Rakuten Trade Research Reports

Daily Market Report - 11 Sept 2023

Publish date: Mon, 11 Sep 2023, 10:30 AM
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Previous Day Highlights

FBM KLCI finished lower as investor sentiment is affected by broad sell-down in the region. The benchmark index lost 0.35% or 5.12 points to end at 1,454.95. Losers were led by KLK, PPB and HLFG. Market breadth was negative with 503 losers against 364 gainers. Total volume stood at 2.55bn shares valued at RM1.85bn.

Key regional markets ended mostly lower. Nikkei225, SHCOMP and STI lost 1.16%, 0.18% and 0.58% to close at 32,606.84, 3,116.72 and 3,207.75 respectively. HSI was closed due to heavy rainstorm.

Wall Street closed higher on hope of a soft-landing ride on inflation data. The DJIA gained 0.22% to end at 34,576.59. S&P500 and Nasdaq added 0.32% and 0.89% to close at 4,451.14 and 13,748.83 respectively.

News For The Day

Serba Dinamik net loss widens to RM1.3bn

Serba Dinamik Holdings reported a FY6/23 net loss of RM1.3bn compared to RM1.09bn YoY due to corporate expenses and elimination of intergroup transactions. On prospects, Serba Dinamik said the board of directors anticipates that the group’s operations will remain challenging going into 2023 due to the uncertainty of the global economy as well as the current challenges the company is facing from a liquidity perspective.- The Star

Inta Bina bags RM44m deal to build Eco Majestic's properties

Inta Bina Group has secured a RM43.6m contract from Eco Majestic Development SB to undertake the main building works at a gated and guarded community development in Hulu Langat, Selangor. The construction group said its wholly owned subsidiary Inta Bina SB would construct 162 doublestorey terraced houses and an electrical substation under Phase 4 of Cheerywood.– The Edge Markets

SSF Home to raise RM50m from ACE Market listing

SSF Home Group’s upcoming IPO and listing on the ACE Market aims to raise RM50m in proceeds. The homegrown furniture, home décor and home living products retailer stated the money will be used to open 18 new retail outlets over the next three years. The three-decade old company manages and operates a network of 41 retail outlets now with a total retail space of more than 1m sq ft throughout Peninsular Malaysia, Sabah and Sarawak.– The Star

Pan Malaysia to buy remaining 49% stake in A&W Malaysia

Pan Malaysia Corp (PMC) said it is acquiring the remaining 49% stake in A&W (Malaysia) SB for RM69.4m, in a related party transaction. PMC said it is buying the stake from Inter Mark Resources Sdn Bhd by paying RM41.7mi in cash and through the issue of 111.13m new PMC shares at 25 sen per share. The issue price of 25 sen represents a 28.6% premium to the fiveday volume weighted average price (VWAP) of PMC shares up to the last practical date of 19.4 sen per share, the group said in a bourse filing on Friday. –The Edge Markets

Oil prices rise to 9-month high on worries about tight supply

Oil prices gained almost 1% to a nine-month high on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts this week. Brent futures rose 73 cents, or 0.8%, to settle at US$90.65 a barrel, while US West Texas Intermediate (WTI) crude rose 64 cents, or 0.7%, to settle at US$87.51.-The Star

Our Thoughts

Wall Street closed marginally higher despite expectations of more rate hikes by the Federal Reserves later this month. Nonetheless, recent curbs by China to use iPhone by government employees should create more ripple effects within the tech sector. While the DJI Average added 76 points, the Nasdaq gained almost 13 points as the US 10-year yield inched slightly higher at 4.26%. Hong Kong market was closed due to severe storm warning last Friday. On the home front, the FBM KLCI failed to maintain its uptrend amid a weakened regional performance. We are particularly concerned about the sharp decline in volume last Friday and hope that it will improve in due course. The recently concluded Pulai byelection should inject additional political stability for the country thus expecting more funds to flow into the equity market. As such, despite sentiment remains in cautious mode we expect the index to hover within the 1,450-1,460 range today with interest on the Oil & Gas counter buoyed by the spike in crude oil prices that saw Brent crude closing in on US$91/barrel.

Source: Rakuten Research - 11 Sept 2023

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