Rakuten Trade Research Reports

Daily Market Report - 20 Apr 2023

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Publish date: Thu, 20 Apr 2023, 09:25 AM
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Previous Day Highlights

FBM KLCI retreated due to emergence of profit taking activities during the final trading hour. The benchmark index lost 0.51% or 7.29 points to close at 1,425.07. Losers were led by NESTLE, PETDAG and PPB. Market breadth was negative with 597 decliners against 265 advancers. Total volume stood at 3.14bn shares valued at RM1.76bn.

Most of the key regional indices fell on Wednesday as investors remain uncertain on US monetary policy. Nikkei 225 declined 0.18% to close at 28,606.76 while STI added 0.44% to close 3,324.05. Meanwhile, HSI and SHCOMP both slumped 1.37% and 0.68% to end at 20,367.76 and 3,370.13 respectively.

Wall Street closed mixed as investors digested another flurry of corporate earnings. The DJIA erased 0.23% to end at 33,897.01 whereas S&P500 and Nasdaq both closed flattish at 4,154.52 and 12,157.23 respectively.

News For The Day

KIP REIT's 3Q net property income up 13.3%

KIP Real Estate Investment Trust's (REIT)’s 3QFY6/23 net property income grew 13.3% YoY to RM16.4m from RM14.5m on higher revenue. Revenue rose 15.9% YoY to RM21.8m from RM18.8m, driven by lease income from the three newly acquired industrial properties and higher occupancy rates recorded from its retail segment. Net profit rose 15.35% YoY to RM10.53m from RM9.12m. KIP REIT proposed a third interim income distribution of 1.55 sen per unit, totalling RM9.4m.- The Edge Markets

Passenger traffic at MAHB airports doubles in March

Passenger traffic at the 39 airports operated by Malaysia Airports Holdings (MAHB) in the country continued to gain traction in March, more than doubling YoY to 6.66m from 3.04m. International passenger movements for March surged 604.7% YoY to 2.96m, the highest monthly volume recorded since March 2020, partly driven by the easing of travel restrictions and with airlines responding by resuming more pre-pandemic flights. -The Edge Markets

Carlsberg Malaysia expects earnings growth to take a

breather this year Carlsberg Brewery Malaysia (Carlsberg Malaysia) is likely to see weaker earnings growth this year, as the low base effect dissipates. The brewer’s FY22 annual net profit surged 57.7% YoY to RM317.05m from RM200.99m, driven by top-line growth and higher profits in both its Malaysia and Singapore operations, combined with a higher share of profit from Lion Brewery (Ceylon) plc (LBCP) in Sri Lanka. - The Edge Markets

KSK Land terminates contract with GDB for 8 Conlay

KSK Land SB has terminated its contract with Grand Dynamic Builders SB (GDBSB), a wholly-owned subsidiary of GDB Holdings, as the main contractor for its flagship 8 Conlay development. The developer said the decision to terminate the contract between its wholly-owned subsidiary, Damai City SB, and GDBSB after a failure to achieve agreeable solutions to various disputes relating to construction site matters over the last nine months. - The Star

GIIB sells industrial land for RM14m

GIIB Holdings has proposed to dispose of a parcel of industrial land in Kota Kinabalu, Sabah for RM14m cash. GIIB said its wholly owned subsidiary Big Wheel Green Tyres SB (BWGT) entered into a sale and purchase agreement (SPA) with Kozai Realties SB for the proposed disposal of the industrial land (Tuaran Land).- The Star

Our Thoughts

Wall Street ended mixed as sentiments remained cautious following the release of the Feds beige book which indicated that economic activities may be slowing down amid deflating inflationary pressure. At the close, the DJI Average declined by 80 points while the Nasdaq was flat as the US 10-year yield inched slightly higher to above 3.59%. Meanwhile in Hong Kong, the HSI dropped 283 points over the possibility of another rate hike to defend the weakening HK dollar against the greenback. Additionally, mixed economic signals from China further added fuel to the already fragile investing environment. Back home, the FBM KLCI closed below the 1,430 mark amid a weak regional performance as investors lightened their holdings ahead of the long weekend for Hari Raya celebrations. Though some bargain hunting activities may emerge, we reckon it is going to be another lacklustre day for the local bourse as we believe sentiment to stay dampened by the highly anticipated 25bps rate hike by the Feds during the next FOMC meeting thus expect the index to hover within the 1,420- 1,430 today.

Source: Rakuten Research - 20 Apr 2023

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