Previous Day Highlights

FBM KLCI reversed its earlier losses and ended marginally higher to its day-high, lifted by bargain hunting activities during final trading hour. The benchmark index gained 0.15% or 2.15 points to close at 1,427.04. Gainers were led by PCHEM, CDB and KLK. Market breadth was positive with 437 gainers against 367 losers while 363 were remain unchanged. Total volume stood at 2.34bn shares valued at RM1.39bn.

Key regional indices closed mostly higher on Friday amid positive sentiment mirroring Wall Street performance overnight. Nikkei 225 and SHCOMP advanced 0.17% and 0.45% to close at 27,518.31 and 3,327.65 respectively. Meanwhile, HSI and STI were closed for Good Friday long weekend.

The US market was closed for Good Friday holiday as well.

News For The Day

Press Metal secures export deal worth RM780m

Press Metal Aluminium Holdings has secured an immediate export sale of aluminium ingots worth RM110m from Hong Kong’s Daching Enterprises Ltd (Daching), and the companies had also sealed a five-year export deal of the same product for RM670m. The deal was inked during a meeting held in conjunction with the Trade and Investment Mission to China led by the Minister of International Trade and Industry (MITI), Tengku Datuk Seri Zafrul Tengku Abdul Aziz. -The Star

Fajarbaru clinches RM125m construction job

Fajarbaru Builder Group has secured a RM125.3m construction contract for a mixed development project in Penang. The construction outfit said its wholly-owned unit Fajarbaru Builder SB had accepted the award from Penang Development Corp for Phase 4 of a 25-phase proposed mixed development. The tenure of the contract is three years, commencing from June 15, 2023.-The Edge Markets

Harn Len to acquire Almal Resources for RM54.72m

Harn Len Corp is acquiring 100% equity interest in Almal Resources SB (ARSB) from Datuk Mohamed Nizam Mohamed Jakel for RM54.72m. Harn Len said the purchase consideration would be satisfied via the issuance and allotment of 31.27m new shares of the company and a cash consideration of RM32.83m.- The Star

Betamek signs 25-year solar PPA with ManagePay

Betamek has partnered with ManagePay Systems to incorporate solar energy utilisation at its electronic products manufacturing facility in Rawang, Selangor for a 25-year period. The electronic manufacturing services provider's unit signed an agreement for ManagePay’s unit to install, operate and maintain solar panels at its Rawang facility with a minimum capacity of 515.2 kilowatt peak. The installation will reduce Betamek’s electricity bill by RM2.1m to RM2.7m during the lifetime of the asset. -The Edge Markets

NWP wins 2-year contract worth RM36m

NWP Holdings has secured a two-year contract worth RM36m for a marine sand mining and transportation project in Melaka, in collaboration with Gezhouba Engineering (Malaysia) SB via its indirect subsidiary, NOOA Marine SB. NWP said the project would involve NOOA Marine deploying a fleet of engineering vessels as required for mining tasks. The project's service period spans two years, with the specific commencement date to be determined by Gezhouba Engineering's notice. -The Edge Markets

Our Thoughts

Wall Street and major European stock markets were closed for Good Friday holiday. Hong Kong stock exchange was closed last Friday and today for Good Friday and Easter holidays. As for the local bourse, the FBM KLCI closed higher after a volatile session last Friday. The benchmark index gained 2.15 points to stay above its 1,425 immediate support level. We believe the market undertone to stay positive, supported by resurgence of foreign buying, improving local economy and undemanding valuations of the FBM KLCI, hence we reckon bargain hunting will continue with the index hovering between 1,425-1,440 for today. The Brent crude oil remains high at above USD81 per barrel, therefore we expect accumulation of O&G stocks will continue.

Source: Rakuten Research - 10 Apr 2023

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