Previous Day Highlights

Bursa Malaysia closed flat on Friday amid a subdued market as traders await for Chinese New Year's long weekend. The benchmark index was down 0.01% or 0.08 pts to close at 1,512.28. Gainers were seen in energy (+0.82%), property (+0.80%), and telecommunications (+0.75%); while losers were seen in financial services (- 0.21%), health care (-0.13%), and plantation (-0.08%). Market breadth was positive with 530 gainers against 313 losers. Total volume stood at 1.86bn shares valued at RM1.1bn.

Major regional indices trended mixed ahead of Chinese New Year celebrations. HSI declined 0.83%, to end at 15,746.58. Nikkei 225 was up 0.09%, to finish at 36,897.42. STI slid 0.15%, to close at 3,138.30. SHCOMP was closed for Chinese New Year eve last Friday.

Wall Street closed mixed as uncertainty lingered with investors keeping an eye on inflation data for further insight into interest rate outlook. The DJIA added 0.33%, to end at 38,797.38. Nasdaq eased 0.30%, to close at 15,942.55.S&P500 eased 0.09%, to finish at 5,021.84.

Our Thoughts

Wall Street ended mixed as traders are looking ahead for more corporate earnings and the latest consumer price index (CPI) which should be out later today. Nonetheless, the DJI Average rose 126 points to a new record high as the Nasdaq fell 48 points as the US 10- year yield declined marginally at 4.179%. The Hong Kong market will be closed today and will resume trading tomorrow. On the home front, the FBM KLCI ended flat ahead of the long Lunar New Year break amid the continuous buying from foreign funds. We believe more funds will be channelled back into the South East Asia region with Malaysia slowly back into the limelight amid the improving political stability. Meanwhile, we expect retail participation to improve over time as the market undertone gets better. Thus, we anticipate the index to hover within the 1,510-1,520 range today with buying interests returning on the Banks.

News For The Day

Tex Cycle subscribes to Chin Hin's RM10m debt notes

Chin Hin Group made its second issuance of perpetual mediumterm notes (MTN) of RM10m, under its RM500m perpetual MTN programme. Proceeds from the issuance will be allocated for Chin Hin’s capital expenditure, refinancing existing and future financing, working capital needs, and covering costs and expenses associated with the programme. The RM10m in nominal value of perpetual MTNs issued by Chin Hin were subscribed by Tex Cycle Technology (M), which said the perpetual MTNs are offering a higher return of 7.5% per annum and provide a steady and predictable income stream for the group, as they pay regular interest payments until the redemption of the MTNs. -The Edge Markets

Zecon secures RM852m banking facilities

Zecon has secured Tawarruq Asset Financing Facilities totalling RM851.94m from Bank Pembangunan Malaysia. Zecon Medicare SB (ZMSB) accepted a banking facility of RM616.94m, with RM482m designated for settling an existing structured Islamic term financing facility provided by MBSB Bank to ZMSB. The remaining RM134.94m will be allocated for payment to contractors for escalation costs incurred in the children’s specialist hospital project. Meanwhile, ServeCo SB received a banking facility of RM235m, earmarked for full settlement of the group’s existing facilities with respective financial institutions and working capital.-The Edge Markets

Tuju Setia names new CEO, COO

Tuju Setia has appointed Tee Huei Tsyr and Seon Yen Kong as its new chief executive officer (CEO) and chief operating officer (COO), respectively. Tee was previously the COO of the group and has been with the group since 2011. He has more than 22 years of experience in project and construction management. Meanwhile, Seon, who joined the group in March 2023, has over 29 years of experience in project and construction management involving civil and infrastructure works. -The Star

Crest Group eyes IPO of 234.6m shares on ACE Market

Crest Group, a provider of imaging, analytical and test solutions, has proposed an initial public offering (IPO) of 234.6m shares on the ACE Market of Bursa Malaysia, as it looks to raise funds to establish a new headquarter as well as to purchase new advanced imaging equipment and sample management equipment for its demonstration rooms in Malaysia, China and Thailand. The IPO comprises a public issue of 130.7m new ordinary shares and an offer for sale of 103.9m existing shares. -The Edge Markets

Source: Rakuten Research - 13 Feb 2024

To sign up for an account : http://bit.ly/40BNqKI

[Youtube Tutorial] Account Opening & Enable Foreign Equity:http://bit.ly/3I5Jzxo