FBM KLCI ended lower due to lack of buying interests. The benchmark index lost 0.23% or 3.35 points to close at 1,4548.21. Losers were led by PETDAG, KLK and SIMEPLT. Market breadth was negative with 549 losers against 362 gainers. Total volume stood at 3.25bn shares valued at RM2.13bn.
Major regional indices trended mostly lower. Nikkei225 and STI slumped 1.37% and 1.21% to end at 32,571.03 and 3,202.81 respectively. HSI and SHCOMP lost 1.29%, 0.62% and 0.77% to close at 17,655.41 and 3,084.70 respectively.
Wall Street continues to close lower due to the fear of interest hike by the US Fed. The DJIA lost 1.08% to end at 34,070.42. S&P500 and Nasdaq slumped 1.64% and 1.82% to close at 4,330.00 and 13,223.98 respectively.
UMW Group’s automotive sales up 18% to 41,386 in Aug 2023
UMW Group's automotive sales increased by 18% in August 2023 with 41,386 units delivered as both UMW Toyota Motor (UMWT) and UMW’s associate Perodua make good their outstanding orders. The group’s auto sales rose by 16% to 271,515 units for the first eight months of 2023 against 233,367 units registered in the same period last year.-The Edge Markets
SimeProp partners TNB for sustainable energy initiatives
Sime Darby Property has entered into a strategic partnership with Tenaga Nasional for the exploration and development of sustainable energy initiatives. In a statement, the property developer said both parties will explore potential JV partnerships to integrate rooftop solar solutions in the Group’s townships and developments. Additionally, Sime Darby Property and TNB will seek to explore the implementation of electric vehicle charging infrastructure within townships and/or developments by the Group.-The Star
Kronologi's 2Q profit slips 2% on higher expenses
Kronologi Asia 2QFY7/24 net profit declined by 1.93% to RM3.0m despite higher revenue, dragged by higher expenses across the board. CEO Edmond Tay said the group is currently building and introducing more efficient and smarter as-a-service offerings in a hybrid, multi-cloud manner that focuses on data management.– The Edge Markets
EcoWorld Malaysia on track to meeting FY23 target
Eco World Development Group (EcoWorld Malaysia) achieved sales of RM3.06bn in the first 10 months of FY11/23, which put it on track to meeting its FY23 sales target of RM3.5bn. For the same period, the company recorded a net profit of RM66.3m, up from RM46.4m YoY. A second interim dividend of two sen per share was declared, payable on Oct 19, 2023, which brings its year-to-date dividend to four sen per share.–The Star
SapuraOMV extends Dayang's maintenance contract
Dayang Enterprise Holdings’ Pan Malaysia contract from SapuraOMV Upstream (Sarawak) Inc to provide maintenance, construction and modification services for 2018 to 2023 — Package C (East Malaysia) — has been extended until Dec 31, 2024. The integrated oil and gas service provider said the company’s wholly-owned subsidiary Dayang Enterprise SB was awarded an extension of one year, five months and 21 days, effective from July 2023.– The Edge Markets
Wall Street slumped further as traders digested the Federal Reserves comments of more rate hikes as we head towards the final quarter of 2023. As a result, the DJI Average lost 370 points while the Nasdaq declined by 245 points. Meanwhile, the US 10-year yield spiked to around a 15-year high at 4.494%. Over in Hong Kong, the HSI fell to a 1-month low on the prospect of more rate hike by the Feds and that rates will stay elevated over a longer period. Back home, after a strong opening, the FBM KLCI closed below the 1,450 mark as sentiment turned cautious in tandem with the sell-down within the region. Though the local bourse may enter into a consolidation phase, we remain optimistic that bargain hunting activities to prevail a foreign funds continue to diversify into the region. As such, we reckon the index to hover within the 1,445-1,455 range today.
Source: Rakuten Research - 22 Sept 2023
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SIMEPROPCreated by rakutentrade | Aug 23, 2024