Previous Day Highlights

15 November 2024 FBM KLCI closed lower amid weakened market sentiment. The benchmark index was down 0.67% or 10.82 pts to close at 1,600.68. Gainers were seen in energy (+0.70%), technology (+0.50%), and utilities (+0.42%); while losers were seen in construction (-0.87%), industrial products & services (-0.82%), and telecommunications (-0.80%). Market breadth was negative with 586 losers against 419 gainers. Total volume stood at 3.15bn shares valued at RM2.68bn.

Major regional indices trended lower. HSI declined 1.96%, to end at 19,435.81. SHCOMP dropped 1.73%, to close at 3,379.84. Nikkei 225 eased 0.48%, to finish at 38,535.70. STI rose 0.48%, to close at 3,738.16.

Wall Street closed lower amid market’s response to Fed Chair's remarks. The DJIA dropped 0.47%, to end at 43,750.86. Nasdaq eased 0.64%, to close at 19,107.65. S&P500 eased 0.60%, to finish at 5,949.17. .

News For The Day

Mr DIY's 3QFY24’s net profit down slightly

Mr D.I.Y saw a marginal 1.9% drop in its 3QFY24 net profit, on higher administrative and other operating expenses, which increased by 25.6% and 10.2% YoY. The higher administrative and other operating expenses was driven by higher staff costs, depreciation of right-of-use assets and fixed assets, and higher utility expenses. Mr DIY declared an interim dividend of 1sen per share. - The Edge Market

Hume Cement sees slight fall in 1QFY6/25 profit

Hume Cement posted a 1QFY6/25 net profit of RM47.4m down 0.02% YoY, as lower market demand weighed on cement sales. The decline in quarterly earnings was partly offset by lower input costs and production costs driven by improved manufacturing efficiency. Hume declared a dividend of 4sen per share. – The Edge Market

Prolintas Infra's 3QFY24 net profit nearly tripled

Prolintas’ 3QFY24 net profit nearly tripled thanks to a jump in toll collection and tax credit. Toll collections totalled RM78.9m during the quarter. Lingkaran-Lebuhraya Kajang (LKSA) generated the most revenue. - The Edge Market

Keyfield's 3QFY24 net profit higher at RM81.1m

Keyfield record high 3QFY24 net profit of RM81.1m compared to RM45.8m YoY. The quarter under review’s strong performance was underpinned mainly by the high utilisation rates and higher number of own vessels. Meanwhile, the group declared a third interim dividend of 4.0sen per ordinary share. - The Star

Teo Seng signals strong prospects

Teo Seng’s 3QFY24 met profit posted a 32.4% jump, lifted by strong gains in its key poultry farming business, as well as its segment on investments and trading of poultry-related products. The group declared a third interim dividend of 4sen per share. Teo Seng sees strong prospects for continued capacity expansion and market growth, given the stable demand for eggs as a primary protein source and increasing egg consumption in Malaysia. - The Edge Market

LFE Corp bags subcontract works worth RM19m

LFE Corp secured a subcontract worth RM19m to undertake electrical system installation works from GDP Architects. The contract is expected to contribute positively to its earnings and NTA for the FY24 and up till the expiry of the contract. - The Edge Market

Our Thoughts

Wall Street ended lower as the post-election rally sputters. In addition to this, statement from the Fed that future rate cut may require more patience further illustrating that December’s cut may not happen. Meanwhile, the US 10- year yield eased slightly to 4.447% though is still lofty. As for Hong Kong, the HSI dipped by almost 390 points as the index hovers closer to the 19,000 threshold. The sell-down continues as traders are concerned over the prospective tariff hikes from the US with both the tech and property sectors weakened. Back home, the FBMKLCI was not spared either as the index hovers right at the 1,600 mark. The selling of local stocks happened amid regional weakness indicating that foreign funds may be opting out of Asia for now. We believe a swift rebound for the index to occur as levels below 1,600 should entice bargain hunters hence expect it to hover within the 1,600-1,610 range today.

Source: Rakuten Research - 15 Nov 2024

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