Rakuten Trade Research Reports

Daily Market Report - 29 Mar 2023

Publish date: Wed, 29 Mar 2023, 11:12 AM
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Previous Day Highlights

FBM KLCI reversed its earlier losses to close in positive territory thanks to buying activities during the final trading hour. The benchmark index gained 0.89% or 12.49 points to close at 1,409.09. Gainers were led by NESTLE, PPB and PETDAG. Market breadth was mixed with 416 decliners against 410 advancers while 430 remain unchanged. Total volume stood at 2.83bn shares valued at RM1.50bn.

Key regional indices were mostly positive following positive cue from Wall Street overnight. Nikkei 225 and STI climbed 0.15% and 0.51% to end at 27,518.25 and 3,255.54 respectively. Nonetheless, HSI was up 1.11% to close at 19,784.65 whereas SHCOMP was down 0.19% to finish at 3,245.38.

3 US major indices trended lower as rising treasury yields pressured the rate-sensitive tech stocks. The DJIA and S&P500 weakened 0.12% and 0.16% to end at 32,394.25 and 3,971.27 respectively. Meanwhile, Nasdaq declined 0.45% to close at 11,716.08.

News For The Day

Puncak Niaga secures RM83m water pipe subcontract

Puncak Niaga Holdings has bagged a RM82.86m water pipe replacement subcontract in Johor. The group said its whollyowned subsidiary Puncak Niaga Construction SB was awarded the subcontract by Jalur Cahaya SB, the main contractor for the pipe replacement project. The project is expected to be completed by Jan 17, 2024. -The Edge Markets

SCIB secures RM16.8m contract for school construction

Sarawak Consolidated Industries' (SCIB) wholly-owned subsidiary, SCIB Industrialised Building System SB secured a RM16.8m EPCC subcontract from Majestika SB (MSB) for the construction of Sekolah Kebangsaan Tambay, in Kota Samarahan, Sarawak. MSB, the main contractor for the project, awarded the EPCC subcontract to SCIBIBS with a duration of 14 months for the construction of a school.-NST

Apollo’s 3Q net profit doubles to highest since 2015

Apollo Food Holdings’ 3QFY4/23 net profit more than doubled YoY to RM10.82m from RM5.08m on higher margins and sales revenue. Quarterly revenue rose by 30.95% to RM71.08m versus RM54.28m. This is due to higher revenue contributions from its manufacturing, marketing and distribution segment. -The Edge Markets

ECA Integrated announces 1QFY23 net profit of RM4.13m

ACE Market-listed ECA Integrated Solution announced its 1QFY10/23net profit of RM4.13m. ECA said that its reported 1QFY10/23 net profit “accounted for more than half of our full year FY22 net profit”. The group said the improved results in 1QFY2023 were contributed by its manufacturing division from the integrated production system and standalone automation equipment, in addition to better overall cost management. -The Edge Markets

PT Resources takes a longer-term view for growth

PT Resources Bhd is taking a longer-term view for growth as it recognises the short-term challenges of cost pressures and foreign currency volatility. The group announced its 3QFY23 net profit of RM1.97m against RM4.7m YoY, revenue was up 32% YoY to RM115.4m from RM87.5m. -The Star

Icon Offshore secures OSV services contracts from Hibiscus

Icon Offshore's wholly-owned subsidiary Icon Offshore Group SB has secured two offshore support vessel services contracts from Hibiscus Oil & Gas Malaysia Ltd. Contracts commenced on March 1, 2023, and will utilise approximately 422 combined vessel days in total. -The Star

Our Thoughts

Wall Street closed lower ending the recent relief rally as profit taking activities emerged despite some upbeat economic data. As a result, the DJI Average lost 38 points while both the Nasdaq and S&P 500 declined by 53 points and 6 points respectively. Meanwhile, the US 10-year yield inched marginally higher at 3.57%. Over in Hong Kong, the HSI added 217 points underpinned by improving sentiment that China will continue to open its economy to foreign investors. At the home front, the FBM KLCI finally woke up as it broke the 1,400 decisively due to strong broad-based buying on blue chips. Although market undertone remains cautious, we anticipate some accumulation to persist as the local bourse has been grossly oversold hence expect the index to hover within the 1,405-1,415 range today. We reckon interests to centre on the Banks today which had been sold-down of late coupled with the Oil & Gas stocks as crude oil prices continued to climb attributed to lower inventory that saw the Brent crude edging towards the USD80/barrel.

Source: Rakuten Research - 29 Mar 2023

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