Rakuten Trade Research Reports

Daily Market Report - 30 Nov 2023

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Publish date: Thu, 30 Nov 2023, 09:35 AM
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Previous Day Highlights

FBM KLCI closed lower dragged down by selling in telecommunication heavyweights. The benchmark index was down 0.13% or 1.95 pts to close at 1,446.07. Gainers were seen in REIT (+0.27%), plantation (+0.10%), and industrial products & services (+0.01%); while losers were seen in health care (-1.47%), utilities (-1.00%), and telecommunications (-0.63%). Market breadth was negative with 588 losers against 354 gainers. Total volume stood at 3.28bn shares valued at RM2.27bn.

Major regional indices trended mostly lower as market sentiment remain cautious before key economic readings from China. HSI declined 2.08%, to end at 16,993.44. SHCOMP dropped 0.56%, to close at 3,021.69. Nikkei 225 eased 0.26%, to finish at 33,321.22. STI rose 0.61%, to close at 3,084.70.

Wall Street closed mixed as Fed provided mixed messages on monetary policy. The DJIA added 0.04%, to end at 35,430.42. Nasdaq eased 0.16%, to close at 14,258.49. S&P500 eased 0.09%, to finish at 4,550.58.

News For The Day

Axiata’s 3Q loss widens on impairments

Axiata Group Bhd widened its net loss to RM797.41m in the 3QFY12/23 from RM52.4m mainly due to asset impairment and lower share of results from subsidiary CelcomDigi. The impairment of RM1.01bn followed the reclassification of its Nepal unit Ncell as an asset held for sale, resulting in widened discontinuing operations loss of RM824.5m. Quarterly revenue improved to RM5.7bn from RM5.37bn.-The Edge Markets

QL Resources logs highest net profit of RM122.6m in 2Q

QL Resources logged its best quarterly net profit in 2QFY3/24 after it posted a RM122.64m net profit, representing a 30.61% YoY surge from RM93.9m, after a better operating profit more than offset a lower share of associate's profits and higher tax expense. Quarterly revenue edged 4% YoY higher to RM1.69bn from RM1.64bn.-The Edge Markets

Supermax remains in the red, but narrows net loss in 1QFY24

Supermax Corp Bhd logged a net loss of RM2.05m in 1QFY6/24, marking the group's fourth straight loss-making quarter, as revenue shrunk amid weaker demand and persistent lower selling prices. Its quarterly loss narrowed from the preceding three quarters. Quarterly revenue dropped 28.2% YoY to RM177.96m from RM247.96m. -The Edge Markets

Genetec 2Q profit falls 26% amid forex loss, lower margin

Genetec Technology 2QFY3/24 net profit fall 26.35% YoY to RM18.45m from RM25.06m, due to loss on foreign exchange and lower margin in product mix, despite higher revenue. Quarterly revenue rose 2.57% YoY to RM72.44m from RM70.66m, driven by increased orders in the electric vehicle and energy storage segment. Its 2QFY24 gross profit margin down 12.4% YoY to 32%.-The Edge Markets

Berjaya returns to the black in 1Q with RM15.8m net profit

Berjaya returned to the black 1QFY6/24 with a net profit of RM15.8m against a net loss of RM16.4m YoY on the back of moderate consumer spending, rebound of tourism activities and better-than-expected labour market conditions. Revenue rose 14.4% YoY to RM2.57bn compared with RM2.24bn -The Star

Apex Healthcare's 3Q net profit down

Apex Healthcare’s 3QFY12/23 net profit fell 10.11% YoY to RM24.16m compared with RM26.88m, mainly due to lower share of earnings from its associate Straits Apex Group SB (SAG). Revenue was flat at RM235.34m from RM232.08m, fuelled by higher market demand driven by strong post- pandemic economic recovery.-The Edge Markets

Our Thoughts

Wall Street closed mixed as traders remain optimistic that there are more legs for US equities as we approach the final month of 2023. Sentiment was boosted by the higher than expected GDP growth for 3Q. Thus, despite the DJI Average gaining 13 points, the Nasdaq dipped by 23 points as the US 10-year yield declined to 4.259%. Over in Hong Kong, the HSI slumped 361 points to below the 17,000 level as investors’ confidence was hammered by sell-down of major Tech companies. Meituan, China’s top food delivery platform sank 12% after it warned of shrinking demand for its services. On the home front, the FBM KLCI close 2 points lower to just above the 1,445 mark as market undertone remains cautious due to regional weaknesses and lack of fresh catalysts. Nonetheless, we noticed foreign inflows are still positive hence lending hopes that the local bourse may rebound anytime soon amid the easing US Treasury yields. For today, we expect the index to trend between the 1,445-1,455 range.

Source: Rakuten Research - 30 Nov 2023

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