Rakuten Trade Research Reports

Daily Market Report - 15 Aug 2023

Publish date: Tue, 15 Aug 2023, 09:12 AM
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Previous Day Highlights

FBM KLCI closed flat despite the regional sell down. The benchmark index lost 0.01% or 0.16 points to end at 1,457.00. Losers were led by PPB, HLFG and KLK. However, market breadth was positive with 575 gainers against 404 losers. Total volume stood at 3.53bn shares valued at RM1.89bn.

Key regional indices ended mostly lower. Nikkei225 and STI lost 1.27% and 1.41% respectively to close at 32,059.91 and 3,247.70 respectively. HSI and SHCOMP fell 1.58% 0.34% to close at 18,773.55 and 3,178.43 respectively.

Wall Street ended in positive territory lifted by a rebound in chip stocks and tech names. The DJIA gained 0.07% to close at 35,307.63. S&P 500 and Nasdaq added 0.58% and 1.05% to end at 4,489.72 and 13,788.33 respectively.

News For The Day

Sime Darby buys South Australian Cat equipment distributor

Sime Darby will acquire Cavpower Group, a distributor of Cat equipment in South Australia and Broken Hill in New South Wales, Australia, for A$500m (RM1.49bn) cash. “The acquisition of Cavpower complements our existing portfolio, and provides geographic expansion to position our Industrial division in highgrowth infrastructure and commodity areas of the Australian market,” Group CEO Datuk Jeffri Salim Davidson said.-The Edge Markets

Berjaya Food to open Paris Baguette in the Philippines

Berjaya Food Bhd (BFood) via its subsidiary Berjaya Food (International) SB has signed a master franchise agreement to introduce South Korean bakery Paris Baguette in the Philippines. “This development came more than six months after a successful expansion in Malaysia, a feat which we hope will be replicated in the Philippines”, said CEO officer Datuk Sydney Quays.- The Edge Markets

Harn Len explores partnership in pineapple business.

Harn Len Corp has entered into an agreement with Jutawan Enterprise to explore a collaboration in the pineapple plantation business. Harn Len CEO Low Yew Yern said pineapple plantations typically have a shorter crop life cycle to oil palm plantations, which may accelerate income generation for the company.- The Star

Meta Bright to design and supply renewable energy solution

Meta Bright Group's subsidiary FBO Land (Setapak) SB has entered into a heads of agreement with G.E. Mining SB to design, develop and supply a renewable energy solution, a 2MW GridConnected Photovoltaic (GCPV) System, to G.E. Mining. "The agreement with GE Mining represents a pivotal step in Meta Bright's journey towards a sustainable and innovative future. The establishment of this strategic relationship to assist GE Mining source clean power for their energy-intensive operations exemplifies the commitment of GE Mining to improving the sustainability of their business practices," said Meta Bright executive director Derek Phang.– The NST

Maybank has reached half of US$17.3bn green loans goal

Maybank is halfway toward meeting its target of putting RM80bn toward sustainable finance by 2025. A big chunk of the green loans has been disbursed to support Singapore-based companies’ shift to low-carbon sources, Maybank group CEO Datuk Khairussaleh Ramli said. - The Edge Markets

Our Thoughts

Wall Street closed firmer regardless that sentiment remained cautious ahead of more earnings report from major retailers coupled with July’s retail sales out data later today. The DJI Average added 26 points while the Nasdaq was 146 points higher despite the US 10-year yield edging higher to 4.201%. Meanwhile in Hong Kong, the HSI declined to below the 19,000 mark as sentiment continued to be weighed by China’s struggling economy over weak loans and credit growth as well as prevailing crisis within the property sector. Back home, the FBM KLCI pared earlier losses to end flat from late buying activities illustrating that the market undertone is still strong notwithstanding a weak regional performance. The Construction sector, as expected generated solid buying interests as many are expecting the Government to kick-start the domestic economy via the rolling out of infra-related projects soon. Thus, we anticipate buying support to prevail and see the index to hover between the 1,460-1,470 range today with accumulation on the banking stocks to persist.

Source: Rakuten Research - 15 Aug 2023

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