Rakuten Trade Research Reports

Daily Market Report - 1 Sep 2023

Publish date: Fri, 01 Sep 2023, 10:30 AM
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Previous Day Highlights

activities during the final minutes of trading. The benchmark index lost 0.17% or 2.5 points to end at 1,451.94. Losers were led by AXIATA, HLFG and RHBBANK. Market breadth was mixed with 499 gainers and losers each while 423 counters were unchanged. Total volume stood at 4.9bn shares valued at RM4.76bn.

Major regional markets ended mixed. Nikkei225 and STI gained 0.88% and 0.41% to close at 32,619.34 and 3,233.30 respectively. HSI and SHCOMP lost 0.55% each to finish at 18,382.06 and 3,119.88 respectively.

Wall Street ended mixed ahead of the US Job data. The DJIA and S&P500 lost 0.48% and 0.16% to end at 34,721.91 and4.507.66 respectively. Meanwhile Nasdaq added 0.11% to finish at 14,034.97.

News For The Day

Petronas profit falls 29% in 2Q to RM16bn amid lower oil prices

Petroliam Nasional (Petronas) posted a 29% drop in its 2QFY23 profit after tax to RM16.4bn as average realised prices for all products fell amid lower crude oil prices, which are down 26% YoY. Petronas chief financial officer Liza Mustapha told a media briefing that the company’s performance was in line with the results of other oil and gas (O&G) majors, which in recent quarters saw weaker earnings compared to the bumper year in 2022, tracking the normalisation of crude oil prices.– The Edge Markets

CIMB’s 2Q net profit jumps to RM1.8bn

CIMB’s 2QFY23 net profit jumped 38.4% YoY to RM1.8bn. CIMB said the positive performance was driven by strong operating income growth, stringent cost controls and lower provisions as the group benefits from its diversified Asean portfolio, with strong business growth recorded in Indonesia and Singapore. The bank proposed all-cash first interim dividend of 17.50 sen per share this year, amounting to RM1.87bn. -The Star

Kenanga posts RM16.7m net profit in 2Q

Kenanga posted its 2QFY23 net profit of RM16.7m against RM18.4m a year ago. Looking ahead, Kenanga anticipates a moderation in domestic economic growth for the third quarter of 2023, with gross domestic product growth expected to ease to 3.4%, down from an estimated 6.0% in the second quarter of 2023. This marks the lowest level since the third quarter of 2021. - The Star

Kerjaya Prospek wins RM125m contract from Sunrise Alliance

Kerjaya Prospek Group has secured a contract worth RM125m from Sunrise Alliance SB (SASB), a subsidiary company of UEM Sunrise Bhd. The project entails the design and build of two blocks of apartment, which comprise 26 storeys and 25 storeys respectively, a 3-storey commercial unit and a podium, which consists of a 6-storey carpark and common area. The Edge Markets

IGB’s 2Q net profit more than double on higher revenue

IGB’s 2QFY23 net profit more than doubled YoY to RM112.0m on the back of a higher revenue and increased forex gains. The group said IGB Real Estate Investment Trust (IGB REIT) posted a 6% rise in revenue to RM141.5mi, from RM133.8mi a year ago, due to higher rental income. IGB is also engaged in property development and hotel businesses. Revenue from the property development division saw a more than three-fold increase to RM39.9mi, from RM12.4m previously, due to higher sales of completed condominium.- The Edge Markets

Our Thoughts

Wall Street ended mixed as all 3 major indices closed on a day’s low as traders are looking at August job data later today. Reflecting the cautious sentiment, the DJI Average lost 168 points while the Nasdaq added 16 points as the US 10-year yield slid slightly to 4.106%. Over in Hong Kong, the HSI declined by another 100 points as the exodus of foreign funds continue. Concerns over the slump in China’s manufacturing activity and debt woes amongst the Chinese developers persist to plague sentiment as recent supportive measures implemented may be insufficient to spur overall demand. Back home, the FBM KLCI closed lower ahead of the National Day celebration yesterday but maintained at above the 1,450 mark. For today, we reckon some buying to return albeit at a muted level amid another mix regional performance thus expect the index to trend between the 1,450-1,460 range today with focus possibly shifted to the Planters following another impressive trend by the CPO currently at around the RM4,000/tonne level.

Source: Rakuten Research - 1 Sep 2023

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