Previous Day Highlights

FBM KLCI closed lower as investors remain uncertain about impact from the election. The benchmark index was down 0.05% or 0.83 pts to close at 1,608.43. Gainers were seen in plantation (+1.51%), health care (+1.24%), and REIT (+0.64%); while losers were seen in industrial products & services (-1.53%), energy (-0.94%), and telecommunications (-0.82%). Market breadth was negative with 602 losers against 413 gainers. Total volume stood at 2.99bn shares valued at RM2.53bn.

Major regional indices trended negatively. HSI declined 2.84%, to end at 19,846.88. SHCOMP dropped 1.39%, to close at 3,421.97. Nikkei 225 eased 0.40%, to finish at 39,376.09. STI slid 0.75%, to close at 3,711.48.

Wall Street closed lower as investors booked some profits after a post-election rally. The DJIA down 0.86%, to end at 43,910.98. Nasdaq slid 0.09%, to close at 19,281.40. S&P500 eased 0.29%, to finish at 5,984.00.

News For The Day

Heineken Malaysia's 3Q profit jumps 28.6%

Heineken Malaysia's net profit jumped 28.6% to RM112.3m in the 3QFY24, lifted by higher revenue and effective cost ); management. The brewer is focused on sustaining its growth ), momentum by sharpening commercial executions in t preparation for CNY in January 2025. Heineken Malaysia . praised the government’s decision to keep beer excise duties unchanged, warning that any increase could boost demand for illicit alcohol. The company will continue supporting authorities' , efforts to tackle this issue and promote market awareness. -  The Edge Market

Kelington sees 30% drop in 3Q profit

Kelington Group’s (KGB) net profit saw a 30% YoY drop, in line t with the decline in revenue, for 3QFY24 due to several major projects nearing completion that led to slower revenue contributions. KGB declared a third interim tax-exempt dividend of two sen per share which will be paid on Dec 23, 2024. Going forward, the company is confident to deliver a “commendable” financial performance in FY24, underpinned by the execution of its existing order book across key markets and the continued momentum in its industrial gas business. – The Star

Paragon Globe to undertake RM733m project in Johor

Paragon Globe has secured the rights to develop 67.42 acres of land in Iskandar Puteri, Johor, for a residential project with an estimated gross development value of RM733.1m. The project, which marks Paragon Globe’s entry into the landed property market, will feature 340 properties. Construction is expected to commence in 2025 and take seven years to complete. Paragon Globe is expected to achieve a gross development profit of about RM188.1m over the course of the development. – The Star

Carimin Petroleum's unit bags Pan Malaysia services job

The joint venture (JV) between Carimin Engineering Services, a subsidiary of Carimin Petroleum, and Evolusi Bersatu has won a five-year contract from Kebabangan Petroleum Operating Co. to provide Pan Malaysia maintenance, construction, modification, and hook-up commissioning services for Package B9. Though the contract's exact value is undisclosed, it will follow a predetermined schedule of prices and rates. Carimin anticipates that this will positively contribute to the group's earnings throughout the contract period. – The Edge Market

Our Thoughts

Wall Street closed lower as the market took a breather as it is encountering some indigestion following a record breaking run. Meanwhile, we noticed that the US 10-year yield edged higher at 4.429%. In Hong Kong, the HSI slumped to below the 20,000 mark as traders are largely unconvinced of the latest round of Chinese stimulus measures. The sell-down was broad based with EV producers bearing the brunt of the declines. On the home front, the FBMKLCI ended the day marginally lower as selling from foreign funds remained. Though we expected a swift rebound from the index, it did not happen as investors were mostly sidelined. Nonetheless, we are hopeful that the recent surge in CPO price will attract some buying interest in plantation stocks. For today, we anticipate the index to hover within 1,610-1,620 range.

Source: Rakuten Research - 13 Nov 2024

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