Rakuten Trade Research Reports

Daily Market Report - 21 September 2023

Publish date: Thu, 21 Sep 2023, 09:05 AM
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Previous Day Highlights

FBM KLCI ended lower in tandem with the regional weakness. The benchmark index lost 0.42% or 6.1 points to close at 1,451.56. Losers were led by NESTLE, HLFG and PETDAG. However, market breadth was positive with 537 gainers against 423 losers. Total volume stood at 3.56bn shares valued at RM2.51bn.

Major regional indices trended mostly lower. Nikkei225, HSI and SHCOMP lost 0.66%, 0.62% and 0.52% to close at 33,023.78, 17,885.60 and 3,108.57 respectively. Meanwhile STI added 0.08% to end at 3,243.34.

Wall Street ended in negative territory after the US Fed said it would leave interest rates unchanged but indicated another hike on the horizon. The DJIA lost 0.22% to end at 34,440.48. S&P500 and Nasdaq slumped 0.94% and 1.53% to close at 4,402.2 and 13,469.13 respectively.

News For The Day

Opcom buys 18% stake in Binasat from MD for RM39m

Opcom Holdings Bhd is buying a 18.03% stake or 70m shares in ACE Market-listed Binasat Communications from the latter’s managing director Na Boon Aik for RM39.2m as part of its venture into the satellite telecommunications business. The acquisition price of 56 sen per Binasat share is equivalent to a 27% premium to Binasat’s last trading price of 44 sen at Wednesday's noon market break.-The Edge Markets

PTT Synergy ventures into warehouse leasing business

Integrated construction and property firm PTT Synergy Group (PTTS) has diversified into the warehouse leasing business as it seeks alternative sources of revenue from recurring income properties. PTTS managing director Teo Swee Phin said the group has allocated RM160m for the construction of the warehouse and that the new venture is expected to contribute positively to the group in the future.-The Edge Markets

US Customs lifts import ban on Supermax gloves

The import ban on Supermax Corp's disposable gloves in the US has been lifted following the remediation of forced labour indicators in the company's supply chain. The US Customs and Border Protection (CBP) announced in a Sept 19, 2023, statement it had modified the withhold release order (WRO) issued on Oct 21, 2021, and will allow imports of disposable gloves manufactured by Supermax effective immediately.– The Star

MN Holdings bags RM18.5m substation engineering contract

MN Holdings has secured a substation engineering contract worth RM18.5m for the GDS Data Centre (Plot 2) at Nusajaya Technology Park, Johor. The contract scope of work comprises of design, supply, installation, maintenance, testing and commissioning for 132 kilovolt (kV) and 33kV of interim consumer landing station (CLS) for GDS data centre (Plot 2) including the dismantling of the existing 33/11kv CLS for GDS Data Centre (Plot 1) to be relocated to the new GDS Data Centre (Plot 2).–The Star

Minox aims to raise RM22.5m from ACE Market IPO

Minox International Group, a distributor of stainless steel sanitary valves, tubes and fittings aims to raise RM22.5m from its initial public offering (IPO) on the ACE Market, comprising a public issue of 90m new ordinary shares. Based on the IPO price of RM0.25 per share and its enlarged issued shares of 360m shares, Minox’s market capitalisation upon listing will be RM90m.– The Edge

Our Thoughts

Wall Street underwent a rocky session before ending in negative territory as the Feds paused with its rate adjustments as widely expected but indicated that there will be more before the year ends. As a result, the DJI Average closed 77 points lower while the Nasdaq dropped by 209 points as the US 10-year yield edged higher to 4.399%. Meanwhile, Hong Kong stocks continued to decline the HSI closed to a 1-month low, as sentiment remains affected by inadequate policy coupled with the bearish outlook on China’s property sector. Back home, the FBM KLCI slid to almost the 1,450 level amid some unloading of stocks ahead of the Feds decision yesterday. Nonetheless, we reckon buying activities to re-emerge in view of the Feds inactivity thus expect the index to hover between the 1,450-1,460 range today. We believe Banking stocks to see some buying support today following a minor sell-down over the past few days.

Source: Rakuten Research - 21 Sept 2023

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