Rakuten Trade Research Reports

Daily Market Report - 21 Mar 2023

Publish date: Tue, 21 Mar 2023, 12:00 PM
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Previous Day Highlights

FBM KLCI ended on a weak note following the regional sell down due to the ongoing turmoil within the global banking sector. The benchmark index lost 0.70% or 9.92 points to close at 1,401.81. Losers were led by KLK, PCHEM and HLFG. Market breadth was negative with 653 decliners against 275 advancers. Total volume stood at 3.47bn shares valued at RM1.93bn.

Key regional indices retreated to end sharply lower amid the possible global banking crisis. Nikkei 225 and STI slipped 1.42% and 1.37% to end at 26,945.67 and 3,139.76 respectively. Nonetheless, HSI and SHCOMP fell by 2.65% and 0.48% to finish at 19,000.71 and 3,234.91.

Wall Street ended higher as banking contagion fears ease. The DJIA up 1.20% to end at 32,244.58 whereas Nasdaq and S&P 500 added 0.39% and 0.89% to finish at 11,675.54 and 3,915.57 respectively.

News For The Day

Ng brothers exit Revenue Group board

Two and a half months after their executive functions were suspended, Revenue Group executive directors Brian Ng Shih Chiow and Dino Ng Shih Fang have resigned from the board of the e-payments service provider. Brian and Dino’s departure from the board effective 20 March 2023 was “due to they not wanting to be on the same board of directors with the current directors”. While the brothers have vacated their executive director post, Dino remains as the group’s largest shareholder with 85.38m shares or a 17.71% stake. -The Edge Markets

Malaysia exports rise 9.8% to RM204.99bn in Feb

Malaysia recorded trade growth of 11% YoY to RM204.99bn in February 2023 as both export and import values rose to their highest for the month. The Ministry of International Trade and Industry (Miti) said the country's exports rose 9.8% to RM112.28bn on the back of strong exports of petroleum products, electrical and electronic (E&E) products and liquefied natural gas (LNG).-The Star

Leform wins RM19.53m contract from IJM Construction

Leform has secured a contract worth RM19.53m from IJM Construction SB to supply and install guardrails at Section 11 of the Beruas Interchange to Taiping South Interchange. The steel product manufacturer said the work is expected to be completed by 30 Aug 2023. “The expressway, once completed, will be the third longest highway in Peninsular Malaysia, spanning 233 kilometres.” The group said. -The Star

SNS Network to supply Apple iPad products and accessories to Kumon Malaysia

SNS Network Technology says its wholly owned SNS Network (M) SB has signed a collaboration agreement with Kumon Education (Malaysia) SB to supply Apple iPad products and accessories to Kumon Malaysia's students and parents. Kumon Malaysia is part of the largest established after-school enrichment programme in the world. The collaboration agreement covers over 200 Kumon learning centres and can benefit more than 37,000 students in Malaysia. -NST

February 2023 vehicle sales up 39% to 62,649 units

Vehicle sales in Malaysia jumped 39% YoY to 62,649 units in February this year against 45,062 units due to delivery of backlog orders, according to the Malaysian Automotive Association (MAA). The association said the total industry volume for February 2023 was 27% higher than January 2023’s 49,479 units.-The Star

Our Thoughts

Wall Street staged a relief rally on hopes of an easing banking crisis along with the Federal Reserve’s rate decision tomorrow. As a result, the DJI Average jumped by 383 points while the Nasdaq gained 45 points as the US 10-year yield inched marginally higher to 3.48%. Over in Hong Kong, shares tumbled as the HSI plummeted by 518 points to just above the 19,000 level or a 3-month low. Selling on banking stocks were evident following the demise of Credit Suisse plus a complete write-off of its bonds that spooked sentiment. On the home front, the FBM KLCI ended just above the 1,400 mark supported by some bargain hunting activities especially on Telco stocks. For today, in line with a more positive Wall Street closing overnight we reckon the local index to trend between the 1,400-1,415 range as we expect some broad-based accumulation at prevailing levels. Meanwhile, gold price which went past the USD2,000/oz yesterday, ended below USD1,980/oz due to intra-day profit taking.

Source: Rakuten Research - 21 Mar 2023

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