MQ Market Updates

MQ Market Updates - 08 January 2024

MQ Trader
Publish date: Mon, 01 Jan 2024, 05:17 PM

Integrated copper products manufacturer Ta Win Holdings Bhd was the most actively traded stock on Bursa Malaysia in morning trade, after it announced the set up of a joint venture company that will help with the utilisation of its electron beam (e-beam) irradiation plant. (NST)

Kerjaya Prospek Group Bhd has secured two contracts totalling RM95.1mil from Eastern & Oriental Bhd’s units. (TheStar)

Genting Bhd was among the top gainers in early trade on Monday as investors cheered the potential upside from cheaper exposure to its 52.63%-owned Genting Singapore Ltd, which has recovered to above pre-Covid-19 levels. (TheEdge)

Stock exchange operator Bursa Malaysia Bhd is expected to see rising tailwinds in 2024 amid expectations the ringgit will gain against the dollar while foreign inflows pick up on US Federal Reserve rate projections. (TheStar)

The joint venture (JV) between UEM Sunrise Bhd, Telekom Malaysia Bhd (TM), and Iskandar Investment Bank (IIB) to offer smart in-building and smart city services in Iskandar Puteri, Johor, has ended after ten years. (NST)

Capital A Bhd plans to dispose of its entire stakes in AirAsia Bhd and AirAsia Aviation Group Limited (AAAGL) to AirAsia X Bhd, for a sum to be agreed upon, as part of a business realignment strategy. (NST)

RHB research is recommending that investors buy into  Sunway Bhd as a cheaper entry into the listing of Sunway Healthcare Group (SHG), which may happen sooner rather than later. (NST)

Kenanga Investment Bank Bhd (Kenanga IB) said the unconditional mandatory takeover offer by Sime Darby Bhd to acquire the remaining shares in UMW Holdings Bhd at RM5 per share is “not fair but reasonable”. (TheEdge)

RHB Retail Research said AMMB Holdings Bhd is poised to extend the upside movement after it breached the resistance on strong volume. (TheEdge)

RHB Retail Research said Ekovest Bhd is resuming the bullish movement after it climbed above the strong resistance. (TheEdge)

Rakuten Trade said that buying interest for Uzma Bhd may have returned following a breakout from the three-month triangle pattern with a long white candle last Friday. (TheEdge)

TA Securities has downgraded S P Setia Bhd to "hold", with a lower target price of RM1.05 (from RM1.07) based on calendar year 2024 (CY2024) price-to-book multiple of 0.35 times, as it expects only a total return of 11% following the recent 28% price rally. (TheEdge)

Source: New Straits TimesThe Edge Markets The Star 08 January 2024

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