Rakuten Trade Research Reports

Daily Market Report - 13 February 2023

Publish date: Mon, 13 Feb 2023, 11:36 AM
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Previous Day Highlights

FBM KLCI rebounded on Friday as bargain hunting emerged mostly in Banking and Energy stocks after a 3- day sell down. The benchmark index gained 0.68% or 9.95 points to close at 1,474.59. Gainers were led by

HLBANK, PETGAS and HLFG. However, market breadth was negative with 540 losers against 403 gainers while another 403 counters remain unchanged. Total volume stood at 4.08bn shares valued at RM2.50bn.

Key regional markets closed on a mixed noted amid cautious sentiment leveraged from Wall Street overnight sell down. Nikkei 225 added 0.31% to end at 27,670.98 while STI was closed flat at 3,360.69. Meanwhile, HSI and SHCOMP dropped 2.01% and 0.30% to finish at 21,190.42 and 3,260.67 respectively.

Wall Street closed mixed on Friday amid the Feds stance on further rate hikes. The DJIA and SP500 advanced 0.50% and 0.22% to end at 33,869.27 and 4,090.46 respectively. Nasdaq lost 0.61% to finish at 11,718.12.

News For The Day

MHB posts RM68m net profit in FY22 to reverse big FY21 loss

Malaysia Marine and Heavy Engineering Holdings (MHB) recorded its FY22 net profit of RM 67.77m from a net loss of RM270.41m in FY21. MHB's revenue rose 12.24% YoY to RM1.65bn from RM1.47bn. For its 4QFY22, MHB registered a net profit of RM27.14m from a net loss of RM107.79m previously, mainly contributed by the recovery of Covid-19 claims. The group declared a dividend of 1.5 sen per share, going ex on Feb 24, 2023, and payable on March 23, 2023. -NST

Iris Corp offload 80% of NIISe project developer for RM70m

Iris Corp Bhd has moved to dispose of 80% equity interest in its wholly-owned subsidiary Iris Information Technology Systems SB (IITS), the developer of the RM1.13bn National Integrated Immigration System (NIISe), for RM70m in cash. Iris said the stake is being sold to information technology company Tass Tech Technologies SB, which is wholly-owned by Tass Tech (M) SB (TTSB). Tass Tech (M) was 70%-owned by Shukor Ahmed, while the remaining 30% was held by Raja Muhammad Badiuzzaman Raja Chulan. -The Edge Markets

Matang buys property assets from Star Media for RM33m

Matang is buying property assets from Star Media Group for RM33m as part of its plan to diversify its business into property investment. Matang inked an agreement with Star Media’s wholly-owned unit SMG Land SB to acquire two units of double-storey semi-detached factory and warehouse annexed with a one-and-a-half-storey office building and other ancillary buildings, which is located within the Star Business Hub, an industrial development project in Bukit Jelutong, Shah Alam. – The Edge Markets

Bintai Kinden wins RM14.2m project from TNB

Bintai Kinden Corp has secured a project worth RM14.2m by Tenaga Nasional (TNB) for the installation of two 132kV transformer bays air insulated switchgear completes with the relevant primary, secondary, cables and all associated civil works in Pasir Besar, Negeri Sembilan. -The Star

AWC inks MOU to explore water infrastructure jobs in Indonesia’s new capital city

AWC has entered into a memorandum of understanding (MOU) with Techkem Group SB and Alliance MEP (Sarawak) SB to jointly explore water infrastructure projects within the development of Nusantara National Capital City, Indonesia. Nusantara, located in East Kalimantan, will be the future capital of Indonesia.-The Edge Markets

Our Thoughts

Wall Street ended on a mixed note as traders are still pondering on the Federal Reserves’ next move amid various mixed economic signals. Thus, though the DJI Average added 169 points, the Nasdaq lost 71 points as the US 10-year yield inched higher at above the 3.74% mark. Over in Hong Kong, the HSI declined by 434 points on mixed signs of China’s recovery coupled with the renewed US/China tension that stoked concerns on possible new sanctions on Chinese tech companies. On the home front, broad based bargain hunting finally emerged on the local bourse as investors snapped up Banking and Energy related stocks pushing the FBM KLCI higher to almost the 1,475 level. However, we reckon trading activities may turned cautious following last Friday’s mixed performance in the US hence expect the index to hover within the 1,470-1,480 range today. Tech related counters may face with some headwinds today on higher US treasury rate. Meanwhile, despite improved output from the US, crude oil prices all closed higher with the Brent crude edged above the US$86/barrel.

Source: Rakuten Research - 13 Feb 2023

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