PublicInvest Research

Author: PublicInvest   |   Latest post: Fri, 6 Dec 2019, 9:18 AM


PublicInvest Research Headlines - 9 Apr 2019

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US: Factory orders drop 0.5% in Feb. New orders for US manufactured goods fell by slightly less than expected in the month of Feb, according to a report released by the Commerce Department on Monday. The report said factory orders dropped by 0.5% in Feb after coming in virtually unchanged in Jan. Economists had expected orders to slide by 0.6%. The decrease in factory orders came as orders for durable goods tumbled by 1.6%, more than offsetting a 0.6% increase in orders for non-durable goods. (RTT)

EU: Eurozone investor morale rises in April on China hopes. Investor morale in the euro zone improved in April to hit its highest level since November, helped by signs of an upswing in China, a survey showed on Monday. The investor sentiment index for the eurozone rose to -0.3 from -2.2 in March. Analysts had expected a reading of -2.1. A sub-index of expectations improved for the straight third month, reaching -4.3, its highest level since May last year. (Reuters)

EU: German exports, imports drop more than expected in Feb. German exports and imports both fell more than expected in Feb, data showed on Monday, in the latest sign that Europe’s largest economy is likely to post meagre growth in the 1Q. The Federal Statistics Office said seasonally adjusted exports dropped by 1.3% on the month while imports were down 1.6%. That meant the trade surplus edged up to EUR18.7bn (USD20.99bn) from a revised EUR18.6bn the previous month. (Reuters)

Japan: Has Y2,676.8bn current account surplus. Japan had current account surplus of Y2,676.8bn in February, the Ministry of Finance said on Monday. That exceeded expectations for a surplus of Y2,633.5bn following the Y600.4bn surplus in Jan. Exports were down 1.9% on year to Y6,307.0bn, while imports skidded an annual 6.6% to Y5,817.8bn. The trade surplus came in at Y489.2bn, shy of expectations for Y591.3bn but up from the Y964.8bn deficit in the previous month. The adjusted current account showed a surplus of Y1,957.6bn. (RTT)

Japan: Consumer confidence lowest in 3 years . Japan consumer confidence weakened to the lowest in three years in March. The consumer confidence index for households with two or more persons fell to a seasonally adjusted 40.5 in March from 41.5 in Feb. Economists had expected the reading to remain unchanged. The latest reading was the lowest since Feb 2016, when the confidence index was 40.2. (RTT)


Sunway REIT: Gets shareholders’ nod for RM550m Sunway University land acquisition. Sunway REIT has received the green light from its shareholders for its proposal to acquire three tracts of land which house Sunway College and Sunway University for RM550m. The proposed acquisition, which is expected to improve the trust’s earnings and dividend per unit, received 99% approval. Upon completion of the acquisition, the REIT’s portfolio size will increase from about RM7.3bn as at June 30, 2018, to RM7.8bn. (The Edge)

Eversendai: Secures RM196m jobs in Qatar, Abu Dhabi. Eversendai Corp has secured three new projects with a combined value of RM196m in Abu Dhabi and Qatar. The newly acquired job in Abu Dhabi involves a museum project. Eversendai was also awarded structural steel works for two high-rise building projects in Qatar, the company said. With the new wins, Eversendai brings its total contract wins to RM602m since Jan 1, 2019 while its order book has increased to RM2.52bn. (StarBiz)

Inta Bina: Bags RM108.5m contract for Mont’Kiara affordable housing project. Inta Bina Group has bagged a contract worth RM108.5m to build a 40-storey affordable housing complex in the expatriate enclave of Mont’Kiara, Kuala Lumpur. The group’s wholly owned subsidiary Inta Bina SB had received the letter of award from Lembah Suria SB on April 2, appointing the company as the contractor of the project. The contract period is 32 months, starting upon the site possesion on April 15. “IBSB intends to fund the Contract via internally-generated funds and or external borrowings,” the group added. (The Edge)

BTM Resources: To jointly develop wood pellet manufacturing plant in Terengganu. BTM Resources announced that its unit BTM Biomass Products SB is partnering MC Bio SB and two other South Korean companies to set up a wood pellet manufacturing plant in Terengganu, Malaysia. The group said that a MoU was signed with MC Bio, Korea South-east Power Co Ltd (KOEN) and MOKPO City Gas Co Ltd last Monday (April 1). Under the MoU, which is valid for a period of two years with an option to extend it by a further six months, all three parties will invest in the project and develop it as shareholders. (The Edge)

Sedania: Forms JV to explore Islamic financing via fintech platform. Sedania Innovator is partnering with a consultancy firm specialising in Islamic finance solutions to explore opportunities in the Islamic financing space via a fintech or financial technology platform. Its wholly-owned Sedania As Salam Capital SB (SASC) inked a JV and shareholders agreement on April 5 with Elzar Shariah Solutions SB to effect the partnership under a new JV company, under which SASC will hold a 70% stake while Elzar will have the remaining 30%. (The Edge)

Ancom, Nylex: Ink settlement agreements with Utusan Melayu. Ancom’s unit Redberry SB and Nylex (Malaysia) have entered into settlement agreements with Utusan Melayu (Malaysia) regarding a disputes between the parties over unreturned deposits. Pursuant to the settlement agreement, Redberry will not execute the summary judgment against Utusan and Utusan shall withdraw its counterclaim for damages and exemplary damages of RM48.3m appeal against the summary judgment, Ancom said. In a separate filing, Nylex said the group and Utusan have entered into a settlement agreement for the claim of RM10m by Nylex. (SunBiz)

Market Update

The FBM KLCI might open higher today, with the S&P 500 rising for eighth session in a row, as investors geared up for a new earnings season. S&P 500 index bounced back to rise 3.03 points, or 0.1%, to 2,895.77, tying its longest winning streak from October 2017. The tech-oriented Nasdaq Composite Index gained 15.19 points, or 0.2%, to 7,953.88. The Dow Jones Industrial Average however, dropped 83.97 points, or 0.3%, to 26,341.02. U.S. factory orders fell 0.5% in February, steeper than the 0.4% decline forecast. The data show that growth in the manufacturing continues to expand but manufacturers are becoming more cautious. In Europe, market participants were watching the latest development surrounding Britain’s attempt to extricate itself from the European Union. Brussels was set to decide on an extension to the so-called Brexit deadline, possibly setting a date at the end of the year or even in 2020. European markets were mostly weaker with the Stoxx Europe 600 index edged 0.19% lower.

Back home, the FBM KLCI index gained 2.54 points or 0.15% to 1,644.35 points on Monday. Trading volume increased to 3.84bn worth RM2.40bn. Market breadth was positive with 500 gainers as compared to 386 losers. Stocks in region traded mixed, with Japan’s Nikkei 225 losing 0.2%, while Hong Kong’s Hang Seng Index added 0.5% and China’s Shanghai Composite Index edged 0.1% lower.

Source: PublicInvest Research - 9 Apr 2019

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