FBM KLCI ended lower due to lack of buying interests. The benchmark index lost 0.47% or 6.78 points to close at 1,443.454. Losers were led by MRDIY, TENAGA and HLBANK. Market breadth was negative with 555 losers against 392 gainers. Total volume stood at 3.33bn shares valued at RM2.04bn.
Major regional indices trended mixed. Nikkei225 and STI gained 0.85% and 0.42% to end at 32,678.62 and 3,218.29 respectively. HSI and SHCOMP lost 1.82% and 0.54% to close at 17,729.29 and 3,115.61 respectively.
Wall Street closed marginally higher due to bargain hunting activities. The DJIA gained 0.13% to end at 34,006.88. S&P500 and Nasdaq added 0.40% and 0.45% to finish at 4,337.44 and 13,271.32 respectively.
Citaglobal ventures into WTE, submarine cable businesses
Citaglobal, formerly known as WZ Satu, is expected to sign a new memorandum of understanding (MoU) with Shanghai-based SUS Environment Co Ltd, a developer and operator of waste-toenergy (WTE) plants, to explore the potential and feasibility of developing such power plants in Malaysia. Meanwhile, Citaglobal is also acquiring a minority stake in iFactors SB, a submarine cable contractor and lessor, the source adds. It claims to have secured a long-term maintenance contract with Indonesia’s PT XL Axiata Tbk.-The Edge Markets
Puncak Niaga discontinues RM14bn suit against Selangor govt
Puncak Niaga Holdings has discontinued its RM14bn suit against the Selangor state government for what it had alleged was a forced takeover of the state’s water industry back in March 2017. The suit, first filed six years ago, followed Selangor’s longdelayed water restructuring exercise after state-owned Kumpulan Darul Ehsan took over PNSB Water SB and a 70% stake in Syarikat Bekalan Air Selangor SB (Syabas) for RM1.55bn cash from Puncak Niaga.-The Edge Markets
Yinson vying to export RE to Singapore
YINSON Holdings is keen on exporting renewable energy (RE) to Singapore, joining a list of companies seeking to capture the lucrative market that needs as much as 4gw of imports in the city state by 2035. It is understood that Yinson is looking for a partner with expertise in battery energy storage systems (BESS) to prepare for the new venture.– The Edge Markets
Solarvest secured 11 solar PV projects in Vietnam
Solarvest Holdings via its wholly-owned subsidiary, Solarvest (Vietnam) Co Limited, has secured 11 rooftop solar photovoltaic (PV) installation projects in Vietnam, with a combined capacity of 12.8 megawatt-peak (MWp). The clean energy expert, in a Bursa filing, said it is collaborating with a renowned local partner that will deliver engineering, procurement, construction, and commissioning (EPCC) services for these projects.–The Star
Malaysia secures RM37.4bb investment in digital sector
Malaysia has secured over RM37.4bn in investment commitments in the digital technology sector as of August 2023, promising the creation of at least 15,895 high-value jobs, said communications and Digital Minister Fahmi Fadzil. He said that this remarkable achievement reflects foreign investors' confidence in Malaysia Digital (MD), the national strategic initiative driving the digital economy.– The Star
Wall Street closed marginally higher mainly due to bargain hunting activities after 4 days of decline. Nonetheless traders were mostly sidelined in view of the surging US 10-year yield which topped 4.531% or the highest since 2007. As such, the DJI Average added a mere 43 points while the Nasdaq gained 59 points. In Hong Kong, the HSI slumped by more than 300 points on concerns over China’s property woes following China Evergrande Group’s cancellation of its creditor meeting as it was unable to meet regulatory requirements for new bond issuance hence dragged the broader property sector lower. At home, the FBM KLCI declined to below the 1,455 mark amid a weaker regional performance. Despite the broad-based decline, we noticed the Construction sector managed to garner some buying interest to close higher. Judging by the non-committal stance on Wall Street, we believe sentiment on the local bourse may turn slightly cautious thus expect the index to hover between the 1,440-1,450 range today.
Source: Rakuten Research - 26 Sept 2023
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YINSONCreated by rakutentrade | Nov 05, 2024