Rakuten Trade Research Reports

Daily Market Report - 1 Dec 2023

Publish date: Fri, 01 Dec 2023, 09:23 AM
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Previous Day Highlights

FBM KLCI closed higher in tandem with the regional peers. The benchmark index was up 0.46% or 6.67 pts to close at 1,452.74. Gainers were seen in energy (+0.88%), construction (+0.86%), and consumer (+0.62%); while losers were the healthcare (-2.94%), transportation (- 1.21%), and utilities (-0.78%). Market breadth was negative with 626 losers against 328 gainers. Total volume stood at 4.25bn shares valued at RM5bn.

Major regional indices trended mostly higher driven by market expectations that US rates may have peaked. HSI gained 0.29%, to end at 17,042.88. SHCOMP increased 0.26%, to close at 3,029.67. Nikkei 225 up 0.50%, to finish at 33,486.89. STI slid 0.38%, to close at 3,072.99.

Wall Street closed mostly higher as investor digested the cooling inflation data. The DJIA added 1.47%, to end at 35,950.89. Nasdaq eased 0.23%, to close at 14,226.22. S&P500 rose 0.38%, to finish at 4,567.80.

News For The Day

CIMB 3Q net profit rises 31% to RM1.85bn

CIMB Group Holdings’ 3QFY12/23 net profit rose 31.3% YoY to RM1.85bn from RM1.41bn. The growth was attributed to strong non-interest income improvement, partially offset by weaker net interest income due to net interest margin compression from higher cost of deposits. Quarterly revenue rose marginally by 6.2% YoY to RM5.31bn from RM4.99bn.-The Edge Markets

IHH Healthcare's 3Q net profit more than double to RM532m

IHH’s 3QFY12/23 net profit rose to RM532.07m from RM251.76m YoY, while revenue grew to RM5.83bn from RM4.6bn, boosted by growth from higher patient volumes and revenue from higher acuity treatment. Basic earnings per share stood at 6.04 sen versus 2.78 sen previously.-The Star

IJM's 2Q net profit surges threefold, declares two sen div

IJM Corp’s 2QFY3/24 net profit surged over threefold to RM93.69m from RM27.03m YoY, carried by strong showings from its property development and infrastructure segments. Quarterly revenue jumped 36.05% YoY to RM1.46bn versus RM1.07bn on the back of improvements across all its segments. IJM declared a first interim dividend of two sen per share, with a Dec 15 ex-date, to be paid on Dec 18. -The Edge Markets

Capital A’s 3Q losses narrow sharply

Capital A reported smaller net loss of RM178.82m for its 3QFY12/23, down from RM901.31m YoY, as revenue more than doubled on continued improvement in its aviation business. Group revenue surged to RM4.23bn from RM1.96bn largely because of a gain from the consolidation of Asia Aviation Public Company Ltd Group of RM1.37bn.- The Edge Markets

Ekovest post its 1QFY24 net profit RM3.08m

Ekovest’s 1QFY6/24 net profit soared to RM3.08m from RM182,000 YoY, thanks to improved results from its construction operations. The group's quarterly revenue, however, dropped by 15.8% YoY to RM271.9m from RM322.9m. Its construction segment reported marginally higher revenue at RM165.26m against RM156.93m YoY.-The Edge Markets

Senheng’s 3Q profit tumbles to lowest since listing

Senheng New Retail’s 3QFY23 net profit tumbled 64.56% YoY to RM5.16m from RM14.55m, as revenue dropped while it recorded higher operating and administrative expenses amid its expansion plans. This is the group’s lowest quarterly profit since its listing in January 2022. Its revenue fell 11.65% YoY to RM312.83m from RM354.1m due to lower sales on weaker consumer sentiment.-The Edge Markets

Our Thoughts

The Santa Claus rally came early on Wall Street as stocks closed largely higher with the personal consumption expenditure (PCE) index remaining unchanged for October suggesting that inflation is easing in the US. As such, the DJI Average surged 520 points while the Nasdaq dipped by 32 points as the US 10-year yield edged up slightly to 4.33%. In Hong Kong, the HSI staged a technical rebound by adding 49 points to close just above the 17,000 level. Nonetheless, sentiment remains jittery after the latest PMI manufacturing index from China reported slower activities than expected for October. On the local front, the FBM KLCI staged a late uptrend to end positively at above the 1,450 mark. Notwithstanding the recent market downtrend, we noticed foreign fund flows remain positive, indicating that the local bourse is in a solid position for a stronger performance in December. As the cut in rates becomes louder in the US, we believe foreign funds will continue to snap up regional stocks thus expect the index to trend between the 1,450-1,460 range today.

Source: Rakuten Research - 1 Dec 2023

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