Rakuten Trade Research Reports

Daily Market Report - 4 April 2023

Publish date: Tue, 04 Apr 2023, 09:22 AM
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Previous Day Highlights

FBM KLCI closed higher attributed to broad-based accumulation fuelled by improvements in market sentiment. The benchmark index gained 0.76% or 10.80 points to close at 1,433.39. Gainers were led by HLFG, NESTLE and KLK. Market breadth was positive with 592 gainers against 312 losers while 388 remained unchanged. Total volume stood at 3.38bn shares valued at RM1.63bn.

Key regional indices ended higher with strong buy on tech stocks, which mirrored the overnight performance of Wall Street. Nikkei 225 and STI climbed 0.52% and 0.68% to close at 28,188.15 and 3,281.08 respectively. Similarly, SHCOMP rose 0.72% to end at 3,296.40 while HSI was flat at 20,409.18.

Wall Street closed broadly higher as energy stocks soared on rising crude oil prices. The DJIA and S&P500 added 0.98% and 0.37% respectively to end at 33,601.15 and 4,124.51. Meanwhile, Nasdaq declined 0.27% close at 12,189.45.

News For The Day

Sunsuria inks MoU with IAT for EV development

Sunsuria is exploring a collaboration with China's IAT Automobile Co Ltd to undertake research and development in electric vehicle (EV) and EV-related products. The company said the tie-up would involve the creation and manufacturing of Malaysia's own brand of EV with cutting-edge technological advances. Sunsuria IAT (M) SB is a joint venture that is 51% owned by Sunsuria and 49% held by IAT. -The Star

Nextgreen sets up SPV to develop 20 oil palm waste centres

in Malaysia Nextgreen Global’s unit has set up a special purpose vehicle (SPV) to develop 20 oil palm waste collection and processing centres throughout Malaysia. The SPV named “GTC Biomass" was established by Nextgreen’s wholly owned subsidiary Nextgreen Biomass SB via a shareholders agreement with three other parties. The three parties are Greentech Malaysia Alliances SB, Koperasi Sahabat Amanah Ikhtiar Malaysia and Koperasi Perkhidmatan Setia. -The Edge Markets Heng Huat disposes of land in Penang for RM10.5m Heng Huat Resources Group through its wholly-owned subsidiary HH Northern Point SB has entered into a sale and purchase agreement with All Cables SB to dispose of a piece of land for a cash consideration of RM10.50m. The disposal of the leasehold land, together with a building erected in Seberang Perai Tengah, Penang, is expected to bring a gain of approximately RM3.71m to Heng Huat. -The Edge Markets

Lay Hong buys out NH Food's stake in processed foods JV

Egg producer Lay Hong has proposed to acquire the remaining 51% equity interest in its joint venture (JV) with NH Foods Ltd (NH Foods), Japan, as the Japanese food processing group exits its Malaysian operation. The poultry player formed a 49:51 JV with NH Foods in 2016 to produce halal food utilising Japanese technology. Lay Hong will acquire the 51% stake for RM1, after considering NHF’s unaudited net assets as at Feb 28 2023 was in the negative of RM21.20m. -The Edge Markets

Radium to issue 868m new shares for Main Board-listing

Radium Development is undertaking a public issuance of 868m new shares or 25% of its enlarged share capital. Radium today signed an underwriting agreement with Malacca Securities SB and CIMB Investment Bank in conjunction with its upcoming initial public offering (IPO) on Bursa's Main Market. -NST

It was a peculiar day on Wall Street as stocks were

spurred by the spike in crude oil prices. Energy stocks led the way following OPEC’s move to slash output that saw the Brent crude surged to almost USD85/barrel. As such, the DJI Average added 327 points while the Nasdaq declined by 32 points as the US 10-year yield settled marginally lower at 3.41%. In Hong Kong, the HSI closed flat as sentiment turned cautious as China’s probe on US chip maker Micron Technology may further escalate the ongoing tension with the US. Back home, the FBM KLCI jumped pass the 1,430 mark on the back of sustained buying in line with the improved performance regionally. For today, there may be some intermittent correction hence we expect the index to hover between the 1,430- 1,440. Oil & Gas stocks should be back in the limelight following the surge in crude oil prices.

Source: Rakuten Research - 4 Apr 2023

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