Rakuten Trade Research Reports

Daily Market Report - 5 Oct 2023

Publish date: Thu, 05 Oct 2023, 09:01 AM
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Previous Day Highlights

FBM KLCI continues to trend lower amid the regional sell-off. The benchmark index lost 0.29% or 4.17 points to close at 1,415.84. Losers were led by HLFG, HLBANK, and GENTING. Market breadth was negative with 730 losers against 255 gainers. Total volume stood at 3.03bn shares valued at RM2.23bn.

Major regional indices trended lower. Nikkei225, HSI and STI lost 2.28%, 0.78% and 1.41% to end at 30,256.88, 17,195.84 and 3,147.39 respectively. Meanwhile SHCOMP is closed for the Golden Week holiday.

Wall Street closed higher due to easing bond yields and falling oil prices. The DJIA rose 0.39% to end at 33,129.55. S&P500 and Nasdaq advanced 0.81% and 1.35% to finish at 4,263.75 and 13,236.01 respectively.

News For The Day

BHIC seeks extension for disposal of Boustead Naval Shipyard

Boustead Heavy Industries Corp (BHIC)’s planned disposal of a 20.77% stake in troubled Boustead Naval Shipyard SB (BNS) to the Ministry of Finance (Inc) has been extended by 21 business days as the parties involved require more time to fulfil conditions precedent to the RM1 deal. The deal was part of the government’s intention to take full control of the RM9.1bn littoral combat ship (LCS) project that BNS failed to deliver on time.– The Edge Markets

Proton records 12,230 vehicle sales in September

Proton's vehicle sales in September came in at 12,230 units, which brought year-to-date sales to 116,832 units. This represents an increase of 14.1% over the sales in the first nine months of 2022, putting the carmaker on track to surpassing 2022's total sales of 141,432 units.–The Star

Malakoff invests RM2.5bn to develop 500MW solar projects

Malakoff Corporation is expected to invest around RM2.5bn to develop 500 MW of solar projects within the Albukhary Group of Companies over five years. Pursuant to the above, Malakoff and MMC Ports have entered into a memorandum of understanding (MoU) to undertake business exploration in various green power initiatives with investments worth RM350m.-The Star

KIP REIT unitholders approve acquisition of KIPMall Kota Warisan

KIP Real Estate Investment Trust (REIT) has received the green light from unitholders to acquire KIPMall Kota Warisan for RM80m cash. In a statement, the REIT said the proposed acquisition was one of two proposals approved at the virtual extraordinary general meeting. The second was a proposed private placement of up to 12.27m new units in KIP REIT at an yet-to-be determined issue price to raise about RM10m.-The Star

OPEC+ panel unlikely to tweak policy as Saudi keeps oil cuts

OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Wednesday, OPEC+ sources told Reuters, as Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market. Saudi Arabia said it would continue with a voluntary cut of one million barrels per day (bpd) until the end of 2023, while Russia said it will keep a 300,000 bpd voluntary export curb until the end of December.– The Edge Markets

Our Thoughts

Wall Street staged a relief rebound after days of decline following a lower than expected private payroll additions for September notwithstanding that the US 10-year yield remains elevated at 4.739%. Bargain hunting activities lifted the DJI Average 127 points higher while the Nasdaq jumped by 176 points. In Hong Kong, the HSI declined 135 points as sentiment remains impacted by interest rates movements despite a mild rally from China Evergrande. The HSI had tolerated a volatile month so far hovering between the 17,200-18,500 range. Back home, the FBM KLCI continues to slide to close around the 1,415 mark due to the lack of catalysts amid a mixed regional performance. However, we believe a rebound should occur anytime soon thus expect the index to hover within the 1,415-1,425 range today. Meanwhile , Energy stocks may face with some road bumps today following the slump in crude oil price that saw the Brent tumbled to below the US$86/barrel from US$91/barrel overnight attributed to expected weakening demand amidst the high interest rates environment.

Source: Rakuten Research - 5 Oct 2023

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