Rakuten Trade Research Reports

Daily Market Report - 2 Oct 2023

Publish date: Mon, 02 Oct 2023, 08:55 AM
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Previous Day Highlights

FBM KLCI finished sharply lower due to broad-based selling. The benchmark index lost 1.11% or 15.94 points to close at 1,424.17. Losers were led by NESTLE, PETDAG, and PETGAS. Market breadth was negative with 578 losers against 379 gainers. Total volume stood at 3.04bn shares valued at RM2.43bn.

Major regional indices trended mostly higher. HSI, SHCOMP and STI gained 2.51%, 0.10% and 0.32% to close at 17,809.66, 3,110.48 and 3,217.41 respectively. Meanwhile Nikkei225 lost 0.05% to end at 31,857.62.

Wall Street closed mixed. The DJIA and S&P500 lost 0.47% and 0.27% to end at 33,507.50 and 4,288.05 respectively. Nasdaq added 0.14% to finish at 13,219.32.

News For The Day

Yinson posts higher net profit of RM230m in 2Q

Yinson reported its 2QFY1/24 net profit of 230m which was a jump higher from RM143m YoY. The board of directors declared an interim dividend of two sen per share, going ex on Nov 29, 2023, and payable on Dec 15, 2023. According to the group, it recorded a higher contribution from EPCIC business activities, which spurred the revenue for its offshore production and offshore marine segment to RM6.09bn from RM2.59bn YoY.- The Star

Sunway ceases to be substantial shareholder of IJM

Sunway and in turn its founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling, have ceased to be a substantial shareholder of construction giant IJM Corp following a 0.08% stake disposal. Sunway said its wholly-owned subsidiary Fortuna Gembira Enterpris SB sold 2.8m of IJM shares or a 0.08% stake via the open market on Friday.-The Edge Markets

TNB accelerates RE, clean energy initiatives

Tenaga Nasional (TNB) is making substantial strides in its commitment to drive large renewable energy (RE) and clean technology initiatives, spearheading three pivotal flagship projects as outlined in the National Energy Transition Roadmap (NETR). TNB plans to generate a total of 3,000 megawatts (MW) of renewable energy by 2040 within the ambit of its NETR flagship projects, including harnessing 2,500MW through innovative hybrid hydro-floating solar (HHFS) technology, alongside an additional 500MW from five distinct large scale solar parks (LSSP), with 100MW capacity each.– The Star

Court dismisses RM139.34m QR code suit against Nestlé The High Court has dismissed the RM139.34m lawsuit initiated

by Mad Labs SB against a wholly-owned unit of Nestlé (Malaysia) over the alleged unauthorised and/or unlawful use of Mad Lab's QR code on Nestle's products and packaging. Nestlé Malaysia said the High Court had, in a judgement issued earlier on the same day, ruled that Mad Labs does not own any proprietary or intellectual property rights (IPR) in the QR Code that was generated for trial use by the unit, Nestlé Products SB.–The Edge Markets

Aurelius Tech's 2Q net profit jumps to RM11m

Aurelius Technologies’ 2QFY1/24 net profit jumped 49.16% YoY to RM10.6m thanks to the optimisation of operation efficiencies and the stronger US dollar. For the six-month period ended July 31 (1HFY2023), the group’s net profit jumped 54% to RM18.6m.– The Edge Markets

Our Thoughts

Wall Street ended mixed last Friday over the looming US Government shutdown as the DJI Average declined by 159 points while the Nasdaq gained 18 points. Nonetheless, at time of writing (1st Oct, Sunday) President Biden signed a stopgap bill to avert the shutdown passed by the Congress until 17th November. Meanwhile, the US 10-year yield stays at 4.579%. In Hong Kong, the HSI rebounded by 436 points as bargain hunting emerged after the sell- down since early September. However, sentiment remains jittery over the deepening debt crisis of property developer China Evergrande coupled with the ineffective stimulus package by the Government. Back home, the FBM KLCI tumbled sharply to below the 1,425 level in the absence of any buying support despite the improving regional performance. For today, we reckon bargain hunting activities to emerge buoyed by the positive developments in the US thus expect the index to trend higher to within the 1,430-1,440 range.

Source: Rakuten Research - 2 Oct 2023

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