US: Business borrowing for equipment rises 2% in Jan – ELFA. US companies borrowed 2% more in Jan to finance their investments in equipment compared to a year earlier, the Equipment Leasing and Finance Association (ELFA) said, as firms ramp-up production to meet demand. Companies signed up for USD8.3bn in new loans, leases and lines of credit last month, compared with USD8.1bn a year earlier. Borrowings rose 2% from Dec. ELFA, which reports economic activity for the nearly USD1trn equipment finance sector, said credit approvals totalled 78.4%, marginally down from 78.6% in Dec. (Reuters)
US: Mortgage applications tumble last week – MBA. US mortgage applications plunged to their lowest level in more than two years last week as rising mortgage rates dampened demand for loans to purchase homes and refinancing activity, a survey showed on Wednesday. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, tumbled 13.1% on a seasonally adjusted basis to 466.4 from the prior week. That was the lowest level since Dec 2019. The refinance index dropped 15.6%, while the purchase index declined 10.1%. The 30-year fixed mortgage rate averaged 4.06%, up from 4.05% in the prior week, according to the MBA. Mortgage rates have been rising, with Fed poised to start raising interest rates in March to tame high inflation. Economists expect as many as seven rate hikes from the US central bank this year. (Reuters)
EU: Eurozone inflation rises as estimated. Eurozone inflation rose to a record high in Jan, as initially estimated, driven by surging energy prices, final data from Eurostat showed. Inflation rose to a record 5.1% in Jan from 5.0% in Dec. The rate matched the flash estimate published on Feb 2. Meanwhile, core inflation that excludes energy, food, alcohol and tobacco, slowed to 2.3%, as initially estimated, from 2.6%. On a monthly basis, overall consumer prices gained 0.3% in Jan, while core consumer prices dropped 0.9%. Among components, energy prices showed the biggest annual increase of 28.8%. Food, alcohol and tobacco prices grew 3.5% and services cost gained 2.3%. Prices of non-energy industrial goods climbed 2.1%. (RTT)
EU: German Consumer Confidence Set To Fall In March. German consumer sentiment is set to drop in March as higher inflation dampened income prospects, market research group Gfk said. The forward-looking consumer confidence index unexpectedly fell to -8.1 in March from -6.7 in Feb. The score was forecast to improve to -6.3. While the economic outlook improved somewhat, income expectations and the propensity to buy declined from the previous month. A declining propensity to save in Feb is preventing a more significant decline in consumer sentiment, the survey showed. (RTT)
EU: French manufacturers' sentiment falls marginally. French manufacturers' confidence eased marginally in February, survey results from the statistical office Insee showed. The manufacturing confidence index dropped to 112.0 in February from revised 113.0 in January. The score was forecast to remain at January's initially estimated value of 112. This downturn was due to the decrease in the balances of opinion on past production and on the foreign order books. The past production index declined sharply to 14 from 25 in January. The order book balance improved to +1 from -1, while the foreign order book balance declined to -2 from +2. The personal production expectations came in at 24, up from 22. At the same time, the general production outlook index rose more sharply to 22 from 15. The balances on the change in workforce, past as well as expected, have a little bit diminished but they remained well above their average. (RTT)
Hong Kong: Govt unveils HKD170bn counter-cyclical measures to support growth. Hong Kong Financial Secretary Paul Chan unveiled an expansionary budget to support households and businesses so as to stabilize the economy. In his 2022-23 budget speech, Chan said counter-cyclical measures costing a total of over HKD170bn, together with spending in infrastructure projects and other items will boost the economy by around three percentage points. He earmarked HKD20bn for other potential anti epidemic needs. "We will provide full support to fight the epidemic should more resources be required." For 2022-23, the government estimated fiscal deficit of HKD56.3bn due to the expenses for one off relief measures and anti-epidemic measures, equivalent to 1.9% of GDP. (RTT)
Singapore: Inflation steady at 4.0%; core inflation fastest since 2012. Singapore consumer prices increased at a steady pace and core inflation hit its highest level in nearly a decade in Jan, data published by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry showed. Consumer prices increased 4.0% YoY in Jan, the same as seen in Dec. Economists had expected the rate to rise to 4.1%. The inflation rate was unchanged as lower private transport inflation offset the increase in core and accommodation inflation. MAS core inflation rose to 2.4% in Jan from 2.1% in the previous month. This was the fastest since Sept 2012. The increase in the core rate was largely driven by higher inflation for food and electricity and gas, and slower pace of decline in the cost of retail and other goods. (RTT)
