The FBM KLCI cooled off by -0.1% to 1,590.38 by following two days of gains as investors remained cautious amid mixed regional market performance. Among the index constituents, the top-performing stocks include AXIATA (+2.6%), SIME (+1.2%), PETD (+1.0%), and PCHEM (+0.9%). All sectors ended slightly in the red with minimal losses, except Telecommunication (+0.5%), Transportation (+0.4%) and Consumer (+0.3%). Overall, the broader market breadth turned negative with 444 gainers against 652 losers.
New Zealand, Malaysia: Agree to strengthen cooperation in RE transition
New Zealand Prime Minister Christopher Luxon met with Malaysian Deputy Prime Minister Datuk Seri Fadillah Yusof, who is also the Minister of Energy Transition and Water Transformation, on Tuesday. The meeting, held at 2.30pm and organised by the New Zealand delegation, took place at a hotel here. The hour-long discussion between the two parties focused on strengthening cooperation in the renewable energy (RE) sector. Also present were Ministry of Energy Transition and Water Transformation (Petra) secretary-general Datuk Mad Zaidi Mohd Karli, Energy Commission chief executive officer (CEO) Datuk Abdul Razib Dawood, and Sustainable Energy Development Authority (SEDA) CEO Datuk Hamzah Hussin. (Bernama)
French: Finance ministry warns deficit at risk on tax shortfall — media
France is at risk of running a substantially bigger budget deficit than planned this year if extra savings are not found due to a shortfall in tax revenue, French media reported on Monday. The document indicated that the public sector budget deficit is at risk of reaching 5.6% of economic output this year rather than the 5.1% targeted by France's current caretaker government, newspaper Le Monde and Les Echos reported. Value-added sales tax, income tax and corporate tax were all coming in weaker than expected, Le Monde quoted the document as saying. Les Echos said that extra budget savings worth €15bn (US$16.6bn or RM72.7bn) would need to be found to keep the deficit target in reach. (Reuters)
China: Hits Canada with anti-dumping probe on canola imports in response to EV tariffs
China said on Tuesday it plans to start an anti-dumping investigation into canola imports from Canada, after Ottawa moved to impose tariffs on Chinese electric vehicles (EVs), lifting prices of domestic rapeseed oil futures to a one-month peak. China imports its canola predominantly from Canada, followed by Russia and Mongolia. "China strongly deplores and firmly opposes the discriminatory unilateral restrictive measures taken by Canada against its imports from China despite the opposition and dissuasion of many parties," a commerce ministry spokesperson said in a statement. He said China will also initiate an anti- dumping investigation into some Canadian chemical products. China has also initiated trade investigations on imports of pork, brandy and dairy from the EU in response to curbs on its electric vehicle exports. (Reuters)
Malaysia: Anwar urges private sector to follow in Khazanah’s footsteps with RM3,000 minimum wage
Prime Minister Datuk Seri Anwar Ibrahim praised Khazanah Nasional Bhd's move to set a minimum wage of RM3,000 per month for its employees and expressed hope that private companies will follow suit. Meanwhile, the Prime Minister said that the government will ensure that the landscape and map of Kuala Lumpur, from the Sultan Abdul Samad Building to Carcosa Seri Negara remain preserved as part of the nation's cultural legacy. Ahead of Budget 2025 in October, Anwar said he will ensure a clear vision to initiate development of Kuala Lumpur’s identity, which will remain intertwined with its heritage and culture. (Bernama)
Azerbaijan, Malaysia: Explore prospects for bilateral, multilateral relations
Azerbaijan's Foreign Minister Jeyhun Bayramov met with Dewan Negara Deputy President Datuk Nur Jazlan Mohamed and his accompanying delegation on Monday (Sept 2). During the meeting, both parties explored avenues for cooperation between Azerbaijan and Malaysia, discussing prospects for developing bilateral relations, including joint efforts in tourism and education. (Bernama)
Solarvest: Bags RM113m EPCC job for 30MW solar plant in Pahang
Solarvest Holdings Bhd has secured an RM113.3m contract from P Solar Sdn Bhd to construct a 30MW solar plant in Pekan, Pahang. Solarvest's unit Atlantic Blue Sdn Bhd is expected to complete the project within eighteen months from the date of acceptance of the letter of award (LoA) on Tuesday (Sept 3). (The Edge)
