Previous Day Highlights

FBM KLCI closed in positive territory due to bargain hunting activities. The benchmark index up 0.48% or 7.67 pts to close at 1,597.45. Gainers were seen in technology (+1.96%), utilities (+1.50%), and financial services (+1.32%); while losers were seen in consumer (-0.83%), telecommunications (-0.64%), and construction (-0.51%). Market breadth was negative with 540 losers against 501 gainers. Total volume stood at 3.01bn shares valued at RM5.39bn.

Major regional indices trended lower. HSI declined 0.41%, to end at 19,150.99. SHCOMP dropped 0.11%, to close at 3,263.76. Nikkei 225 up 1.30%, to finish at 38,780.14. STI slid 0.39%, to close at 3,731.39.

Wall Street closed higher as investors favoured Donald Trump’s pick of Scott Bessent for Treasury Secretary. The DJIA added 0.99%, to end at all-time high at 44,736.57. Nasdaq rose 0.27%, to close at 19,054.84. S&P500 added 0.30%, to finish at 5,987.37.

News For The Day

Hong Leong Industries’ 1QFY6/25 net profit jumped 60%

Hong Leong Industries’ 1QFY6/25 net profit jumped 60% YoY to RM140.6m. Motorcycle demand has improved and is expected to remain robust in the upcoming quarters. The group continues to manage production optimisation for a better mix and cost to sustain its performance and declared an interim single-tier dividend of 25sen per share. - The Star

KPJ Healthcare’s 3QFY24 net profit dip 6.24%

KPJ Healthcare’s 3QFY24 net profit dipped 6.24% YoY to RM86m despite revenue breaching RM1bn for the first time, following the disposal of its Indonesian operations. As at Sept, the group’s bed occupancy rate stood at 72%, with inpatient admissions rising 6% to 103,228 while it recorded 784,437 outpatient visits. The group declared a fourth interim dividend of 1.15sen per share. - The Edge Market

ITMAX’s 3QFY24 net profit jumps 36%

ITMAX’s 3QFY24 net profit jumps 36% YoY to RM22.1m boosted by the doubling of the revenue from the supply, maintenance and installation services. The group declared an interim single-tier dividend of 1.4sen. ITMAX managing director and CEO said that the demand for smart city solutions continues to rise amid ongoing digitalisation efforts. The group had secured multiple contracts across various cities this year, with installation phases progressing as planned. - The Edge Market

Deleum's 3QFY24 net profit doubles to RM25m

Deleum's 3QFY24 net profit doubles YoY to RM25m as it recorded higher revenue, with increased contribution from both its power and machinery, as well as oilfield integrated services (OIS) segments, with a higher forex gain. The group mentioned it had seen a strengthening in its OIS segment this year and is optimistic that the segment will continue to drive its performance for the current financial year, together with the power and machinery segment. - The Star

Infomina wins RM27m purchase order contract

Infomina has secured a purchase order valued at RM27.3m in the Philippines to deliver technology application and infrastructure operations, maintenance, and support services to Land Bank of the Philippines until Nov 30, 2027. Infomina’s managing director Yee Chee Meng noted that Land Bank of the Philippines had grown to become the second-largest universal and commercial bank group in the Philippines by total assets, following its acquisition of United Coconut Planters Bank in 2022. - The Edge Market

Our Thoughts

Wall Street closed on a high note, with the Dow and S&P . 500 reaching record levels as investors welcomed President-elect Donald Trump's decision to nominate hedge fund manager Scott Bessent as the new Treasury Secretary. The Dow jumped more than 440 points to 44,737, while the S&P 500 and Nasdaq gained about 0.3% each. In Hong Kong, stocks ended lower as investors remained cautious ahead of the release of China’s National Bureau of Statistics PMI data. As a result HSI fell 0.4%. On the local front, the FBM KLCI finished higher due to bargain hunting activities; however, it failed to stay above the 1,600 mark due to late selling. Despite a few attempts to break out from the consolidation stage, the lack of strong buying catalysts hindered its progress. As the index staying around oversold levels, investors are encouraged to accumulate blue-chip stocks that have underperformed over the past two weeks, as they offer attractive valuations. Currently, the FBM KLCI is expected to remain in consolidation, awaiting a breakout above the 1,600 level. We anticipate the index to trend within the 1,590-1,605 range today.

Source: Rakuten Research - 26 Nov 2024

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