Taiwan: Industrial production growth improves in Jan. Taiwan's industrial production continued to grow robustly in Jan, data from the Ministry of Economic Affairs showed. Industrial output increased 10.0% YoY in Jan, after an 8.96% increase Dec. Manufacturing output rose 10.69% in Jan, after a 9.17% increase in the previous month. Electricity, gas and water supply output gained 2.02%. Meanwhile, mining and quarrying production fell 10.13% and water supply output declined 1.84%. On a MoM basis, industrial production increased 3.44% in Jan, following a 0.15% rise in the prior month. (RTT)
Reservoir Link: Bags perforation wash, cement services provision contract . Reservoir Link Energy has secured a contract from T7 Global unit Tanjung Offshore Services SB for the provision of perforation wash and cement services. In a filing, Reservoir Link said its wholly-owned subsidiary Reservoir Link SB (RLSB) received the letter of award from Tanjung Offshore on Jan 7. Pursuant to the contract, Reservoir Link is to provide perforation wash and cement equipment and services package for plug and abandonment integrated services for the M3 field, offshore of Bintulu, Sarawak. (The Edge)
HSS Engineers: Eyeing RM500m new contract wins for FY22. HSS Engineers (HEB) is eyeing approximately RM500m in new contract wins for FY22. HEB expects to add to its RM517m unbilled order book by rolling out highways, public transportation, water, ports, and digital and technological infrastructure projects. "The RM500m target surpasses the company's RM211m worth of new contracts secured in 2021," it said. Executive chairman Tan Sri Ir Kuna Sittampalam said the company has witnessed a robust head start in FY22 by winning RM25m worth of new contracts year-to-date across crucial infrastructure sectors. (BTimes)
CTOS: Finalises share placement at RM1.58 to raise RM174m. CTOS Digital has recently received the nod from its shareholders to undertake a placement of up to 10 per cent of total issued shares to raise a total of RM173.8million. The credit reporting agency said the approval allowed it to finalise the issue price of the placement at RM1.58 per share. The proceeds will partially fund CTOS' RM205.8m acquisition of a 49% stake in fintech specialist Juris Technologies (JurisTech), with the balance funded by bank borrowings. (BTimes)
Central Global: Bags three contracts worth RM85.14m from Jonah Bina . Central Global Bhd's (CGB) wholly-owned subsidiary Proventus Bina SB (PBSB) bagged three contracts with a total value of RM85.14m from Jonah Bina SB (JBSB). The contracts are for constructing high-rise residential buildings in Penang, specifically the Montage condominium in Sg Nibong, the Quinton condominium in Balik Pulau and the Sri Bayu apartment in Bayan Lepas. Under the agreement, PBSB will be supporting JBSB as its sub-contractor in constructing the residential buildings. (BTimes)
Padini: Achieves record quarterly profit in 2Q as economy reopens . Padini Holdings booked a record high quarterly net profit of RM60.89m in 2QFY22, boosted by the full reopening of the economy after the national Covid-19 vaccine roll-out last year. The latest quarterly net profit was about six times the RM10.65m net profit it made in 2QFY21. (The Edge)
AEON Co: 4Q net profit up more than 2.5 times on higher revenue and lower costs . AEON Co (M) posted a more than 2.5-times jump in net profit for 4QFY21 to RM70.98m from RM27.16m a year earlier, on the back of higher revenue and lower costs. Revenue for the quarter rose 8.25% to RM992.1m from RM916.49m due to its retail business segment’s improved performance in line with the relaxation of MCO restrictions in Sept 2021. (The Edge)
The FBM KLCI might open weaker today as US stocks closed at their lowest levels since last June as tensions escalated between Russia and the west over Ukraine, exacerbating a sell-off that has taken the benchmark S&P 500 index deeper into correction territory. The S&P 500 fell 1.8% on Wednesday, bringing its losses to 12% from a January intraday peak. The technology-heavy Nasdaq Composite index registered a 2.6% decline and is now almost 17% lower for the year. The potential for war in Ukraine has weighed heavily on the global stock market in recent days, with the US warning that the threat of a full invasion by Russia could happen at any moment. On Wednesday the EU sanctioned senior Russian figures while a fresh wave of cyber-attacks hit Ukrainian government websites and banks. European stocks were similarly volatile, with the continent-wide Stoxx 600 index swinging from a 1.2% gain earlier on Wednesday to close down 0.3% for the day.
Back home, Bursa Malaysia snapped a three-day losing streak to end higher on Wednesday on persistent buying interest in financial services as well as industrial products and services counters, amid mixed sentiments on the regional markets. At 5pm, the benchmark FBM KLCI rose 0.58% or 9.18 points to 1,586.14 from Tuesday's close of 1,576.96. Regionally, the Shanghai Composite Index rose 0.9%, while Hong Kong’s Hang Seng added 0.6%.
Source: PublicInvest Research - 24 Feb 2022
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CTOSCreated by PublicInvest | Mar 21, 2024