Previous Day Highlights

FBM KLCI continue to climb for the fourth consecutive days. The benchmark index up 0.64% or 9.85 pts to close at 1,554.56. Majority of sectors were positive with health care (+1.6%), plantation (+0.7%), and telecommunications (+0.7%), leading the gains, while loser was seen in technology (-0.6). Market breadth was neutral with 505 gainers against 484 losers while 479 were remain unchanged. Total volume stood at 4.28bn shares valued at RM2.93bn.

Major regional indices trended mixed, but HSI surged 3.05%, to end at 17,093.50, rising to its highest in three months. SHCOMP dropped 0.41%, to close at 3,055.94. Nikkei 225 eased 0.06%, to finish at 38,797.51. STI rose 0.13%, to close at 3,142.43.

Wall Street closed higher after the CPI data failed to dampen investors' hopes of interest rate cuts in the coming months. The DJIA added 0.61%, to end at 39,005.49. Nasdaq rose 1.54%, to close at 16,265.64.S&P500 rose 1.12%, to finish at 5,175.27.

News For The Day

Anwar meets Germany’s captains of industry in Berlin

More than 35 captains of industry and businesses joined a roundtable meeting with visiting Malaysian Prime Minister Datuk Seri Anwar Ibrahim. The premier took the opportunity to assure German businesses that Malaysia remains one of the best and preferred locations for investors. The companies from the world’s biggest economy that came to see the premier are involved in sectors like energy, medical devices, semiconductor, electronics, machinery, automotive and aerospace.-The Star

Hextar Technologies sells Klang land for RM8.78m

Hextar Technologies Solutions has entered into a sale and purchase agreement with Dataran Ehsan SB to dispose of land in Klang for RM8.78m cash. HexTech said its wholly-owned subsbdiary, Sin Hiap Hoe Trading & Transport SB signed the SPA for the disposal of a 99 years leasehold land measuring 9,712 sq m in Klang to the Dataran Ehsan. The disposal of property is expected to be completed in 3QCY24.-The Star

CTOS says it's business as usual

CTOS Digital said it is business as usual for the group as the recent court decision against its subsidiary does not prevent it from continuing to provide credit score services. The company said it continues to operate and provide the information to financial institutions and clients and insisted that the company is allowed to provide credit scores under the CRA, based on the Act’s definition of credit reporting business, credit information and credit report. The Edge Markets

Unitrade buys land for RM7.84m

Building material wholesaler and distributor Unitrade Industries has acquired a two-acre land worth RM7.84m to develop centralised labour quarter (CLQ) solutions located in Sungai Buloh, Selangor. Unitrade said its wholly owned subsidiary Perfect CLQ SB had entered into a sales and purchase agreement with Nomis Sim Siang Leng and Simson Sim Xian Zhi, both directors of Perfect CLQ. The CLQ, with a built-up area of 67,611 sq ft, comprises seven blocks of three-storey modular houses. -The Edge Markets

Alpha IVF’s IPO oversubscribed by 2.73 times

ACE Market-bound Alpha IVF Group’s initial public offering (IPO) has been oversubscribed by 2.73 times. The fertility care specialist said it had received a total of 6,894 applications for 530.1m shares, with a total value of RM169.6m, versus the 194.4m shares that were made available for application by the Malaysian public.-The Star

Our Thoughts

Wall Street closed broadly firmer as traders ignored recent hotter than expected inflation data which saw the US 10-year yield higher settling at 4.151%. Citing that the US economy remains robust, the DJI Average gained 236 points while the Nasdaq jumped by 246 points. Over in Hong Kong, the HSI surged 506 points to above the Major regional indices trended mixed after China's new 17,000 mark attributed to more aggressive share buy- growth targets announcement. HSI declined 2.61%, to backs and optimism that China will be more willing in end at 16,162.64. SHCOMP increased 0.28%, to close at assisting the troubled Chinese property market. Back 3,047.79. Nikkei 225 closed flattish at 40,097.63. STI slid home, the FBM KLCI maintained its uptrend to close on a 0.48%, to close at 3,107.10. 2-week high buoyed by the positive performance regionally. We noticed daily volume traded for the local Wall Street closed sharply lower as profit taking activities bourse improved above the 4bn shares level which emerged following the recent rally. The DJIA dropped hopefully may be sustainable or even improve further. 1.04%, to end at 38,585.19. Nasdaq eased 1.65%, to close Taking cue from Wall Street’s massive jump overnight, at 15,939.59. S&P500 eased 1.02%, to finish at 5,078.65. we believe the index to possibly hover within the 1,555- 1,565 range today.

Source: Rakuten Research - 13 Mar 2024

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