FBM KLCI closed higher due to bargain hunting activities following 2 days of sell-down. The benchmark index gained 0.40% or 5.79 points to end at 1,460.62. Gainers were led by MISC, CIMB and MRDIY. Market breadth was positive with 531 gainers against 380 losers. Total volume stood at 4.18bn shares valued at RM2.19bn.
Key regional markets ended mostly mixed. Nikkei225 and SHCOMP gained 0.62% and 0.12% to close at 33,241.02 and 3,158.08 respectively. HSI and STI lost 0.04% and 0.12% to finish at 18,449.98 and 3,222.88 respectively.
Wall Street continued to trend lower as rate hike fears return. The DJIA lost 0.57% to end at 34,443.19. S&P500 and Nasdaq erased 0.70% and 1.06% to close at 4,465.48 and 13,872.47 respectively.
EcoWorld buys 403.78 acres of land for RM211m cash
Eco World Development Group (EcoWorld Malaysia) is acquiring 403.78 acres of land in Mukim Senai, Johor, to develop a business park to be known as Eco Business Park VI, for RM211.1m cash. EcoWorld Malaysia said the land acquisition, earmarked with development carrying an estimated gross development value of RM1.58bn, will allow the group to solidify its growing industrial market share further and strengthen its competitive position in Iskandar Malaysia. – The Edge Markets
IJM Land seeks recurring income from commercial projects
IJM Land, the property development arm of IJM Corp, is joining a growing number of property companies seeking to diversify their risk from pure residential development projects for sale to include alternative sources of revenue from recurring income properties. IJM Land is now seeking to diversify its portfolio into investment properties such as malls, hotels, offices as well as wellness centres that are better able to offer stable recurring income.– The Edge Markets
Ancom Nylex, HELM AG to spearhead Mimos' AI project
Mimos, the national ICT research and development agency, is teaming up with HELM AG, a German crop protection and fertiliser group, and chemical manufacturing group Ancom Nylex, a local partner, to apply digital agriculture solutions through SKYFLD, a digital agriculture platform. "This will help farmers improve their yield while reducing the environmental impact of farming by cutting waste and addressing issues like agricultural run-off," Ancom Nyles executive chairman Datuk Siew Ka Wei said in a statement.-NST
Axis REIT sues ex-tenant for RM105m
Axis Real Estate Investment Trust (Axis REIT) is suing a former tenant at Axis Steel Centre @ SiLC in Nusajaya, Johor, to reclaim RM105.4m in unexpired future rental payments. The claim against Yongnam Engineering SB (YESB) was brought on Tuesday at the High Court in Johor Bahru by its trustee, RHB Trustees Bhd, according to a filing with Bursa Malaysia. – NST
Oil prices edge higher as Saudi, Russia extend output cuts
Oil prices ticked up on Wednesday, as markets worried about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. Brent crude futures rose by 17 cents, or 0.2%, to US$90.21 a barrel. It crossed the US$90 mark for the first time since November on Tuesday in the sixth straight day of gains. The Edge Markets
Wall Street continued with its sluggish performance as concerns over interest rates returned to spook sentiment as the US 10-year yield edged higher to 4.296%. As a result, the DJI Average lost almost 200 points while the Nasdaq slumped by 148 points. Over in Hong Kong, although the HSI pared earlier losses to close flat, underlying confidence remains fragile following an unconvincing corporate earnings season which prompted downgrades on the outlook of Chinese companies going forward. As for the local bourse, the FBM KLCI ended higher as buying activities returned following a downtrend of late. In line with prevailing strong crude oil price, the Oil & Gas counters managed to garner solid buying support. We believe accumulation of stocks to continue amid improving trading volume over the past few days hence expect the index to trend between the 1,460-1,470 range today.
Source: Rakuten Research - 7 Sept 2023
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