Rakuten Trade Research Reports

Daily Market Report - 1 Nov 2023

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Publish date: Wed, 01 Nov 2023, 09:07 AM
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Previous Day Highlights

FBM KLCI closed marginally higher on Tuesday, despite a mixed regional performance. The benchmark index was up 0.20% or 2.94 pts to close at 1,442.14 Majority of the sectors were positive with utilities (+1.2%), property (+1.0%), and health care (+0.8%), leading the gains; while losers were seen in transportation (-0.3%), and consumer (-0.1%). Market breadth was positive with 410 gainers against 398 losers. Total volume stood at 2.99bn shares valued at RM1.85bn.

Major regional indices trended mixed. HSI and SHCOMP declined 1.69% and 0.09% to end at 17,112.48 and 3,018.77 respectively. Nikkei 225 and STI were up 0.53% and 0.11% to finish at 30,858.85 and 3,067.74 respectively.

Wall Street closed higher on the eve of Fed rate decision. The DJIA added 0.38%, to end at 33,052.87. Nasdaq and S&P500 rose 0.48% and 0.65% to close at 12,851.24 and 4,193.80 respectively.

News For The Day

Bursa's 3Q net profit up 20.5% YoY

Bursa Malaysia’s 3QFY23 net profit rose 20.5% YoY to RM60.41m, on the back of improved trading revenue from the securities market. Earnings per share rose to 7.5 sen, from 6.2 sen previously. -The Edge Markets

Dufu Tech 3Q net profit falls 79.42% on-year to RM3.38m

Dufu Technology Corp’s 3QFY23 net profit fell by 79.42% to RM3.38m compared to RM16.42m, on the back of increase in operating costs and drop in revenue. Consequently, earnings per share dropped to 0.6 sen from 3.1 sen.-The Edge Markets

Berjaya Land secures US$330m syndicated financing

Berjaya Land has secured a syndicated loan of US$330m (RM1.58bn) from a consortium of Japanese financial institutions to fund the development of the prestigious Four Seasons Resort & Private Residences in Okinawa, Japan. The group said the consortium is led by Tokyo Star Bank Ltd and co-led by Okinawa Development Finance Corporation (ODFC) and Bank of The Ryukus.-The Edge Markets

PTT Synergy clinches RM53m construction contract

Integrated construction and property firm PTT Synergy has secured a RM53.29m contract for construction and completion of various works related to Phase A (Package 1) Elmina Business Park 2 in Rawang. The group via its whollyowned unit Pembinaan Tetap Teguh SB received a letter of award (LOA) from Sime Darby Property on Oct 23.-The Edge Markets

Selangor Dredging to purchase Sepang land for RM87.9m

Selangor Dredging (SDB) is acquiring vacant leasehold land measuring 29.19 acres in Sepang, Selangor, from Xtra Touch SB for RM87.9m. SDB said the land has development potential and is part of the company’s ongoing identification of suitable properties to add to the group’s land bank.- The Star

Reneuco secures RM14.93m contract

Reneuco Engineering SB, a wholly-owned subsidiary of Reneuco, has accepted an appointment from MSA Resources Sdn Bhd to be the contractor for the civil construction and telecommunication works along E26: SKVE highway and Jabatan Kerja Raya Malaysia (JKR) Road of JKR Kuala Langat and JKR Sepang for a provisional contract sum of RM14.93m. - The Star

Our Thoughts

Wall Street closed firmer while traders are still debating whether the Federal Reserves will raise interest rates or not. Many are expecting the Feds to pause with the rate hike amid the strong US economic data with inflation remains at elevated levels. As a result, the DJI Average gained 124 points while the Nasdaq added 62 points despite the US 10-year yield climbing higher to 4.926%. Over in Hong Kong, the HSI declined by 294 points as sentiment was spooked by China’s unexpected decline in manufacturing activities last month. In addition, traders also sold-down BYD as many fear that the EV maker may not be able to sustain its earnings growth going forward. Back home, the FBM KLCI added almost 3 points to stay above the 1,440 mark as market participation remains muted. We believe in line with other regional currencies, the pressure on the Ringgit versus the US$ is still an ongoing concern. For today, we expect the benchmark index to hover within the 1,440-1,450-range attributed to buying support from local institutions. Meanwhile, crude oil prices ease due to build up in inventory as the Brent crude dipped to below the US$88/barrel.

Source: Rakuten Research - 1 Nov 2023

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