Rakuten Trade Research Reports

Daily Market Report - 4 Dec 2023

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Publish date: Mon, 04 Dec 2023, 08:44 AM
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Previous Day Highlights

FBM KLCI closed higher underpinned by late buying support. The benchmark index was up 0.25% or 3.64 pts to close at 1,456.38. Gainers were seen in health care (+1.60%), financial services (+0.97%), and transportation (+0.02%); while losers were seen in energy (-1.63%), construction (-1.31%), and consumer (-0.81%). Market breadth was negative with 468 losers against 432 gainers while 435 counters remain unchanged. Total volume stood at 3.24bn shares valued at RM2.26bn.

Major regional indices trended mixed amid the uncertainty on global outlook. HSI declined 1.25%, to end at 16,830.30. SHCOMP increased 0.06%, to close at 3,031.64. Nikkei 225 eased 0.17%, to finish at 33,431.51. STI rose 0.56%, to close at 3,090.31.

Wall Street closed higher following the Federal Reserve Chair Jerome Powell strengthens peak rate bet. The DJIA added 0.82%, to end at 36,245.50. Nasdaq rose 0.55%, to close at 14,305.03. S&P500 rose 0.59%, to finish at 4,594.63.

News For The Day

Five telcos to collectively own 70% stake in DNB

CelcomDigi via its wholly-owned Infranation SB, Maxis, Telekom Malaysia, YTL Power International’s 60%-owned YTL Communications SB and U Mobile SB will take up the equity stakes in the government-owned 5G network infrastructure outfit. The five mobile network operators inked the subscription agreements (SSAs) with Digital Nasional (DNB) and the Ministry of Finance Incorporated to subscribe to a 14% stake each in the network, while the remaining 30% will be retained by Putrajaya, In exchange for the respective 14% stakes, each telco will inject RM233m into DNB for funding requirements. -The Edge Markets

Axiata sells Ncell stake and exits Nepal

Axiata Group is selling its stake in Ncell Axiata by disposing of its shares in Reynolds Holdings Ltd, which holds an 80% stake in Ncell Axiata, and exiting the country. "The prevailing business environment in Nepal, which led to the conclusion that continuing operations under the current conditions of unfair taxation and regulatory uncertainties was no longer sustainable for the group," the group said. -The Edge Markets

Citaglobal to build RM9.75bn solar farm in Pahang

Citaglobal has proposed to build a 2GW solar farm worth RM9.75bn in Pahang. The company via its units Citaglobal Energy SB, Citaglobal Genetec BESS SB and Citaglobal Powergen SB signed a memorandum of understanding (MoU) with Abu Dhabi Future Energy Company PJSC (Masdar) to undertake renewable energy (RE) projects. Citaglobal and TIZA will hold a 40% participating equity interest in Project 2GW, with the remaining 60% held by Masdar.-The Star

Apex Healthcare to acquire land in Melaka for RM66.5m

Apex Healthcare has proposed to acquire industrial land in Melaka for RM66.5m from Panasonic Appliances Refrigeration Devices Malaysia SB. It said the site is strategically located across the road and 400 metres from the current production site of its wholly-owned subsidiary Xepa-Soul Pattinson (Malaysia) SB. - The Edge Markets

Crest Builder buys 49% stake in Unitapah for RM43.6m cash

Crest Builder Holdings has acquired the remaining 49% equity interest in its indirect subsidiary Unitapah SB for RM43.61m, cash. Unitapah holds a 23-year concession to develop and maintain Universiti Teknologi MARA’s (UiTM) campus in Tapah, Perak. Crest Builder said the stake was acquired via its wholly- owned Crest Builder International SB from Detik Utuh SB, resulting in Unitapah becoming a wholly-owned subsidiary of Crest Builder International. -The Edge Markets

Our Thoughts

Wall Street ended on a positive note last Friday, with U.S. Treasury yields and the dollar both sliding. Treasury yields fell as US Fed Chair Jerome Powell highlighted the increased equilibrium between the risks associated with excessive interest rate hikes and the risks of inadequate hikes to manage inflation. The DJIA gained 295 points or 0.82% while Nasdaq added 79 points or 0.55%. In Hong Kong, the HSI declined 213 points or 1.25% due to cautious trading following mixed economic data from China. Back home, the FBM KLCI ended higher due to strong during the final hour of trading session. We expect the buying on local stocks to continue given the attractive valuations and persistent support from foreign funds although we do not discount the possibility the of profit taking activities. As such we anticipate the benchmark index to trend within the range of 1,450-1,460 for today. Additionally, we expect some headwinds in the plantation sector as the CPO futures fell to below RM3,800 per tonne.

Source: Rakuten Research - 4 Dec 2023

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