Rakuten Trade Research Reports

Daily Market Report - 26 Oct 2023

Publish date: Thu, 26 Oct 2023, 09:02 AM
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Previous Day Highlight

FBM KLCI closed higher on the back of bargain-hunting activities. The benchmark index was up 0.48% or 6.86 pts to close at 1,442.51. Majority of sectors ended positive with industrial products & services (+0.7%), technology (+0.7%), and utilities (+0.5%), leading the gains; while losers were seen in construction (-0.5%), and energy (-0.2%). Market breadth was positive with 448 gainers against 359 losers. Total volume stood at 2.83bn shares valued at RM1.78bn.

Major regional indices trended mostly higher. HSI and SHCOMP gained 0.55% and 0.40% to end at 17,085.33 and 2,974.11 respectively. Nikkei 225 up 0.67%, to finish at 31,269.92. Meanwhile, STI slid 0.17%, to close at 3,078.78.

Wall Street closed lower as U.S. Treasury yields rose, reviving fears that interest rates could stay higher for longer. The DJIA dropped 0.32%, to end at 33,035.94. Nasdaq and S&P500 eased 2.43% and 1.43% to close at 12,821.22 and 4,186.78 respectively.

News For The Day

Gamuda wins RM3.45bn Kaohsiung MRT contract in Taiwan

Gamuda has secured its sixth infrastructure project – the Kaohsiung Mass Rapid Transit (MRT) Metropolitan Yellow Line Civil Engineering, Package YC01 (Package YC01), with the contract sum of RM3.45bn.-The Edge Markets

MAHB divests stake in Hyderabad Int’l. Airport for US$100m

Malaysia Airports Holdings (MAHB) and its wholly-owned subsidiary, MAHB (Mauritius) Private Limited, are divesting their entire 11% stake in GMR Hyderabad International Airport Limited, the holding company that manages Hyderabad International Airport in India to the GMR Group for US$100m (RM478m). -The Star

Hong Leong Group considering sale of Southern Steel stake

Hong Leong Group, a conglomerate controlled by billionaire Tan Sri Quek Leng Chan, is considering selling its majority stake in Southern Steel. and seeking a valuation of as much as US$200m (RM944m) for the unit.-The Edge Markets

Astro secures RM160m term loan facility

Astro Malaysia Holdings’ wholly-owned unit Measat Broadcast Network Systems SB (MBNS) has secured a term loan facility of up to RM160m from AmBank (M). The pay-TV provider said the facility will be used to finance and reimburse MBNS’ costs relating to the production, purchase and licensing of content, programmes or channels as well as its capital expenditure, including asset acquisition for broadcast and transmission and acquisition of software and platforms.-The Edge Markets

Capital A records 89% load factor in 3Q

Capital A’s consolidated airlines recorded a strong load factor of 89% in the 3QFY23. The group said the consolidated airlines comprising the Malaysia, Thailand, Indonesian and Philippines divisions of AirAsia carried 14.7m passengers on the back of 16.5m seats capacity on 152 operating aircraft. -The Star

Hextar ventures into fintech with mobile super-app

Hextar Technologies Solutions (HexTech) has ventured into fintech with the introduction of its MoneyX, fintech mobile super-app. The app, a personal financial information management app with artificial intelligence (AI) supported tools, was first released by its wholly-owned subsidiary Hextar Vision SB in September 2023.-The Star

Our Thoughts

Wall Street closed lower following a choppy session as sentiment was impacted by disappointing earnings from Alphabet amid increasing US yields. As such, the DJI Average declined by 105 points while the Nasdaq slumped by 319 points as the US 10-year yield rebounded to 4.961%. In Hong Kong, the HSI added 94 points to close above the 17,000 mark after China unveiled for massive infrastructure spending in a bid to boost the country’s stuttering economy. On the home front, the FBM KLCI rebounded from broad based bargain hunting activities partly also due to stronger regional performances. Nonetheless, we believe sentiment to remain cautious as we head towards heightening volatility environment mainly from the US thus expect the index to stay disciplined and hover within the 1,440-1,450 range today. Yesterday’s decline amongst the construction players may present some buying opportunities today.

Source: Rakuten Research - 26 Oct 2023

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