Rakuten Trade Research Reports

Daily Market Report - 7 Jun 2023

Publish date: Wed, 07 Jun 2023, 09:11 AM
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Previous Day Highlights

The FBM KLCI ended slightly higher via late buying support of the Plantation sector. The benchmark index advanced 0.14% or 1.91 points to close at 1,383.17. Gainers were led by IHH, SIMEPLT and KLK. However, market breadth was negative with 507 losers against 355 gainers. Total volume stood at 3.55bn shares valued at RM1.92bn.

Key regional indices trended mixed as the market undertone remained subdued. Nikkei 225 continues to climb by 0.90% to close at 32,506.78 while STI and HSI closed almost unchanged at 3,190.11 and 19,099.28 respectively. Meanwhile, SHCOMP soared 1.15% to end at 3,195.34.

Wall Street closed modestly higher as investors await for May inflation data and Federal Reserve’s policy meeting next week. The DJIA finished 0.03% higher to end at 33,573.28 whereas Nasdaq and S&P500 added 0.36% and 0.24% to close at 13,276.42 and 4,283.85.

News For The Day

UEM Sunrise buys Kelana Jaya land from EPF

UEM Sunrise will be acquiring approximately 3.7 hectares of freehold land from the Employees Provident Fund adjacent to the Damansara-Puchong Expressway in Kelana Jaya for RM155m. The developer said it plans to develop a mixed- development featuring residential and retail components. “The development is estimated at a total gross development value (GDV) of RM1.1bn and is targeted to launch in 2025,” UEM Sunrise said. – The Star

Able Global announces one sen dividend

Able Global has announced a single-tier first interim dividend of one sen per share for FY23, with payment date of June 30. The group reported its 1QFY23 net profit of RM7.12m, a 72% YoY hike from RM4.12m. Quarterly revenue increased as well, from RM130.78m to RM146.13m thanks to owing to higher sales demand, as well as a positive contribution from the Mexican joint venture. -The Edge Markets

JCorp’s FY22 profit more than doubled

Johor Corporation Group said its profit after tax more than doubled to RM808m for FY22, from RM379m, on the back of strong performance across its business segments. Revenue rose 12% YoY to RM5.7bn, with the agribusiness segment’s revenue reaching RM1.85bn, a 13% YoY increase, as a result of high crude palm oil and palm kernel prices. The wellness and healthcare segment also experienced considerable growth with revenue increasing by 13%, thanks to an uptick in inpatient activity, which grew by 50%, and outpatient activity, which grew by 19%.-The Edge Markets

AWC wins contracts worth RM52mil from Prasarana

AWC Bhd’s subsidiary, Trackwork & Supplies SB (TSSB) has secured contracts worth RM52m from Prasarana Malaysia. AWC said TSSB accepted three letters of acceptance (LoA) worth RM44.25m for the works related to the LRT Ampang and Kelana Jaya Line. Works shall be carried out and completed within 18 to 24 months from the date to be stipulated in the notice to proceed to be issued by Prasanara.-The Star

HSS Engineers gets RM8.9m contract

HSS Engineers has accepted a letter of award worth RM8.9m from China State Construction Engineering (M) SB for the provision of professional engineering design and consultation services. HEB said the contract is in respect of the proposed data centre at Cyberjaya for Infinaxis Data Centre SB. -The Edge Markets

Our Thoughts

Wall Street closed modestly firmer as all 3 major indices are currently hovering at a 9-month high while waiting for the FOMC meeting next week. The DJI Average added a mere 10 points following some late buying activities as the Nasdaq gained 47 points with the US 10-year yield declined marginally to 3.677%. Over in Hong Kong, the HSI ended on a flat note, off the day’s high largely propelled by property counters as China’s property developers advanced on hopes that Beijing will deliver some stimulus to the sector soon. Nonetheless, profit-taking activities emerged in the afternoon session thus pushing the index lower. Back home, the FBM KLCI closed slightly higher predominantly due to late accumulation of Plantation stocks. For today, we reckon trading to remain subdued as sentiment continue to stay cautious amid prevailing political scenario. Therefore, we expect the index to trend between the 1,380-1,390 range today. Again, we advocate investors to look at Banking stocks following a spate of solid results for the 1Q and that the Financial Index is currently trading at a 6-month low.

Source: Rakuten Research - 7 Jun 2023

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