Previous Day Highlights

FBM KLCI closed higher bolstered by ongoing buying activities. The benchmark index up 0.31% or 4.85 pts to close at 1,544.71. Majority of sectors were positive with construction (+0.9%), industrial products & services (+0.7%), and transportation (+0.4%), leading the gains; while losers were seen in energy (-1.0%), and technology (- 0.5%). Market breadth was positive with 523 gainers against 465 losers while 474 were unchanged. Total volume stood at 3.65bn shares valued at RM2.71bn.

Major regional indices trended mixed. HSI gained 1.43%, to end at 16,587.57. SHCOMP increased 0.74%, to close at 3,068.46. Nikkei 225 eased 2.19%, to finish at 38,820.49. STI slid 0.28%, to close at 3,138.42.

Wall Street closed mixed as investors wait for inflation data. The DJIA added 0.12%, to end at 38,769.66. Nasdaq eased 0.41%, to close at 16,019.27. S&P500 eased 0.11%, to finish at 5,117.94.

News For The Day

Khazanah has no plan to sell stake in MAHB- Anthony Loke

The Ministry of Transport Anthony, Loke Siew Fook has brushed off claims that Khazanah Nasional intends to sell its stake in Malaysia Airports Holdings (MAHB) to Global Infrastructure Partners (GIP) as reported earlier. "No announcement yet from the government to sell to GIP. This matter was never discussed in the Cabinet meeting. -The Star

HeiTech Padu gets 1-year extension for maintenance services

HeiTech Padu announced that it has secured a contract extension worth RM13.11m for the provision of maintenance services to the Malaysian Immigration System (MyIMMs). The contract extension is for a one-year period starting from Feb 18, and any further renewal or extension will be at the discretion of the government. Meanwhile, MyEG Services has acquired a 14.4% stake in HeiTech Padu for RM31.25m via its unit MyEG Capital SB through the open market and direct business transactions. -The Edge Markets

UMediC's 2Q net profit drops 14.8% on decreased orders

UMediC Group's 2QFY7/24 net profit fell 14.8% YoY to RM2.48m from RM2.91m, due to decreased orders for the marketing and distribution segments. Its revenue for the quarter rose to RM13.48m from RM12.52m YoY, contributed by an increase in sales of its manufactured medical consumables, namely HydroX series prefilled humidifiers and AirdroX series inhaler spacers, with a better foreign exchange rate for overseas revenue. UMediC transition to the main market and expansion plan are progressing well on track. -The Edge Markets

Flexidynamic receives RM12.4m contract for water plant

Flexidynamic Holdings via its wholly owned subsidiary Flexidynamic Engineering SB has received a contract worth RM12.4m to supply and install mechanical and electrical works for the water treatment plant and intake in Jajahan Gua Musang, Kelantan. The contract was awarded from Usaha Pammek SB, and the project is slated to be completed on March 20, 2025. Flexidynamic also said that Sea Capital Holdings SB has emerged as its substantial shareholder after subscribing a 5% stake under a private placement exercise.-The Edge Markets

99 Speed Mart files IPO draft prospectus

99 Speed Mart Retail Holdings filed a draft prospectus for a domestic initial public offering (IPO). The company, founded and which first started out as a traditional sundry shop by entreprenuer Lee Thiam Wah in 1987, plans to offer up to a 17% stake, or as much as 1.43bn shares, upon listing on Bursa Malaysia’s Main Market.-The Star

Our Thoughts

Wall Street closed mixed as traders were sidelined ahead of February’s CPI figure due today, As a result, the DJI Average added 47 points while the Nasdaq lost 66 points with the US 10-year yield inched marginally higher at 4.098%. In Hong Kong, the HSI jumped 244 points to above the 16,500 level as sentiment improves over optimism on the proposal to relax barriers to trade Hong Kong stocks for mainland Chinese. Back home, the FBM KLCI continued with its climb despite the market lacking trading excitement. We suspect retail participation will remain low due to the lack of leads at the moment. While we expect the market’s run-up to persist, we expect the index may be somewhat affected by Wall Street thus expect the index to hover within the 1,540-1,550 range today. Meanwhile, the ongoing CPO uptrend that breach the RM4,100/tonne should maintain interests on the Plantation sector especially the laggards.

Source: Rakuten Research - 12 Mar 2024

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

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