NEWS HIGHLIGHTS

• Guan Chong hunts for beans amid supply panic

• Hibiscus Petroleum secures 30-month extension for Fyne Oil Field licence

• Eco World International posts RM182,000 net profit after nine straight quarters of losses

• FM Global Logistics buys two more plots of land in Setia Alaman Industrial Park for RM37.7m

• SCGM’s substantial shareholders planning injection of agriculture business to regularise cash company status

MACRO BITS

• Germany plans more support for USD11.0b Namibia hydrogen plan

• Pakistan gets initial approval for final USD1.1b IMF payout

• Silver lining on the horizon despite high external uncertainties in 2024 (See Economic Viewpoint: BNM Economic & Monetary Review 2023)

• Foreign investments worth MYR281.5b greenlit in 2022-2023, creating over 98,000 jobs, Parliament told

• Malaysia must shift gears to innovation hub

• Malaysia will avoid balance of payment crisis as current-account surplus widens, BNM says

• Holds rate steady at 6.00%, but ease bank lending rules to boost growth (See Economic Viewpoint: Bank Indonesia Rate Decision)

• China’s USD55b loan surge points to ‘national team’ rescue

• Fed’s message on interest rate cuts: wait just a while longer

• Powell says it’ll soon be appropriate to slow pace of QT

• Fed pencils in three rate cuts in 2024, shallower path ahead

• Lagarde says ECB can’t commit to cuts after likely June move

IDEAS OF THE DAY

• Sector Update: Banking

• Results Note: TOPGLOV

• Company Update: AIRPORT

• Economic Viewpoint: BI Rate Decision, BNM EMR2023, US FOMC

Source: Kenanga Research - 21 Mar 2024