor issues disclaimer of opinion on financial statements (The Edge)

EPF ceases to be substantial shareholder of MyEG (The Edge)

Wednesday, 15 May 2024 Entitlement Announcement

6:15PM SYSTECH Bonus Issue
5:56PM ALIBABA-C34 Adjustment
5:24PM HUMEIND Second Interim Dividend
5:20PM IDBTECH Interim Dividend

[winston]

Market News on 17 MAY 2024

Dow closes lower Thursday after briefly topping 40,000 for first time (CNBC)

Fed remains cautious on cuts even as data improves (Reuters)

US labor market fairly tight, broader economy losing steam (Reuters)

Malaysia’s Inflation In 2023 Was Slower At 2.5%: DOSM (Malaysian Reserve)

MPOB keeps June 2024 crude palm oil export duty at 8% (The Edge)

IJM’s UK arm and Network Rail Property to develop eight sites in four London boroughs (The Sun)

IRB fails in bid to get RM1.8bil taxes from TNB (The Star)

Iconic Files RM4.96 Million Claim Against ex-PM’s Son In Laws Company (Business Today)

SEB Accepts LOA For Civil Work Worth RM39.8 Million (Business Today)

Pansar wins RM30m Sarawak Museum facilities contract (Malaysian Reserve)

Pertama in talks to continue operating online bail system e-Jamin (The Edge)

AirAsia MOVE partners with The Commune Mall to offer exclusive deals to mall patrons (The Edge)

Thong Guan teams up with Kedah agency to develop RM200m GDV property project (The Edge)

JcbNext sells more shares in Taiwan-listed 104 Corp, expects net gain of RM10.5m (The Edge)

UEM Sunrise, partners to develop renewable energy park in Johor (The Edge)

IPO: Smart Asia Chemical Stock Oversubscribed By 33.8 Times (Business Today)

Thursday, 16 May 2024 Entitlement Announcement

6:17PM MPI Second Interim Dividend
5:22PM HLIND Second Interim Dividend