Previous Day Highlights

FBM KLCI closed higher as investors drew optimism from Wall Street's overnight gains. The benchmark index up 0.36% or 5.70 pts to close at 1,603.15. Gainers were seen in utilities (+1.84%), health care (+1.71%), and consumer (+0.91%); while losers were seen in property (-1.93%), construction (-1.62%), and technology (-1.23%). Market breadth was negative with 584 losers against 412 gainers. Total volume stood at 2.54bn shares valued at RM2.37bn.

Major regional indices trended lower. HSI gained 0.04%, to end at 19,159.20. SHCOMP dropped 0.12%, to close at 3,259.76. Nikkei 225 eased 0.87%, to finish at 38,442.00. STI slid 0.51%, to close at 3,712.39. Wall Street closed higher amid Trump’s tariff remarks and the Fed’s November minutes. The DJIA added 0.28%, to end at 44,860.31. Nasdaq rose 0.63%, to close at 19,174.30. S&P500 rose 0.57%, to finish at 6,021.63.

Wall Street closed higher amid Trump’s tariff remarks and the Fed’s November minutes. The DJIA added 0.28%, to end at 44,860.31. Nasdaq rose 0.63%, to close at 19,174.30. S&P500 rose 0.57%, to finish at 6,021.63

News For The Day

YTL Power’s 1QFY6/25 net profit down 44.5%

YTL Power’s 1QFY6/25 net profit fall 44.5% YoY to RM470.6m due to a decline in the group’s power generation business. YTL Power owns YTL PowerSeraya, Singapore with a licensed generating capacity of 3,100MW and operates Geneco, an electricity retailing business in the city state as well. The group expects the performance of its business segment to remain resilient due to the essential nature of its operations- The Edge Market

IOI Corp's 1QFY6/25 net profit soars 133.8%

IOI Corp's 1QFY6/25 net profit soars 133.8% YoY to RM710.7m, driven by foreign exchange (forex) translation gains from its USD-denominated borrowings following the strengthening of the ringgit against the greenback, and fair value adjustments on its biological assets and derivative financial instruments. IOI Corp is expecting CPO price, which surged above RM5,000 per tonne to remain high during the next three months, supported by tighter palm oil supplies as it heads towards the low crop season. - The Edge Market

TM's 3QFY24 net profit drops 14%

Telekom’s 3QFY24 net profit fell 13.6% YoY to RM465m following recognition of tax credit from prior years’ losses. The group’s strategic investments in new submarine cables and an expanded data centre portfolio will drive long-term growth and remains committed to providing seamless and reliable 5G services to customers. - The Edge Market

MBSB posts higher 3QFY24 net profit

MBSB’s 3QFY24 net profit rose 27% YoY to RM947.5m due to increased financing income and contributions from Malaysian Industrial Development Finance Bhd (MIDF) integration. On the outlook, MBSB looks forward to its "Flight26” strategy, which focuses on increasing the current account savings account, expanding financing, boosting non-funded income, optimising the cost-to-income ratio, and enhancing return on equity. The Star

Guan Chong’s 3QFY24 profit soars

Guan Chong’s 3QFY24 net profit rose 68.7% YoY to RM57.2m, bolstered by the higher price for cocoa products and increased sales volume for cocoa solids. The group declared a dividend of 1sen. The group are observing an upward trend in cocoa bean prices as supply of cocoa beans continues to be limited due to ongoing unfavourable weather conditions and the spread of swollen shoot virus. - The Edge Market

Our Thoughts

Wall Street closed firmer with both the DJIA and S&P 500 touchin.g record highs as traders are looking beyond Trump’s tariff threats. Many believe that this is more as a negotiation tactic than for implementation. Meanwhile, the US 10-year yield edged higher at 4.295%. Over in Hong Kong, the HSI ended off its day’s high albeit on a positive note as traders began to assess the effects of Trump’s threat of more tariffs on Chinese imports. Back home, the FBM KLCI managed to close above the 1,600 level as we noticed a hint of “window dressing” activities. Nonetheless, market velocity remains muted as illustrated by the lacklustre daily volume of only 2.5bn units. At this juncture, we believe the index may find it difficult to breach the 1,700 mark due to the absence of strong catalysts. As for corporate earnings, it has been a mixed bag without any excitement thus far. Therefore, we expect the index to hover within the 1,600-1,610 range today.

Source: Rakuten Research - 27 Nov 2024

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