Rakuten Trade Research Reports

Daily Market Report - 24 Mar 2023

Publish date: Fri, 24 Mar 2023, 05:52 PM
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Previous Day Highlights

FBM KLCI pared most of its earlier losses to close flattish. The benchmark index eased 0.08% or 1.06 points to close at 1,410.98. Losers were led by NESTLE, HLBANK and HLFG. Market breadth was neutral with 468 gainers against 434 losers while 407 remain unchanged. Total volume stood at 3.26bn shares valued at RM2.03bn.

Key regional markets closed on mixed note as uncertainties arise from global markets. Nikkei 225 and STI declined 0.17% and 0.06% to end at 27,419.61 and 3,219.00. Meanwhile, HSI and SHCOMP advanced 2.34% and 0.64% to finish at 20,049.64 and 3,286.65 respectively.

3 US major indices ended modestly higher as traders focus on bank stability following quarter rate hike by Federal Reserve. The DJIA and S&P500 added 0.23% and 0.30% to end at 32,105.25 and 3,948.72 whereas Nasdaq jumped 1.01% to close at 11,787.40.

News For The Day

SunCon wins RM604.9m RTS Link Project

Sunway Construction Group (SunCon) through its wholly owned subsidiary Sunway Construction SB (SCSB) has secured a RM604.9m contract from Malaysia Rapid Transit System SB. SunCon said the contract is for the proposed construction and completion for Project Rapid Transit System Link between Johor Bahru and Singapore (RTS Link Project). The RTS Link Project is for a period of 26 months and is expected to be completed by the 2QFY25.-The Star

Gamuda's 2Q profit climbs 9.8% as overseas earnings surge

Gamuda posted its 2QFY7/23 net profit of RM194.62m, up 9.88% YoY from RM177.13m, as stronger construction and property earnings filled in the void of its highway earnings following the divestments of its four highways last year. "Overseas earnings tripled to contribute half of overall earnings compared to 22% previously as our overseas projects picked up pace," Gamuda said. -The Edge Markets

Yinson's 4Q profit jumps 158%, declares one sen dividend

Yinson Holdings' 4QFY1/23 net profit jumped 158.5% YoY to RM168m from RM65m amid higher contribution from engineering, procurement, construction, installation and commissioning business activities. For FY23, net profit rose 46% YoY to RM586m from RM401m, while revenue grew 75% YoY to RM6.32bn from RM3.61bn. The group declared a dividend of 1sen per share, bringing total dividend payout for FY23 to 2sen, against 6sen in FY22.-The Edge Markets

Chin Hin Property Group emerges as major shareholder of NCT after share subscription

Chin Hin Group Property has emerged as a substantial shareholder of NCT Alliance, after subscribing to 75.41m shares in the latter via private placement. The shares amount to 5.61% of the voting shares in NCT upon completion of the share placement. The property developer paid 32sen per share, which amounts to RM24.13m, from internally generated funds for its stake in NCT. -The Edge Markets

Wellspire to distribute Weilong snacks in Thailand

Wellspire Holdings' 75.01%-owned subsidiary, Bai Li Enterprise Co Ltd, has entered into a distribution agreement with HH International Enterprise Ltd to distribute snack products in Thailand. HH is the wholly-owned subsidiary of Weilong Delicious Global Holdings Ltd, a company listed on the Main Board of the Hong Kong Stock Exchange. Under the agreement, Bai Li will be HH's exclusive distributor of 'Weilong' brand products in Thailand, commencing with konjac and seasoned flour products. -The Edge Markets

Our Thoughts

Wall Street ended higher as investors bet that the US Fed may be nearing the end of its rate hiking cycle. Meanwhile, US treasury secretary Janet Yellen reassured that steps will be taken to keep deposits safe at banks. Therefore, the DJIA rose 75 points while the Nasdaq gained 117 points. Over in Hong Kong, the HSI closed sharply higher mainly due to strong buying on China’s tech giant Tencent. On the domestic front, the FBM KLCI closed off its day low yesterday and ended flattish attributed to bargain hunting activities during the late trading session. At current level, we believe the FBM KLCI remain oversold position, hence we reckon the benchmark index to stage a rebound soon particularly the banking stocks. Thus, we expect the FBM KLCI to trend higher, within the range of 1,410-1,420 for today.

Source: Rakuten Research - 24 Mar 2023

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