Previous Day Highlights

The FBM KLCI finished in the red despite regional markets showed positive performance. The benchmark index lost 0.02% or 0.24 points to close at 1,415.60. Losers were led by NESTLE, PMETAL, and KLK. Market breadth was mixed with 453 gainers against 355 losers while 503 were unchanged. Total volume stood at 3.11bn shares valued at RM2.26bn.

Major regional indices trended higher. Nikkei225, HSI and STI gained 1.80%, 0.10% and 0.35% to end at 31,075.36, 17,213.87 and 3,158.28 respectively. SHCOMP is closed for the Golden Week holiday.

Wall Street closed marginally lower. The DJIA fell 0.03% to end at 33,119.57. S&P500 and Nasdaq declined 0.13% and 0.12% to finish at 4,258.19 and 13,219.83 respectively.

News For The Day

Petronas, Idemitsu to develop sustainable aviation fuel

Petronas and Japan's second-biggest oil refiner Idemitsu Kosan signed a preliminary agreement to collaborate on the development and distribution of sustainable aviation fuel. They will focus on a feasibility study to "scale-up bio feedstock possibilities, production cost analysis and security in ensuring a steady and efficient supply chain for the sustainable development of sustainable aviation fuel," they said in a statement.– The Edge Markets

PETRONAS Dagangan to install more EV charging hubs Petronas Dagangan (PDB) has reiterated its commitment to

install more electric vehicle (EV) charging hubs at its petrol stations nationwide, with the number depending on demand and the number of EVs hitting the road over the year. Its COO Khalil Muri said that to date, there are 25 EV charging hubs at its petrol stations, mainly along the East Coast Expressway and North-South Expressway.–The Star

Infomina bags project worth RM35m

Infomina has secured a contract valued at RM35.4m from Bangkok Bank Plc. for the provision of technology application and infrastructure operation services. In a bourse filing on Thursday, the IT support services provider said its 99.99%- owned subsidiary Infomina (Thailand) Co has inked a software subscription agreement with the bank.-The Edge Markets

Boost, CelcomDigi introduce Beyond Card

Boost and CelcomDigi have teamed up to introduce Beyond Card on the Mastercard network. Boost said the Beyond Card is the first two-in-one international card in Malaysia, enabling customers to access funds from your Boost wallet balance and utilise a pre-approved credit line. CelcomDigi chief innovation officer T Kugan said: "This partnership marks a pivotal step towards financial inclusivity together with telecommunications products and services, delivering convenience and rewarding experiences to Malaysian consumers who have progressively shifted to a digital-first approach for many daily lifestyles.”-The Star

Vestland gets two construction contracts totalling RM116m

Vestland has secured two letters of awards totalling RM116m involving construction works of a school in Telupid, Sabah, as well as building works for affordable apartments in Jalan Permatang Pauh, Penang.– The Star

Our Thoughts

Wall Street ended marginally lower as traders are waiting for big jobs data later today that could determine the next move for interest rates. In addition are also concerns over the potential Government shutdown come mid- November may prompt more downgrades on the US credit rating. As a result, the DJI Average lost 10 points while the Nasdaq declined by 16 points as the US 10-year yield eased to 4.721%. In Hong Kong, the HSI staged a mild rebound from bargain hunting activities amid an oversold market following a month-long slump. Back home, the FBM KLCI closed flat as traders were sidelined in the absence of fresh buying catalysts. We noticed there were some accumulations on Construction counters ahead of next week’s 2024 Budget as we expect numerous infra-related projects may be announced then. For today, we expect some accumulation to emerge after a week of consolidation thus expect the index to hover within the 1,410-1,420 range. Meanwhile, the decline of crude oil price continues with the Brent crude dipping to US$84/barrel as worries on demand persists.

Source: Rakuten Research - 6 Oct 2023

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