KUALA LUMPUR: Investors are on tenterhooks over the US January inflation report, which is due out later tonight, although a bullish rally on Wall Street suggests investors are optimistic over cooling prices.
At the start of trading, Malaysia's benchmark FBM KLCI was up 1.96 points to 1,477.13 as the buying sentiment built up towards the release of the inflation report.
There were 170 gainers to 70 decliners, which suggested another day of broad-based gains for the market.
Most blue chips were positive with banks taking the lead after a recent period of weakness
Maybank gained five sen to RM8.82, Public Bank rose one sen to RM4.20, CIMB added one sen to RM5.45 and Hong Leong Bank remained untraded as at the time of writing.
MR DIY, which is scheduled to release its earnings results this evening, rose three sen to RM1.80.
Technology counters picked up 0.6% on Bursa Malaysia in line with the rally on the Nasdaq overnight. Hextar Technologies was up 62 sne to Rm26.64, MPI grew 40 sen to RM32.54 and KESM rose 18 sen to RM8.98.
Among the most actively traded stocks, Hong Seng rose 1.5 sen to 21.5 sen, CSH dropped 1.5 sen to five sen and VisDynamics gained one sen to RM1.04.
Analysts agree that trading sentiment over the coming term will be dictated by the US consumer price index, which will indicate whether monetary tightening measures to rein in cost increases have proved fruitful.
Bursa Malaysia rallied in the final hour of trading yesterday, which coupled with a positive Wall Street performance overnight, points towards a possible pick-up in buying momentum on the local market.
"With a broad-based rebound on Wall Street overnight, the market could be positioning ahead of the release of the US CPI inflation report, where most of the traders could be anticipating cooling inflation.
"Hence, we believe the bullish sentiment is likely to spill over to the regional markets as well as the local bourse especially on the technology sector," said Malacca Securities Research in its market commentary.
The research firm however noted that the technical indicators remained negative as the MACD Histogram extended a negative bar and the relative strength index hovered below 50.
It said support remained at 1,450-1460 while resistance was set at 1,500-1510.
TA Securities Research in its own commentary also said stocks were likely to stay range-bound due to the uncertainties ahead of US inflation numbers discouraging firmer investor commitments.
"On the index, key chart support stays at 1,460 and 1,450, with stronger supports at 1,420 and 1,400.
"Significant overhead resistance remains at 1,512, with the August high near 1,528 as stronger resistance, followed by 1,550 and 1,570 as tougher upside hurdles," it said.
KUALA LUMPUR: MY E.G. Services Bhd (MYEG) has announced that vehicle owners and drivers can continue renewing road taxes and driving licenses as usual through its existing channels.
MyEG said the services now came with the added flexibility for users to forgo receiving physical copies of their documents.
"MyEG wishes to assure all our valued users that the provision of road tax and driver licence renewals continues uninterrupted.
"The company remains committed to serving the Malaysian public by providing a secure and convenient online platform for vehicle owners and drivers to renew their road taxes and driving licenses respectively," it said.
Starting from Feb KO 10, private vehicle owners are no longer required to display road tax stickers on their vehicles, but instead can use the digital Motor Vehicle Licence (e-LKM).
Also available in digital display mode from today is the digital Malaysian Driving Licence (e-LMM).
The digital display mode of e-LKM and e-LMM can be downloaded through the Road Transport Department public portal or MyJPJ mobile application, under an in-house pilot project.
Ambank acquires a stake in myeg from open market pun possible.. wait n see
MYEG, AMBANK PILOT TRADE FINANCING ON BLOCKCHAIN PETALING JAYA: MY EG Services Bhd's (MyEG) Zetrix yesterday launched the pilot for its crossborder trade financing solution,
*Principal Global Technology as at 31 Jan 2023* (target fund: Franklin Technology)
Overview YTD, the Fund (MYR-H class) gained +12.1%, outperforming the Benchmark by 2.0%.
In December, sector wise, the main contributors came from our stock selection in system software and overweight in internet services & infrastructure.
Stock Contributors 1. Underweight in Microsoft 2. Amazon.com 3. Shopify
Detractor 1. CoStar Group 2. Underweight in Apple Inc 3. Overweight in Datadog
*Overview* ▪️Since the market bottom in early October 2022, several tech-related industries have led the rebound with double-digit percentage gains, led by semiconductors & application software among others.
