Previous Day Highlights

5 February 2025 FBM KLCI closed higher as investors snap up bargains. The benchmark index gained 0.70% or 10.93 pts to close at 1,564.56. Majority of sectors were positive with telecommunications (+1.1%), construction (+1.0%), and financial services (+1.0%), leading the gains; while losers were seen in health care (-0.5%), and energy (-0.3%). Market breadth was positive with 544 gainers against 415 losers. Total volume stood at 2.23bn shares valued at RM2.06bn.

Major regional indices trended positively. HSI increased 2.8%, to end at 20,789.96. STI closed flat to finish at 3,821.92. Nikkei 225 up 0.7%, to finish at 38,798.37. SHCOMP remains closed for the CNY holidays.

Wall Street closed higher. The DJIA added 0.30%, to end at 44,556.04. Nasdaq rose 1.35%, to close at 19,654.02. S&P500 rose 0.72%, to finish at 6,037.88.

News For The Day

Keyfield secures contracts worth RM59.6m

Keyfield Offshore has secured 2 contracts worth RM59.6m for the charter of an anchor handling tug supply vessel (AHTS) and one dynamic positioning 2 accommodation work boat (DP2 AWB). The contracts are expected to contribute positively to the earnings and net assets of Keyfield group for the FY25 and FY26. - The Star

Ge-Shen selling 4.61-acre land in JB

Ge-Shen is to sell Johor Bahru land measuring 4.61 acres in aggregate, with an office, a warehouse, and a factory built atop, for RM35m in cash. The company inked a binding term sheet with Plastico for the disposal of the five parcels of land while the RM35m disposal consideration represents an 8.57% discount to the land's RM38.3m market value. The proceeds from the land sale will be used to repay borrowings tied to the properties as well as finance the group’s working capital. – The Edge Market

Ann Joo to acquire 45% stake in Konsortia Etiqa

Ann Joo has proposed to acquire 67,500 ordinary shares, representing a 45% stake in Konsortia Etiqa for RM96m cash. The transaction is expected to unlock further value by leveraging Ann Joo Management Services’ controlling position to enhance decision-making efficiency and drive future growth. – The Star

Fajarbaru JV secures RM131.6m job expansion

A JV between Fajarbaru Builder and Avionics has secured a RM131.6m contract from the Australian Department of Defence that expands their scope of works in the redevelopment of military facilities located at the Royal Malaysian Air Force (RMAF) base in Butterworth, Penang. The expanded scope of the RMAF Base in Butterworth project underscores Fajarbaru’s ability to deliver complex, high-quality projects on time and within budget. – The Edge Market

ACE-bound Colform posts RM14.5m net profit

ACE Market-bound Sabah-based steel product manufacturer Colform Group posts 9MFY24 net profit of RM14.5m. There are no comparative figures for the preceding corresponding quarter as no interim financial report was prepared. Looking ahead, the group will continue to pursue business expansion and growth opportunities as well as diversification of product offerings to enhance its sustainability and profitability in a competitive market. – The Edge Market

Our Thoughts

Wall Street ended higher as traders remain positive that China may obtain a temporary reprieve as did both Canada and Mexico while ignoring China’s latest tariff imposition on US goods. Meanwhile, the latest data showing weaker job openings in December also heightened expectations of a rate adjustment by the Fed. As such, the US 10-year yield eased to 4.513%. Meanwhile, Hong Kong equities maintained its resilience as the HSI added almost 600 points to race towards the 21,000 mark on optimism of a China-US tariff reprieve coupled with the progressive AI developments in China. Back home, the FBM KLCI finally showed a promising performance as buying on blue chips returned. Though the retail space remains tight from the lack of liquidity, we need to see better improvements in the daily volume before participation from retailers normalizes. For today, we anticipate the index to hover within the 1,560-1,570 range.

Source: Rakuten Research -

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