Previous Day Highlights

FBM KLCI closed lower due to lack of buying interests. The benchmark index down 0.13% or 2.04 pts to close at 1,621.24. Majority of sectors were negative with technology (-2.1%), health care (-1.0%), and property (-0.9%) leading the losses; while gainers were seen in energy (+0.7%), and plantation (+0.7%).Market breadth was negative with 653 losers against 338 gainers. Total volume stood at 2.7bn shares valued at RM1.85bn.

Major regional indices trended mixed. HSI declined 1.07%, to end at 20,728.19. SHCOMP dropped 0.53%, to close at 3,452.30. Nikkei 225 up 0.30%, to finish at 39,500.37. STI rose 1.39%, to close at 3,724.37.

Wall Street closed on record high. The DJIA added 0.59%, to end at 43,988.99. Nasdaq rose 0.09%, to close at 19,286.78. S&P500 rose 0.38%, to finish at 5,995.54.

News For The Day

Maxis' net profit rose 27.5% to RM366m in 3QFY24

Maxis's net profit rose 27.5% YoY to RM366m in 3QFY24, driven ), by an increase in subscribers and lower expenses. The group ; declared an interim dividend of four sen per share. Maxis invested a capital expenditure (capex) of RM140m strategically t during the quarter to future-proof targeted areas, including t strengthening its transmission backbone, expanding its fibre footprint, and digitalising processes. Looking ahead, Maxis will continue to provide 5G services to customers through our existing access agreement with Digital Nasional (DNB). - The . Edge Market

99 Speed Mart's net profit falls 3% to RM107.2m in 3QFY24

99 Speed Mart Retail Holdings’ net profit for 3QFY24 fell 3% YoY . to RM107.2m in 3QFY23 mainly due to the IPO listing one-off expenses totalling RM23.2m incurred in 3QFY24. The group saw its number of outlets increase by 51, bringing its total outlets to 2,697 outlets as of Sept 30, 2024. The group remained committed to expanding its outlet network nationwide, focusing on revenue optimization and operational efficiency to drive strong financial performance and boost shareholder value. – The Star

Duopharma Biotech's net profit up 74% in 3QFY24

Duopharma Biotech’s net profit increased 73.9% YoY to RM15.6m in 3QFY24 on higher revenue driven by higher sales across key sectors, particularly the public health segment. The two subsidiaries have a total supply contract value to RM665.8m. Looking ahead, the Group sees healthy potential in the 10% increase in allocation for the Ministry of Health announced in the recent Budget 2025, reflecting the government's strong commitment to funding public healthcare. This will in turn drive continued demand for medical supplies and opportunities for the pharmaceutical industry. – The Edge Market

JFTech buys Singapore-based semicon firms for RM26m

JF Technology is acquiring stakes in Singapore-based companies for a combined value of about RM26m, in a bid to expand its business and market reach globally. The integrated circuit maker is buying all stakes in Singapore-based Transcend Target Companies — consisting of Transcend Technologies (S) Pte Ltd and Transcend Tech Asia Pacific Pte Ltd (TTAP) and buying an 80% stake in front-end wafer testing Q3 Probe Pte Ltd from Spire Manufacturing Inc. The proposed acquisition in Q3 Probe also comes with a profit guarantee, which will contribute positively to JF Tech’s earnings. – The Edge Market

Our Thoughts

Wall Street closed the week on a strong note, with the Dow hitting a record high of 44,000 on Friday as stocks stayed firmly bullish. The S&P 500 and Nasdaq also rose 0.4% and 1%, respectively, with all major indexes reaching record closing highs and posting weekly gains of around 5%. The S&P 500 and Dow had their best weeks since last November. Trump is committed to cutting red tape in industries such as housing and energy. He also plans to extend the Tax Cuts and Jobs Act of 2017, expiring in 2025, push for a corporate tax rate reduction from 21% to 15%, and introduce an "efficiency committee" to curb government waste. In Hong Kong, the HSI closed lower due to profit-taking, with investors remaining cautious ahead of anticipated economic measures from Beijing. The top legislative body in China wrapped up its meeting last Friday. Last month, Beijing introduced several fiscal and monetary measures to support the economy, though unclear details on their scale and timeline have left markets uncertain. As a result, the HSI fell above 1%. The FBM KLCI closed slightly down amid mixed regional markets, though the outlook for local equities remains positive, with Malaysia’s economy supported by strong consumer demand, sector recovery, and government resilience measures. Structural reforms are expected to lift corporate earnings. Plantation stocks may see continued short-term interest as CPO futures surpassed RM5,000/tonne. We expect the benchmark index to trend within 1,620-1,630 today.

Source: Rakuten Research - 11 Nov 2024

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