FBM KLCI closed higher due to bargain hunting activities. The benchmark index was up 0.84% or 13.84 pts to close at 1,652.15. Majority of sectors were positive with property (+2.3%), technology (+1.8%), and energy (+1.8%), leading the gains; while losers were seen in telecommunications (-0.2%), and financial services (- 0.2%). Market breadth was positive with 727 gainers against 339 losers. Total volume stood at 2.84bn shares valued at RM2.75bn.
Major regional indices trended higher. HSI gained 0.3%, to end at 17,422.12. SHCOMP and Nikkei 225 closed for public holiday. STI rose 0.2%, to close at 3,570.43.
Wall Street closed mixed as markets awaits the Federal Reserve's latest monetary policy decision due tomorrow. The DJIA added 0.55%, to end at 41,622.08. Nasdaq eased 0.52%, to close at 17,592.13. S&P500 rose 0.13%, to finish at 5,633.09.
Seal Inc associate unit secures RM645m contract
Seal Incorporated associate company, MSR Green Energy has accepted a letter of award from Sabah Electricity (SESB) for a battery energy construction job worth RM645m. The Sabah BESS project will enhance the Sabah grid’s reserve margin during peak periods and support large-scale solar energy expansion. – The Edge Markets
HeiTech Padu secures RM133.73m contract
Information and communication technology (ICT) provider HeiTech has secured a RM133.7m contract from the Road Transport Department Malaysia (JPJ). The contract involves the development and supply of hardware and software for JPJ, and a revamp of the agency's digital system. HeiTech said it clinched a RM190m contract to provide maintenance and technical support services for JPJ's information and communications technology infrastructure and MySIKAP (driver and vehicle information) system. – The Edge Markets
DKSH and Hwa Tai tie up to fuel growth
DKSH Holdings remains optimistic about its fast-moving consumer goods (FMCG) segment, expecting sustained growth driven by rising disposable income, digital transformation and increasing health awareness bolstered by its recent collaboration with Hwa Tai Industries, with DKSH appointed as the authorised distributor of Hwa Tai’s LUXURY biscuits. DKSH aims to increase distribution in premium supermarkets and drive sampling efforts through food service initiatives and eCommerce platforms. – The Star
Yenher signs JV agreement with Danish firm
Animal health and nutrition products manufacturer Yenher Holdings has signed a cooperation and shareholders’ agreement with Denmark-based Fermentation experts A/S to manufacture, market and sell plant proteins and fermented palm kernel meal. The company’s patented products and proprietary know-how will be licensed to the joint venture, with a USD2m license agreement. - The Edge Markets
Powerwell plans to expand market presence
Powerwell is confident that its plan to significantly increase market presence and technological capabilities will bode well for it. Powerwell records RM12m in sales of switchboards monthly and its buyers are from the local construction industry including Gamuda and IJM Corp. Factories in Johor and Jakarta would be expanded in terms of more machinery as well as talent. Allocations for the expansion plans had been set between RM150m and RM300m. – The Star
Wall Street closed mixed ahead of the much touted rate cut tomorrow. While the DJIA added 228 points, the Nasdaq was down 92 points mainly due to Apple’s decline amid concerns over the sales of its iPhone 16. Meanwhile, the US 10-year yield eased to 3.618%. Over in Hong Kong, the HSI reversed earlier losses as sentiment improves on hopes that more stimulus may be in the offing from China following a spate of lacklustre economic data in addition to the imminent rate cut by the Federal Reserve this week. Back home, the local bourse was closed yesterday for Malaysia Day. Last Friday the FBM KLCI closed positively depicting persistent accumulation by foreign funds. However, daily volume traded remains low at below the 3bn shares threshold. Nonetheless, in view of the Federal Reserve’s cutting rate this week, we should see more foreign funds channeling their flows into the region thus we expect the index to hover within the 1,650-1,660 range today.
Source: Rakuten Research - 17 Sep 2024
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DKSHCreated by rakutentrade | Nov 05, 2024