NEWS HIGHLIGHTS

• Minetech nets three-year contract extension for Pahang gold mine project worth RM230.0m

• GDB clinches RM306m hospital project in Bukit Jalil

• Haily bags RM45.8m construction job to build houses in Johor

• Fintec Global plans 30-to-one share consolidation

• Lambo's auditor expresses qualified opinion on FY2023 financial statements

MACRO BITS

• Factories deliver mixed performance globally in January

• Broad money supply and loan growth rose sharply in December (See Economic Viewpoint: Malaysia Money & Credit)

• Manufacturing activity climbed to 16-month high in January on demand recovery (See Economic Viewpoint: Malaysia Manufacturing PMI)

• DOSM estimates 3.4% growth in Malaysian economy in 4Q2023

• Domestic trade minister: Govt plans to retarget diesel subsidies by June this year

• Tiong: Self-drive tourism routes will revitalise Southeast Asia’s tourism economy

• Asean, China launch portal to lure Chinese tourists

• China pledges to stick with fiscal expansion to spur economy

• Philippine economy expands fastest in Southeast Asia

• Fed keeps rates steady while Powell says March cut unlikely

• US job cuts more than double in January -report

• US labour-cost gauge cools in sign of easing inflation pressures

• Euro zone inflation dips but core figures may disappoint

• Middle East tensions drive European gas higher

IDEAS OF THE DAY

• Sector Update: Banking

• Results Note: BURSA, CTOS, F&N

• Company Update: AIRPORT, KIMLUN, MAHSING

• Rating Summary

• Economic Viewpoint: Asia FX Monthly Outlook, MY Manufacturing PMI, MY Money & Credit, Ringgit Weekly Outlook

Source: Kenanga Research - 2 Feb 2024