NEWS HIGHLIGHTS

• E&O in talks with banks to raise RM1.5b for Andaman Island project

• Ekovest sells land in KL for RM67.0m in related party transaction

• Pecca Aviation enters strategic partnership for enhanced aircraft MRO standards

• DNeX secures RM11.2m two-year software maintenance contract from IRB

• Pintaras Jaya bags piling contracts worth RM170.0m in Singapore

MACRO BITS

• Global trade rift widening as Ukraine war passes two-year mark

• Malaysia records total approved investments of RM329.5b in 2023, up 23.0% from 2022 — Anwar

• Trade, investment targets in 2024 achievable, says Zafrul

• Malaysia strengthens halal trade, investment with Japan

• British Malaysian Chamber of Commerce and MDEC ink MOU to support digital economy collaboration

• China drafts private-sector law hoping to boost confidence

• China’s property foreclosures surge as growth slows

• BOJ chief Ueda keeps upbeat view on inflation, wage outlook

• BOJ to scrap negative interest rates in April, say over 80.0% of economists

• Fed’s Bowman says that time for rate cut is ‘certainly not now’

• Fed’s Jefferson warns of easing too much on improving inflation

• Fed worried about cutting rates too soon, minutes of January meeting show

• US manufacturing activity expands at fastest pace since 2022

• ECB meeting shows it more sanguine on inflation, still patient

• BOE policymaker Greene signals she is not ready to back rate cuts yet

IDEAS OF THE DAY

• Sector Update: Automotive

• Results Note: AXIATA, HIL (RISE), KOSSAN, MAXIS, PETRONM (RISE), SIMEPLT, TECHBND, TSH, YTLPOWR

• Company Update: MPI

• Rating Summary

• Economic Viewpoint: Ringgit Weekly Outlook

Source: Kenanga Research - 23 Feb 2024