Rakuten Trade Research Reports

Daily Market Report - 5 Sept 2023

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Publish date: Tue, 05 Sep 2023, 09:23 AM
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Previous Day Highlights

FBM KLCI closed marginally lower due to profit taking activities during the final minutes of trading. The benchmark index lost 0.05% or 0.71 points to end at 1,463.43. Losers were led by PETDAG, NESTLE and HLBANK. Market breadth was mixed with 526 losers against 498 gainers while 405 were unchanged. Total volume stood at 4.0bn shares valued at RM2.37bn.

Key regional markets ended higher. Nikkei225 and STI gained 0.70% and 0.18% to close at 32,939.18 and 3,138.97 respectively. HSI and SHCOMP jumped 2.51% and 1.40% to finish at 18,844.16 and 3,177.06 respectively.

Wall Street was closed for Labor Day.

News For The Day

Lion Industries sells two parcels of land in Banting for RM92m

Lion Industries Corp is selling two parcels of land, measuring 26.787 acres in Kawasan Perindustrian Olak Lempit, Banting, for RM92.0m cash. The company said the disposal, which is part of the group’s strategy to divest its non-core assets, will allow the group to realise its investment in the land sold with a pro forma net gain of RM57.10m. This in turn will provide the group with additional financial resources to fund its working capital.– The Edge Markets

Malakoff goes green to evolve with the country

Malakoff’s renewed direction has steered it to diversify its portfolio of businesses with a greater emphasis on Renewable Energy and comprehensive environmental solutions by creating three new business pillars: (i)Malakoff Green Solutions focusing on providing green energy solutions through sustainable best practices; (ii) Malakoff Environmental Solutions focusing on environmental management and solutions that are dedicated to serving communities and the planet; and (iii) Malakoff Energy focusing on providing energy management solutions. -The Edge Markets

HSS Engineers' unit bags RM68.5m job

HSS Engineers' associate, HSS Integrated SB, has bagged a RM68.5m job from Malaysia Airports SB, to be the lead (civil and structural engineer) consultant for the Sultan Abdul Aziz Shah airport (Subang airport) redevelopment master plan. The contract period is for five years commencing August 29, 2023. - NST

S P Setia to launch maiden project in Sydney in 3Q2024

S P Setia further expanded its business in Australia by acquiring a prime land site in Sydney, New South Wales for A$73.3m (RM220m). The company plans to develop the 14,790 sq ft freehold land into a residential development with secondary commercial and retail use. It has an estimated gross development value (GDV) of A$236m (RM708m) and is targeted to be launched in 3Q2024. The Edge Markets

PM approves part of foreign worker applications for 3 sectors

Prime Minister Datuk Seri Anwar Ibrahim on Monday approved part of the applications for the recruitment of foreign workers, involving barbershops, textiles and goldsmiths. In doing this, however, Anwar placed the condition that local youths be trained to fill up vacancies in the three sectors.- The Edge Markets

Our Thoughts

Wall Street was closed for Labour Day yesterday and a look at the futures of the 3 major indices indicate that sentiment remains rather cautious at the moment. In Hong Kong, the HSI predictably gave a solid performance after a weak August as traders are expecting more stimulus to be rolled out to prop up the ailing Chinese property market as Country Garden averted a potential default. The Hong Kong market was further spurred on by EV makers namely BYD and LI Auto following record sales in August. Back home, the FBM KLCI failed to make any significant inroads due to intermittent profit taking activities as the benchmark index closed on a flat note. Nonetheless, we remain confident that buying activities will persist as illustrated by the improving turnover which surpassed the 4bn mark over the last 2 days. Therefore, we expect the index to hover within the 1,460-1,470 range today. Meanwhile, the Brent crude finally touched the US$89/barrel which is a YTD high.

Source: Rakuten Research - 5 Sept 2023

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