MQ Market Updates - 19 August 2024

MQ Trader

Publish date: Mon, 19 Aug 2024, 05:23 PM

The FBM KLCI hit a new 52-week high on Monday propelled by strong gains in banking stocks, as investors racked up shares in index heavyweights while awaiting earnings announcements in the next two weeks.

Sunmow Holding Bhd's subsidiary Sunmow Construction Sdn Bhd's (SCSB) joint venture has won a RM1.2 billion contract for works related to Package 4B (Bukit Pagon to Long Luping) of Phase 2 of the Sarawak-Sabah Link Road project. (NST)

Shares of CelcomDigi Bhd (KL:CDB) slipped on Monday and are on course for their third straight day of decline as another weaker-than-expected results prompted analysts to cut their forecasts and target prices. (TheEdge)

Widely known for developing landed residential offerings in Bandar Sri Sendayan, Matrix Concepts Holdings Bhd is on its next mission — to ensure the residents are provided with convenience right from their doorstep. (TheEdge)

Agrochemical and fertiliser trading company Hextar Global Bhd (KL: HEXTAR) saw its net profit rise more than twofold to RM19.16 million for the second quarter ended June 30, 2024, from RM8.67 million in the same period last year, on the back of higher revenue. (TheStar)

Petronas Chemicals Group Bhd or PetChem (KL:PCHEM) is projected to face weaker earnings in the second half ending Dec 31, 2024 (2HFY2024), driven by lower average selling prices (ASPs) in the olefins and derivatives segment, as regional shutdowns end and supply increases, according to analysts. (TheStar)

Kerjaya Prospek Group Bhd has bagged a RM275.3 million contract for the proposed development of a serviced apartment in Pulau Andaman, Penang. (NST)

MY EG Services Bhd jumped as much as 4.9 per cent to 96 sen a share today after it announced a partnership with MIMOS Bhd, the Worldcoin Foundation, and Tools For Humanity (TFH) to integrate advanced credential verification technology into Malaysia's Blockchain Infrastructure (MBI). (NST)

MBSB Group today announced that MBSB Bhd group chief executive officer (GCEO) Rafe Haneef will take on an additional role as CEO of MBSB Bank, effective today. (NST)

FGV Holdings Bhd (KL:FGV) said it remains committed to responsible recruitment and its ‘no recruitment fee’ principle for former migrant workers through its reimbursement programme. (TheStar)

Shares of SFP Tech Holdings Bhd (KL:SFPTECH) surged on Monday to their highest in nearly a month as analysts expect a record year for the engineering support services firm following its latest quarterly results. (TheStar)

IOI Properties Group Bhd ("IOIPG") is giving back to property seekers with its IOI Grand 305 Giveaway campaign, offering an exciting range of rewards and incentives. Purchasers can enjoy special rebates, zero entry including free MOT, free maintenance charges, furnishing packages, renovation & solar panel subsidies and more, selecting from the developer's vibrant portfolio of contemporary residential properties across Klang Valley and Johor. (TheStar)

Malaysia Airports Holdings Bhd or MAHB (KL:AIRPORT) recorded 12.4 million passenger movements in July, marking a 7.3% increase from the previous month and setting a new post-pandemic monthly high. (TheEdge)

Invariably, the success of any sustainability roadmap within a company is catalysed by the collaborative efforts between the organisation and its stakeholders. This was the realisation made at Tenaga Nasional Bhd (TNB), which saw the organisation taking additional progress to showcase its commitment to sustainability through specific initiatives, such as engaging local communities in environmental projects and forming partnerships with industry leaders to advance their sustainability goals. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 19 August 2024