Previous Day Highlights

FBM KLCI continues to climb, reaching its two-year peak underpinned by solid market undertone. The benchmark index was up 0.38% or 5.91 pts to close at 1,575.16. Majority of sectors were positive with utilities (+1.8%), transportation (+0.7%), and technology (+0.7%), leading the gains; while losers were seen in financial services (- 0.3%), and plantation (-0.3%). Market breadth was positive with 621 gainers against 466 losers. Total volume stood at 4.11bn shares valued at RM3.25bn.

Major regional indices trended broadly higher except STI which slid 0.23%, to close at 3,280.10. HSI soared 2.12%, to end at 17,651.15. SHCOMP gained 1.17%, to close at 3,088.64. Nikkei 225 up 0.81%, to finish at 37,934.76.

Wall Street rallied buoyed by big tech earnings. The DJIA gained 0.40%, to end at 38,239.66. Nasdaq surged 2.03%, to close at 15,927.90. S&P500 rose 1.02%, to finish at 5,099.96.

News For The Day

KPJ Healthcare partners with Trustr for AI-driven healthcare

KPJ Healthcare’s educational institution, KPJ Healthcare University (KPJU) has entered into a memorandum of understanding (MoU) with Trusx Malaysia SB (Trustr), a global digital health organisation, in a transformative step towards revolutionising healthcare. KPJ said the collaboration will focus on leveraging Trustr's innovative AI-driven digital health suite including its health wallet and non-invasive vitals and biomarkers. It added that this technology uses facial scanning to gather health data without invasive methods or blood tests. -The Star

Unisem's 1Q net profit down 14% dragged by lower margin

Unisem (M) posted its 1QFY12/24 down 14% YoY at RM8.46m compared with the RM9.86m, dragged by a lower gross profit margin, foreign exchange losses, and lower income from scrap sales. This was despite its quarterly revenue inching up 3% YoY to RM364.77m, from RM354.05m due to higher sales volumes and appreciation of the US dollar against the ringgit. Unisem declared a first interim dividend of 2 sen per share, to be paid on July 5. -The Edge Markets

S P Setia unveils bungalows in Setia EcoHill, Semenyih

S P Setia will launch Casaville, which comprises 38 single-storey bungalows, in its Setia EcoHill township in Semenyih at end- April. With a gross development value (GDV) of RM50m, the homes measure 52ft by 90ft each, with built-ups from 1,994 to 2,074 sq ft, and a three-bedroom, three-bathroom layouts. The selling price starts from RM1.376m. It is slated for completion in the 2Q of 2026. -The Edge Markets

Gadang wins RM280m data centre jobs from TM Technology

Gadang Holdings has secured a RM280m contract to design and develop the Klang Valley Data Centre Block 2 in Cyberjaya from TM Technology Services SB, a business entity of Telekom Malaysia. The contract was awarded to its wholly owned unit, Gadang Engineering (M) SB, for two years from April 24, 2024 to April 23, 2026.-The Edge Markets

Microlink wins RM56.45m contract from Bank Islam Brunei

Microlink Solutions has secured a RM56.45m contract from Bank Islam Brunei Darussalam (BIBD) for a project to implement and maintain a new core banking system for the latter. Microlink said its wholly-owned subsidiary, Microlink Systems SB entered into software supply, services and maintenance agreements with BIBD. The project is for a period of six years, commencing from 24 April 2024. -The Star

Our Thoughts

Wall Street ended the week on a strong note buoyed by robust earnings from both Alphabet and Microsoft while dispelling initial concerns over slower US economic growth and sticky inflation. As such, the DJI Average gained 154 points while the Nasdaq rallied 316 points as the US 10-year yield eased slightly to 4.663%. Over in Hong Kong, the HSI jumped 366 points as confidence seems to be back underpinned by policies to boost the market coupled with positive corporate earnings. On the home front, the FBM KLCI closed on a YTD high as bargain hunters returned to the local bourse. For today, we expect the index to maintain its upward trajectory hence anticipate the index to hover between the 1,575- 1,585 range with buying interests possibly focused on the Banks. Meanwhile, crude oil prices are expected to trend higher in view of the escalating tension in the Middle East and lower inventory that saw the Brent crude to close at US$89.50/barrel.

Source: Rakuten Research - 29 Apr 2024

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

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