Rakuten Trade Research Reports

Daily Market Report - 28 Apr 2023

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Publish date: Fri, 28 Apr 2023, 09:28 AM
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Previous Day Highlights

The FBM KLCI closed higher largely thanks to bargain- hunting activities, particularly in the banking sector. The benchmark index gained 0.27% or 3.80 points to close at 1,418.05. Gainers were led by MAXIS, MAYBANK and HLBANK. However, market breadth was negative with 417 decliners against 388 advancers while 414 remain unchanged. Total volume stood at 2.50bn shares valued at RM1.46bn.

Key regional markets were also in positive territory except for STI which closed 0.36% lower at 3,282.03. Meanwhile, Nikkei 225, HSI and SHCOMP gained 0.15%, 0.42% and 0.67% to close at 28,457.68, 19,840.28 and 3,285.88 respectively.

Wall Street ended sharply higher following another solid batch of big Tech earnings reports. The DJIA and S&P500 surged 1.57% and 1.96% to end at 33,826.16 and 4,135.35 whereas Nasdaq continue to soar 2.43% to close at 12,142.24.

News For The Day

GenM expects to gain RM4.29bn from Miami land sale

Genting Malaysia (GenM) expects to realise an estimated gain on disposal of US$967m (RM4.289bn) from the disposal of four parcels of land in Miami measuring 15.47 acres (Miami Herald land) for US$1.225bn. GenM said its unit Resorts World Miami LLC had entered into a conditional SPA with Smart Miami City LLC.-The Edge Markets

Kossan in the red in 1Q amid losses from gloves division

Kossan Rubber Industries posted its 1QFY12/23 net loss of RM24.25m versus a net profit of RM90.1m YoY, mainly due to losses from its gloves division. Quarterly revenue declined 42.54% YoY to RM394.71m from RM687.01m, amid lower revenues at the gloves and clean-room divisions.-The Edge Markets

United Plantations 1Q net profit jumps 88% to RM112m

United Plantations believes that 2023 has started out on a bearish note, with slow trading activity and palm oil prices having eased considerably from the historical highs seen in 2022. The company said its net profit grew to RM112.09m from RM59.69m YoY, while revenue was lower at RM459.99m compared with RM642.91m previously. - The Star

Unisem’s 1Q profit plunges 81% on lower sales volume

Unisem (M)’s 1QFY12/23 net profit plunged 80.56% YoY to RM9.86m compared with RM50.69m. Quarterly revenue also fell 16.59% YoY to RM354.05m from RM424.44m mainly due to lower sales volume, in line with softer market conditions. Unisem declared a first interim dividend of two sen per share for FY23. The dividend, with an ex-date of May 12, will be paid on May 26. -The Edge Markets

Tasco ends FY23 on a high note

Tasco posted record net profit and revenue, Its FY23 net profit grew 39.2% YoY to RM90.8m from RM65.25m. FY23 revenue grew 8.5% YoY to a record RM1.61bn from RM1.48bn driven by revenue from the domestic business solutions segment which recorded a 23.7% YoY growth. It also declared a final interim dividend of 3.5 sen per share for FY2023, payable on May 26. – The Edge Markets

Kelington bags RM102m contracts in Singapore

Kelington Group via its wholly-owned subsidiary, Kelington Engineering (Singapore) Pte Ltd. has secured contracts involving the design and building of a chemical delivery system, as well as the installation of a utility main line in Singapore, worth RM102m.- The Star

Our Thoughts

Despite GDP growth came in lower than expected for the 1Q2023 indicating a looming recession, US equities surged buoyed by strong corporate earnings as the DJI Average rose by 524 points. Meanwhile, the Nasdaq added 288 points as traders also largely ignored the higher US 10-year yield at 3.528%. Over in Hong Kong, equities recovered attributed to solid earnings report from AIA Group and Ping An Insurance coupled with expectations of more earnings improvements from heavyweights like BYD, CNOOC and China Life Insurance. As a result, the benchmark HSI added 83 points to above the 19,800 mark. Back home, the FBM KLCI finally reversed its weak performance of late to close almost 4 points higher. We expect the index to trend higher today and anticipate it to hover within the 1,420-1,430 range with interests returning to the Tech sector after a 7 day downtrend. However, Plantation stocks may continue to experience headwinds in view of the weakening trend of crude palm oil price which had dipped to below the RM3,500/tonne.

Source: Rakuten Research - 28 Apr 2023

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