NEWS HIGHLIGHTS

• Seng Fong’s net profit jumps over threefold in 3Q; share price hits all-time high

• KKB Engineering secures contracts worth RM37.9 mil

• Favelle Favco wins four contracts worth RM39.2 mil

• Niche Capital aims to raise RM18.7m via private placement to fund mining business

• Ho Hup's Flex project to be suspended, buyers refunded as Exsim buys land for RM110m

MACRO BITS

• EU says ready to use all trade tools to defend against China

• Macron, von der Leyen press China's Xi on trade in Paris talks

• King thanks outgoing Singapore PM Lee for being close friend to Malaysia

• PM wants civil servants to maintain integrity to justify recognition given by govt

• Anwar calls for unified response as world confronts fragmented global landscape

• Anwar wants Immigration Dept to operate as solid team to bring about change

• Miti encourages local companies to form investment partnerships with Saudi Arabia

• China's services activity eases in April but still solid

• China home sales slump 47.0% over May Day holiday vs 2023

• At USD2.0m per minute, treasuries mint cash like never before

• US renters seeing chance of owning a home at record low, NY Fed survey shows

• ECB’s Simkus expects three interest-rate cuts this year

• Euro zone business activity grows at fastest pace in almost a year

IDEAS OF THE DAY

• Company Update: CIMB, KLK

Source: Kenanga Research - 7 May 2024