AWC: Bags RM19.9m data centre job from Gamuda
AWC Bhd has received a letter of award worth RM19.9m sub-contract from Gamuda Engineering Sdn Bhd for construction works related to a data centre project in Rawang, Gombak. The sub-contract commenced on Sept 2, 2024, and is expected to be completed by Nov 18, 2025, AWC said in the filing. (The Edge)
Affin Bank: Launches new private banking service, targets ultra-high net worth clients valued at RM2.0m or more
Affin Bank Bhd has launched its private banking service designed for individuals with investable assets of RM2m or more. The service, branded as Affin Diventium, will allow clients to have access to expertise of the bank’s various businesses, covering everything from daily banking and investment management to advanced corporate banking services and long-term financial planning, the company said. The bank has set a target of securing around 250 clients in the first year, comprising local, foreign, and internal clients. (The Edge)
Euro Holdings: Court strikes out RM19.3m suit against Euro Holdings
Euro Holdings Bhd said the High Court on Tuesday struck out the lawsuit filed by Surian Creation Sdn Bhd against the furniture maker and its former managing director Datuk Seri Lim Teck Boon. Surian had sought a payment of RM19.3m from the defendants, which included Euro Holdings' subsidiaries Eurosteel Line Sdn Bhd, Euro Space Industries (M) Sdn Bhd and Euro Space System Sdn Bhd. Surian had accused the defendants of conspiring together by "seizing full control" over the company and then using Surian to obtain banking facilities to be used for the benefit of the defendants without incurring any liability. (The Edge)
Wellcall: Buying land in Perak for RM32m
Wellcall Holdings Bhd is looking to acquire three parcels of contiguous vacant leasehold industrial land in Kinta, Perak for RM32.0m. In a filing with Bursa Malaysia, the group said the purchase represents an aggregate land area of about 18.3 acres. Wellcall noted the lands are within the vicinity of its existing manufacturing facilities in Kinta, Perak. So far, Wellcall has not submitted a development plan to relevant authorities in respect to the lands. A deposit of RM3.2m was paid out from internally-generated funds of the group and the balance of RM28.8m will be funded via internally-generated funds. (The Edge)
MHB: Teams up with HD Hyundai for green retrofit-related works
Malaysia Marine and Heavy Engineering Bhd said it has entered into a partnership with HD Hyundai Marine Solution Co Ltd (HD HMS) to serve as the South Korean marine aftermarket engineering and technology company's partner in undertaking work related to green retrofit solutions. MHB's wholly owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), has signed a two-year memorandum of understanding with HD HMS, with an option to extend for an additional two years, the group said in a filing with Bursa Malaysia. MMHE managing director and chief executive officer Mohd Nazir Mohd Nor said the collaboration aligns “perfectly with MMHE’s strategy” to diversify its portfolio by balancing traditional and clean energy opportunities. (The Edge)
MERCURY SECURITIES SDN BHD Wed (A Participating Organisation of Bursa Malaysia Securities Bhd.) Tropicana Corp: Partners GreenRE for sustainable property development
Tropicana Corporation Bhd inked a memorandum of understanding (MOU) with GreenRE Sdn Bhd on Tuesday to emphasise its commitment to provide sustainable and green buildings across its property development projects. Tropicana deputy chief executive officer (CEO) Khoo Thian Shyang told the press that the company will have a long-time collaboration with GreenRE under the MOU, with 17 of its projects being GreenRE-certified. The signing of MOU also shows the company’s commitment to reduce its carbon footprint in its township and leverage on GreenRE’s expertise to get its property developments green- certified. GreenRE is a green rating tool, established in 2013 by the Real Estate and Housing Developer’s Association of Malaysia to promote and drive sustainability in Malaysia’s real estate sector. (The Edge)
Source: Mercury Securities Research - 4 Sep 2024
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