NEWS HIGHLIGHTS

• DNeX plans collaboration with South Korea's paperless trade infra operator

• Teo Seng to distribute one treasury share for every 67 shares after record earnings

• PLS inks deal with China’s Guangzhou Jiangnan to build a one-stop wholesale market in Johor

• Tex Cycle subscribes to perpetual MTN worth RM10.0m

• MUIB to dispose of 65.9% stake in PMHB for RM36.7m

MACRO BITS

• China warns US ‘absurdity’ on trade curbs will harm America

• Fed's Powell says aware of policy risks to workers, but cuts depend on inflation

• Keeps policy rate steady at 3.00% amid lingering risks to economic and inflation outlook (See Economic Viewpoint: BNM MPC Meeting)

• Down USD0.5b in February amid USD rally and a risk-off market tone (See Economic Viewpoint: BNM International Reserves)

• Look at Malaysia as top-tier investment, capital destination — Anwar

• Country facing serious subsidised diesel leakages — Amir Hamzah

• China scrutinizes bond buying at smaller banks as market soars

• China's January-February trade beats forecasts, signals global trade rebound

• Fed's Bowman: "Not yet" ready for rate cuts, willing to hike again if needed

• Weekly jobless claims unchanged; trade deficit widens in January

• ECB keeps rates on hold but acknowledges some inflation cooling

IDEAS OF THE DAY

• Results Note: KESM

• Company Update: HLIND

• Rating Summary

• Economic Viewpoint: BNM International Reserves, BNM MPC Meeting, Ringgit Weekly Outlook

Source: Kenanga Research - 8 Mar 2024