NEWS HIGHLIGHTS

• Varia secures RM95 million contract for Klang River flood mitigation project in Shah Alam

• Econframe’s 1Q net profit jumps 88.6% on higher revenue

• Pestech bags equipment supply contract from TNB

• Haily bags another residential construction project in Johor worth RM32 mil

• Bintai Kinden secures RM59m debt settlement plan, shareholders' nod for private placement

MACRO BITS

• EU, US set to tackle tough issues on trade and technology

• Miti mulls proposal enabling foreign graduates to work in Malaysia amid talent deficit

• Tengku Zafrul: Maharani Energy Gateway project in Johor to promote national green energy initiatives

• Malaysia’s PPI declines by 1.3% in December, down 1.9% in 2023 due to lower commodity prices

• Tourism in Penang is bouncing back, says exco man

• Red Sea shipping crisis sends tremors through Asia fuel markets

• China’s deflation pressures seen persisting through mid-2024

• China urges faster progress in billion-dollar railway link to Thailand

• Indonesia to provide more cash handouts to mitigate risk of rising food prices

• Thai economy in recession, needs a boost — deputy finance minister

• Mortgage rates in US to snap three-year streak of gains, survey shows

• US workers’ confidence in their employers’ outlook hits new low

• ECB’s Guindos says policy will reflect good inflation news

• UK job vacancies fall by most in three years in sign labour market is cooling

IDEAS OF THE DAY

• Sector Update: Plastic Packaging (1Q24 Strategy)

• Company Update: LGMS, SUNREIT

Source: Kenanga Research - 30 Jan 2024