NEWS HIGHLIGHTS

• E&O executive chairman, executive director up stake to 50.7% via RM11.75m loan stock conversion

• TRC Synergy bags RM358m refurbishment, infrastructure job at Subang Airport

• Paragon inks MOU with Solarvest to develop green industrial township in JB

• MMAG says fine for non-payment of JV cancellation instalments paid in full

• Jiankun’s unit hit with another lawsuit from ex-JV partner concerning residential project

MACRO BITS

• World food price index fell to near three-year low in January — FAO

• Malaysia on track to reduce dependency on imported red onions

• Retargeting diesel subsidy: Ministry to discuss with Sabah, Sarawak first

• Allowing foreign graduates to work a short-term solution to skilled worker shortage, says Zafrul

• Govt completing Long-Term Low Emission Development Strategies document for net zero carbon emission by 2050

• IMF projects China GDP to slow to 4.6% in 2024, decline further in medium term

• Japan's government interest costs seen more than doubling over next decade -draft

• Japan economy likely returned to growth in Q4, but remains fragile: Reuters poll

• Indonesia c.bank: should be room to cut rates, awaiting stronger rupiah

• Fed’s Goolsbee says he wants to see more inflation progress

• Fed's Bowman sees inflation falling, calls for caution on rate cuts

• US labor market sizzles with blowout job growth, solid wage gains

• ECB policy ought to respond to slowing inflation, Centeno says

• BOE chief economist warns UK rate cuts still ‘some way off’

IDEAS OF THE DAY

• Results Note: WESTPORTS

• Company Update: OCK

• Initiation Coverage: KAREX

• Weekly Technical Review: DJIA, KLCI

Source: Kenanga Research - 5 Feb 2024