FBM KLCI closed flat after a bumpy trading session. The benchmark index lost 0.02% or 0.33 points to close at 1,457.66. Losers were led by PPB, HLBANK and WPRTS. However, market breadth was positive with 519 gainers against 406 losers. Total volume stood at 3.94bn shares valued at RM2.14bn.
Major regional indices trended mostly lower. Nikkei225, SHCOMP and STI lost 0.87%, 0.03% and 0.76% to close at 33,242.59, 3,124.96 and 3,238.71 respectively. Meanwhile HSI added 0.37% to end at 17,997.17.
Wall Street ended lower ahead of the FOMC meeting later today. The DJIA lost 0.31% to end at 34,517.33. S&P500 and Nasdaq slipped 0.22% and 0.23% to close at 4,443.95 and 13,678.19 respectively.
Government committed to both MRT3 and Penang LRT
The federal government is not shelving the Mass Rapid Transit 3 (MRT3) project, even though it is funding the maiden Light Rapid Transit (LRT) project in Penang at the same time, Minister of Transport Anthony Loke said. “I don’t foresee Penang LRT being at the expense of MRT3. The prime minister is committed to both projects. We hope the two projects will take off together,” says Loke when asked to comment on speculation that the federal government might not proceed with the third MRT line in the Klang Valley in order to conserve fiscal resources for the LRT in Penang, a project that was mooted nearly a decade ago.-The Edge Markets
Yinson leverages CDB’s network to facilitate EV charging
Yinson Holdings has partnered with CelcomDigi to leverage its network as Yinson looks to promote adoption of clean energy solutions throughout the country through EV charging stations, e-bikes and solar infrastructure integration. According to a joint statement, the collaboration will enable Yinson to utilise CelcomDigi’s 4G LTE and 5G network to improve connectivity for chargEV, the country’s largest charging station operator, to provide a better experience for EV users.-The Edge Markets
Scientex Packaging 4Q net profit plunges 98% on impairment
Scientex Packaging’s 4QFY7/23 net profit slumped 98.7% to RM149,000 from RM11.4m YoY, due to higher goodwill impairment of RM22.7m for its operations in Myanmar. The company declared a single tier final dividend of 2.5 sen per ordinary share, to be paid on Jan 22, 2024.– The Edge Markets
I-Berhad, Wyndham launch Wyndham Suites KLCC I-Berhad has partnered with Wyndham Hotels & Resorts for its
RM820m GDV luxury condominium development in Kuala Lumpur City Centre (KLCC). Pursuant to the partnership, the 50- storey luxury residences at Zone 1 KLCC are now called the Wyndhma Suites KLCC.–The Star
MyEG finalising terms of immigration services concession
MyEG Services said it is still finalising terms of an immigration- related services concession with Putrajaya, as it confirmed it had stopped accepting applications from customers on its portal. The group said it has stopped accepting applications “temporarily” since Sept 15. The halt will be effective “until further notice”. “This is to allow the finalisation of the terms of the concession with the government of Malaysia,” it said in its filing.– The Edge Markets
Wall Street retreated but off the day’s low as uncertainties remain ahead of the Feds decision on interest rate. Though majority believe there will be a pause on rate adjustments, many are eager to watch the Feds commentary for future direction. Meanwhile, the DJI Average lost 106 points while the Nasdaq declined by 32 points as the US 10-year yield edged higher to 4.365%. As for Hong Kong, the HSI managed to close slightly higher as sentiment improved after creditors of property developer Sunac China Holdings approved its HK$9bn offshore restructuring plan. At the home front, the FBM KLCI closed on a flat note again following another lacklustre day amid a mixed regional performance. We reckon such trend to continue as we wait for the Feds decision later today. As a result, we expect the index to maintain its tight trading range trend and hover between the 1,450-1,460 range today.
Source: Rakuten Research - 20 Sep 2023
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