Rakuten Trade Research Reports

Daily Market Report - 9 Jun 2023

Publish date: Fri, 09 Jun 2023, 08:55 AM
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Previous Day Highlights

The FBM KLCI continues to trend lower for the second consecutive day in the absence of buying catalysts. The benchmark index lost 0.29% or 4.01 points to close at 1,374.64. Losers were led by PETDAG, PETGAS and TENAGA. Market breadth was negative with 487 losers against 300 gainers. Total volume stood at 2.68bn shares valued at RM1.61bn.

Key regional markets were mostly in upward trajectory despite the negative performance of Wall Street overnight except Nikkei 225 ended 0.85% lower to close at 31,641.27. Meanwhile, HSI, SHCOMP and STI advanced 0.25%, 0.49% and 0.22%, respectively, to end at 19,299.18, 3,213.59 and 3,186.61.

Wall Street ended in positive territory buoyed by higher- than-expected weekly jobless claims, raising hopes for a rate hike pause. The DJIA and S&P500 that gained 0.50% and 0.62% to end at 33,833.61 and 4,293.93 whereas Nasdaq surged 1.02% to close at 13,238.52.

News For The Day

Proton sales up 40.9% in May

National carmaker Proton Holdings’ sales in its domestic and export markets rose 40.9% in May 2023 to 13,268 units month- on-month. The performance followed a slow start to the 2QCY23 due to the Malaysian automotive market being affected by the festive period and the ending of deliveries for tax-exempted cars in March. “Sales for the first five months stood at 62,970 units, a YoY increase of 38.9%, the highest in the Malaysian automotive sales table.-The Edge Markets

SunCon disposes of machinery for RM43.38m

Sunway Construction Group (SunCon) is disposing of machinery that was used for the construction of a prefabrication plant in Singapore, for RM43.38m. SunCon said its indirect wholly-owned foreign subsidiary, Sunway Concrete Products (S) Pte Ltd had entered into a sale and purchase agreement with HL-Sunway JV Pte Ltd for the disposal. – The Star

Sentral REIT to acquire Menara CelcomDigi from MRCB

Sentral Real Estate Investment Trust (Sentral REIT) is proposing to acquire 27-storey Menara CelcomDigi in Petaling Jaya from Malaysian Resources Corp (MRCB). Sentral REIT said its management company, Sentral REIT Management SB, had accepted a letter of intent to commence negotiations with Puncak Wangi SB, a wholly-owned subsidiary of MRCB for the proposed acquisition of Menara CelcomDigi.– The Edge Markets

Revenue Group co-founder and ex-director Brian Ng Shih

Chiow charged with forgery for cheating Revenue Group's former director Brian Ng Shih Chiow, who is also a co-founder of the cashless payment solution provider, has been charged in the Sessions Court with 12 counts of forgery of invoices and purchase orders with the purpose of cheating the company. Shih Chiow, 50, was charged with forging invoices and purchase orders, amounting to RM13.83m, for several companies. The Edge Markets

Sapura Energy secures 10 contracts worth RM1.4bn

Sapura Energy have secured 10 contract wins worth RM1.4bn across the Asia Pacific and Atlantic regions between December 2022 and May 2023 with more than 70% of the combined contract value coming from projects outside of Malaysia. The group said the contracts were clinched by its wholly owned subsidiaries in the engineering and construction (E&C), drilling, and operations and maintenance (O&M) business segments. - The Star

Our Thoughts

Wall Street closed on a positive note as traders are betting that the Feds may pause their rate hike in June in view of inflation which has been inching down. As a result, the DJI Average ended 168 points higher while the Nasdaq added 134 points as the US 10-year yield closed lower at 3.718%. Over in Hong Kong, equities also ended positively following the deposit rate cuts by major banks sparking expectations that borrowing costs may be lowered as a measure to spur economic activities. Meanwhile on the home front, the FBM KLCI declined to just below the 1,375 level as market undertone remains weak. Foreign funds continued to unload their position pushing YTD total outflows above the RM4bn mark. Though bargain hunting activities are expected anytime soon, we reckon the lack of catalysts amid the prevailing political climate may see overall sentiment to be lacklustre. Therefore, we expect the index to maintain its consolidation and hover within the 1,375-1,385 range today but see interests returning to the Tech stocks taking cue from the Nasdaq which is now at its 52-week high.

Source: Rakuten Research - 9 Jun 2023

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