Rakuten Trade Research Reports

Daily Market Report - 27 Oct 2023

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Publish date: Fri, 27 Oct 2023, 09:11 AM
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Previous Day Highlights

FBM KLCI closed lower amid a mixed regional performance. The benchmark index was down 0.13% or 1.91 pts to close at 1,440.60. Gainers were seen in construction (+1.24%), utilities (+0.66%), and transportation (+0.27%); while losers were telecommunications (-0.49%), technology (-0.37%), and consumer (-0.32%). Market breadth was positive with 436 gainers against 402 losers. Total volume stood at 3.23bn shares valued at RM1.99bn.

Major regional indices trended mostly negatively. HSI declined 0.24% to end at 17,044.61. Nikkei 225 and STI eased 2.14% and 0.29% to finish at 30,601.78 and 3,069.86 respectively. Meanwhile, SHCOMP increased 0.48%, to close at 2,988.30.

Wall Street closed lower on a mixed bag of corporate earnings. The DJIA dropped 0.76%, to end at 32,784.31. Nasdaq and S&P500 eased 1.75% and 1.18% to close at 12,596.61 and 4,137.22 respectively.

News For The Day

Nestle 3Q net profit at RM133.7m, declares 70 sen dividend

Nestle (M)’s 3QFY23 net profit jumped 19% YoY to RM133.7m and declared an interim dividend of 70 sen per share. The earnings were supported by sales growth and continuous focus on internal efficiencies and saving initiatives to offset the impact of volatile commodity prices and unfavourable exchange rates.-The Edge Markets

Pavilion REIT’s 3Q net profit rises to RM70.6m

Pavilion Real Estate Investment Trust (Pavilion REIT) expects retail sales to normalise moving forward, due to moderation in spending after a robust recovery in 2022 as well as concerns of higher cost of living. Pavilion REIT’s 3QFY23 net profit rose 15.4% YoY to RM70.59m, while revenue grew 43.4% YoY to RM199.21m from RM138.94m. -The Star

Unisem 3Q net profit at RM18m, declares 2sen dividend Unisem (M)'s net profit in 3QFY23 slumped 70% YoY to RM18.01m, due to lower revenue of RM356.19m versus RM439.69m. The semiconductor assembly and test services provider said the decrease in revenue and net profit was primarily attributable to lower sales volume, in line with softer market demand.-The Edge Markets

Luxchem’s 3Q profit rises 3.3% on manufacturing segment

Luxchem Corp's net profit for the 3QFY23 rose 3.3% YoY to RM9.07m, from RM8.78m, due to the manufacturing segment. However, the plastic materials and resin manufacturer's revenue slipped 2.8% to RM165.78m, from RM170.55m, attributable to the trading segment.-The Edge Markets

UEM Sunrise partners with five major banks

UEM Sunrise has partnered with a few financial institutions to introduce a range of financing options for its developments to alleviate the financial challenges faced by homebuyers. The developers said it partnered with Maybank, CIMB Bank, Affin Bank, AmBank, and Alliance Bank through its second Happy Hunt Property Showcase.-The Edge Markets

Sarawak Plantation secures RM40m Islamic facility

Oil palm player Sarawak Plantation has secured a RM40m Islamic facility to partly finance the development costs of its oil palm plantations throughout Sarawak. -The Edge Markets

Our Thoughts

Wall Street slumped as traders were largely unimpressed with the latest batch of earnings from large tech companies and expect the remaining ones namely Amazon and Apple, likely to struggle amid the weakening US economy. As a result, the DJI Average lost 252 points while the Nasdaq declined by 226 points despite the US 10-year yield easing to 4.849%. Over in Hong Kong, the HSI dipped marginally but maintain above the 17,000 threshold as traders are waiting for additional stimulus which currently are lacking from China. Meanwhile, the sell-off in sportswear maker Li Ning further stokes worries over the strength of consumer consumption in China. Back home, the FBM KLCI ended in negative territory due to last minute selling activities. As expected, the local bourse performance has been uninspiring due to the absence of fresh leads and we anticipate the same for today as the return of foreign funds seems to be drying up. Nonetheless, we believe funds diversification to be on-going and we envisage the emerging markets to benefit going forward. For today, we foresee the index to trend within the 1,435-1,445 range.

Source: Rakuten Research - 27 Oct 2023

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