NEWS HIGHLIGHTS

• UWC's 2Q earnings fall 75% amid semiconductor market cyclical downturn

• Binastra posts record profit as construction segment continues to drive earnings

• Sapura Energy says 'not out of the woods' despite annual net loss narrowing to RM509 mil in FY2024

• MyNews expects ‘worst is over’ as it posts second straight profitable quarter

• TCS bags RM140.27 mil buildings works projects in Selangor

MACRO BITS

• Britain agrees USD100.0m trade finance to boost Africa food security

• New Zealand and EU trade agreement to take effect on May 1

• February inflation unexpectedly hits 1.8% YoY, spurred by water tariff and holiday spending (See Economic Viewpoint: Malaysia Consumer Price Index)

• Encouraging repatriation of foreign proceeds not a form of capital control, says BNM deputy governor

• MDEC to introduce new tax incentive for Malaysia Digital status companies

• Loke: Construction cost for ECRL stays at MYR50.27b

• Penang Development Corp to set aside MYR5.0b for 15 high-impact projects

• China to safeguard equal treatment for foreign-funded firms

• Singapore February core inflation rises to 3.6% y/y, highest since July 2023

• Fed’s Cook emphasizes need for ‘cautious’ approach to rate cuts

• Fed’s Bostic repeats expectation of just one rate cut this year

• Fed’s Goolsbee sees three rate cuts this year as inflation cools

• US new-home sales eased in February, suggesting uneven recovery

• ECB confident wage growth slowdown on track: Lane

• BoE's Mann says her rates view was finely balanced before March vote

IDEAS OF THE DAY

• Sector Update: Tech Strategy

Source: Kenanga Research - 26 Mar 2024