*What do we think of this rebound?* ▪️Markets are embracing the latest reduction of demand estimates amongst tech companies, particularly semiconductors and we are starting to see signs of stability in advertising-driven internet companies.
*What’s next for tech sector?*
▪️We note that the sector quality remains ever high, valuations have improved, estimates are coming down, and investor sentiment has improved somewhat while remaining cautious overall.
*We believe such environment is ripe for ongoing stabilisation & a recovery, and possibly sooner than many investors think.*
▪️Investors will want to own *high-quality, well-capitalised, highly profitable secular growth* businesses with pricing power in a potential recession.
*Outlook & Strategy*
▪️In terms of equity valuations, S&P 500 IT Index has traded at a 16% premium to the overall index over the last 30 years.
Heading into January, the sector was trading at a 23% premium to the S&P 500, which is down significantly from the 32% premium at the end Dec 2021.
▪️Even with January’s tech rally, we believe a premium is warranted given the secular growth in the sector & high quality in the sector - growing recurring revenue, strong balance sheets & strong profit margins.
▪️The bear market has given us opportunity to improve the portfolio’s quality profile as we have exited positions that no longer meet our quality criteria & redeployed into companies we believe are better positioned over the long run.
▪️Additional risks we are monitoring include inflation & interest rates, and their impact on stock valuation. Recent inflation data after a year gives us comfort that this risk is likely moderating.
▪️Looking further ahead to 2023 & beyond, we believe that digital transformation is just getting started and has a long runway for sustained growth, even as the macro environment becomes more challenging. *Strategy Overview*
•We continue to favour application software, semiconductors, systems software, data processing companies & internet services and infrastructure.
• Focus on quality companies with strong, improving competitive positions, experienced management teams, financial strength & strong unit economics.
• The Fund is positioned structurally in the digital transformation within these areas: 1) AI, machine learning & data analytics, 2) new commerce 3) SaaS & cloud computing, 4) digital media transformation & metaverse , 5) digital customer engagement, 6) fintech & digital payments, 7) IOT & 5G, 8) Electrification & autonomy, 9) cyber security, and 10) future of work.
• AI & machine learning is experiencing an explosion of broader IT & mainstream interest so far in 2023. We think generative AI technologies such as ChatGPT will catalyse enterprise understanding on creating & compute human knowledge capital out of data, silicon & algorithms.
*Why Principal Global Technology Fund?* L-S-E
*Longevity & strength* ▪️Outperformance of peers since inception, target fund has 22 years track record and survived the dot.com bubble & GFC crisis.
*Stability* ▪️The Fund is managed with a barbell strategy - about 65% in established leaders + 35% in emerging leaders provides stability in our portfolio.
Bank juga mau bekerjasama dengan myeg..luar biasa. Terbanglah
MYEG, AMBANK PILOT TRADE FINANCING ON BLOCKCHAIN PETALING JAYA: MY EG Services Bhd's (MyEG) Zetrix yesterday launched the pilot for its crossborder trade financing solution,
why u still repeating the same statment on immigration and roadtax ah? the niise also belum tentu go live with iris selling 80% to thay bangla company .roadtax no more fizikal no more la ppl still can renew with myeg with insurance. u so hate myeg ke?until keep repeat same benda again and again
Dividend in specie Company Name MY E.G. SERVICES BERHAD Stock Name MYEG Date Announced 19 Jan 2023 Category Entitlement(Notice of Book Closure) Reference Number ENT-19012023-00003 Corporate Action ID MY230119DVSE0001 Entitlement subject Dividend in specie Entitlement description Distribution of 69,750,000 ordinary shares in Agmo Holdings Berhad ("Agmo"), representing MY E.G. Services Berhad's ("Company") 21.5% equity interest in Agmo, held through MY E.G. Capital Sdn Bhd (a wholly-owned subsidiary of the Company), to the entitled shareholders of the Company by way of dividend-in-specie Ex-Date 17 Feb 2023 Entitlement date 20 Feb 2023 Entitlement time 5:00 PM Financial Year End 31 Dec 2023 Share transfer book& register of members will be to closed from (both dates inclusive) for the purpose of determining the entitlement a.Securities transferred into the Depositor's Securities Account before 4:30 pm in respect of transfers 20 Feb 2023
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Blue Tulip
263 posts
Posted by Blue Tulip > 2023-02-14 09:36 | Report Abuse
MyEG wins RM2B Immigration contract from the Philiphines Gomen?