Previous Day Highlights

29 November 2024 FBM KLCI closed lower, weighed down by weaker market sentiment. The benchmark index was down 0.42% or 6.76 pts to close at 1,597.49. Majority of sectors were negative with technology (-1.6%), financial services (-0.7%), and industrial products & services (-0.6%) leading the losses; while gainers were seen in construction (+0.6%), and health care (+0.4%). Market breadth was negative with 604 losers against 415 gainers. Total volume stood at 2.79bn shares valued at RM2.9bn.

Major regional indices trended mixed. HSI declined 1.20%, to end at 19,366.96. SHCOMP dropped 0.43%, to close at 3,295.70. Nikkei 225 was up 0.56%, to finish at 38,349.06. STI rose 0.43%, to close at 3,724.01.

Wall Street was closed for Thanksgiving Day. Trading will resume later today amid a shortened trading session, closing three hours early in observance of Black Friday. The market will be open from 10:30 PM to 2:00 AM.

News For The Day

TNB’s 3QFY24 profit up 85%

Tenaga’s 3QFY24 net profit rose 85% YoY to RM1.58bn thanks to hefty foreign exchange (forex) gains. With the Malaysian economy expected to expand between 4.8% to 5.3% in CY24, according to Bank Negara Malaysia, TNB expects a stable performance for FY24. - The Edge Market

IHH posts RM534m net profit in 3QFY24

IHH’s 3QFY24 net profit increase 0.3% YoY to RM534m owing to the one-off gain of RM873m from the sale of International Medical University in the previous year. Moving forward, IHH will anchor on its ACE framework to deliver against its five strategic priorities, notably aiming to add close to 4,000 new beds in the next five years. - The Star

Hong Leong Bank earnings up 6% in 1QFY6/25

Hong Leong Bank ‘s 1QFY6/25 net profit grew 5.8% YoY to RM1.09bn boosted by strong growth in both net interest income (NII) and non-interest income (NOII). During the quarter, the bank's gross loan and financing portfolio grew 6.9% to RM194.2bn, contributed by an expansion in the mortgage, auto loan, small and medium enterprise (SME) and commercial banking segments. - The Edge Market

Genting Malaysia's 3QFY24 profit highest in 6 years

Genting Malaysia’s 3QFY24 net profit jumped over threefold YoY to RM569.2m, as it recognised net unrealised forex gains. Genting Malaysia said it is cautiously optimistic about near- term prospects for the leisure and hospitality industry driven by strengthening global demand, improved air connectivity, and the ongoing recovery in key markets. - The Edge Market

Capital A delivers net profit of RM1.64bn in 3QFY24

Capital A ‘s 3QFY24 net profit of RM1.64bn as opposed to a net loss of RM102.8m a year ago due to the forex gain of RM2.3bn from the appreciation of local currencies. Capital A plans to launch 18 new routes. In 2025, the group is anticipating adding 11 new aircraft into the fleet bringing the total fleet count to 233 aircraft. - The Star

Berjaya Corp suffers another quarterly loss

Berjaya Corp recorded net loss of RM167.9m in 1QFY6/25 dragged by its retail and services businesses. However, it is optimistic that some of the units will improve. Moving forward, the group expects that its domestic business segments will improve, supported by strong consumer spending and improved tourism activities. - The Edge Market

Our Thoughts

Wall Street was closed for Thanksgiving Day yesterday. Looking at the futures, all 3 major indices are currently trending positively, indicating that the US market should continue with its upward trajectory. Meanwhile, the US 10- year yield had eased to 4.261%. Over in Hong Kong, the HSI . retreated by 236 points as traders decided to lock in profits after the recent uptrend. Sentiment remains cautious on expectations for additional incentives from China and whether the Federal Reserve may reduce rates during the FOMC meeting in mid-December. Back home, the FBM KLCI ended below the 1,600 level again as hints of window dressing activities evaporated amid the selling by foreign funds during the afternoon session. In view of the weak market undertone, we expect bargain hunting to be muted hence expect the index to hover within the 1,600- 1,610 range today.

Source: Rakuten Research - 29 Nov 2024

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