FBM KLCI rebounded and ended sharply higher on broad based accumulation in line with the regional positive performance. The benchmark index gained 1.45% or 20.13 points to close at 1,411.73 with gainers led by KLK, PCHEM and HLBANK. Market breadth was positive with 711 gainers against 244 losers. Total volume stood at 4.43bn shares valued at RM4.09bn.
Key regional markets closed on positive note tracking Wall Street rally as US bank crisis receded. Nikkei 225 and STI jumped 1.20% and 0.88% to end at 27,333.79 and 3,183.28 respectively. Meanwhile, HSI and SHCOMP rose 1.64% and 0.73% to close at 19,518.59 and 3,250.55.
3 US major indices ended sharply lower amid banking instability as report showing US banks borrowed US$165bn from the Federal Reserve over the past week. The DJIA and S&P 500 fell by 1.19% and 1.10% to end at 31,861.98 and 3,916.64, whereas Nasdaq declined 0.74% to finish at 11,630.51.
Poh Huat's 1Q earnings down 55%
Poh Huat Resources Holdings’s 1QFY10/23 net profit drop by 55% YoY to RM6.83m from RM15.35m amid weaker consumer spending power and business confidence in North America. While its revenue dropped 35% YoY to RM119.53m from RM182.96m. Main buyers in North America have made adjustments to their procurement and inventory to reflect the weaker demand, said the furniture maker. -The Edge Markets
Uzma plans RM21.79m placement to partly fund 50MW LSS4 project in Sungai Petani
Uzma is proposing a private placement of up to 10% of its share capital to raise an estimated RM21.79m to partially fund the group’s development of a 50MW Large Scale Solar 4 project in Sungai Petani, Kedah. The placement will involve the issuance of up to 35.20m shares in Uzma to external parties at a discount of not more than 10% of the group's five-day volume weighted average market price immediately before the pricefixing date.-The Edge Markets
Ideal Property launches RM4.2bn Penang Technology Park
Ideal Capital (Ideal Property) launched a new industrial park, the Penang Technology Park@Bertam, with RM4.2bn gross development value. The project located on freehold land spanning 356 hectares in Bertam township, will be the first state-of-the-art technology park established within the North Seberang Perai district.The technology park which is designed to attract high technology industries will be constructed in three phases and be completed in two years. -The Star
Sentoria disposes of RM8.2 m worth of land in Kuching
Sentoria Group through its wholly owned subsidiary Sentoria Borneo Land SB has entered into a sales agreement with Pembinaan Dinasti Tias SB to dispose of several plots of land in Bandar Semariang, Kuching. The disposal will realise proceeds of RM8.19m, which will be utilised to repay bank borrowings. The disposal is expected to generate an estimated net gain of RM600,000 and expected to be completed in 2QFY24. -The Edge Markets
Lebtech bags RM29.53m construction contract
Lebtech's wholly owned subsidiary Lebtech Construction SB has secured an RM29.53m construction contract from Brighton Land SB for a development in Section U13 in Shah Alam. The group said the duration of the contract is 20 months. The contract is expected to contribute positively to the earnings and net assets of the LB Group. -The Star
Wall Street tumbled as concerns over the US banking system resurfaced with First Republic Bank being the latest facing liquidity crunch with more to come ahead of the FOMC meeting on 21/22 March. Although all 3 major indices closed off the day’s low, the DJI Average fell 384 points while the Nasdaq declined by 87 points as the US 10year yield ended lower at 3.44%. In Hong Kong, equities rebounded on improved sentiment over the ongoing banking crisis and China resuming live feed data for the bond market. Domestically, the FBM KLCI surged past the 1,410 level underpinned by robust bargain hunting activities across the board. Nonetheless, we reckon investors to remain wary over the volatile US market last week thus expect the index to possibly trend within a tight range again of between 1,405-1,415 until the outcome by FOMC becomes clear. Flight of funds to safety was apparent as gold prices had surged to almost the USD1,990/oz. Meanwhile, crude oil prices continued to slip with the Brent crude hovering below the USD73/barrel. We still advocate investors to BUY on weakness if opportunity arises.
Source: Rakuten Research - 20 Mar 2023
To sign up for an account : http://bit.ly/40BNqKI
[Youtube Tutorial] Account Opening & Enable Foreign Equity:http://bit.ly/3I5Jzxo
Chart | Stock Name | Last | Change | Volume |
---|
Created by rakutentrade | Aug 28, 2024