FBM KLCI closed higher on improving investors confidence. The benchmark index was up 0.71% or 10.16 pts to close at 1,449.93. Majority of sectors were positive with consumer (+0.9%), property (+0.8%), and transportation (+0.8%) leading the gains, while the only loser was seen in construction (-0.04%). Market breadth was positive with 621 gainers against 309 losers. Total volume stood at 3.61bn shares valued at RM2.02bn.
Major regional indices trended positive. HSI surged 2.52% to end at 17,664.12. SHCOMP and STI rose 0.71% and 1.98% to close at 3,030.80 and 3,143.66 respectively. Meanwhile, Japan market was closed last Friday.
Wall Street ended higher as bond yields fell sharply after data showed signs of slowing US jobs growth and an uptick in unemployment. The DJIA added 0.66% to end at 34,061.32. Nasdaq and S&P500 rose 1.38% and 0.94% to close at 13,478.28 and 4,358.34 respectively.
Infomina wins RM49.4m contract
Infomina has secured a RM49.39m contract from the Home Affairs Ministry to provide the maintenance, upgrades, and technical support services on the National Registration Department’s (NRD) applications. Infomina said it will play a pivotal role in ensuring the reliability and functionality of the NRD's critical core business systems, i.e. the Business Utama ICT.-The Star
Paragon Globe buys land in Johor Bahru for RM16.5m
Paragon Globe has proposed to acquire a freehold land in Johor Bahru for RM16.5m, its Bursa Malaysia filing showed on Friday. The property developer said its wholly-owned subsidiary, PGB Iconic SB has entered into a sale and purchase agreement with Besview Holdings SB for the proposed acquisition. “The acquisitions represent opportunities for the company to accumulate strategic land for investment purposes.-The Edge Markets
Yinson's 285 MWP NOKH solar park in India up and running
Yinson Holdings' renewables business unit, Yinson Renewables (YR), has commenced operations at Nokh Solar Park in Rajasthan, India. YR said through its indirect subsidiary, Rising Sun Energy K Private Ltd (RSEK), the park will export power to the Rajasthan power grid, aligning with the Indian government’s National Solar Mission.-The Star
UMediC aims to spend RM7.9m on business development
Medical device company UMediC Group plans to spend its unutilised initial public offering (IPO) proceeds of RM7.92m on developing its marketing distribution and manufacturing segments. UMediC saw a 56.25% premium to its IPO price, when it made its debut on the ACE Market of Bursa Malaysia in 2022.
EA Technique bags RM6m job from Northport
Oil tanker and port marine services provider EA Technique (M) (EATech) has bagged a RM6.35m contract extension from Northport (Malaysia) to operate and charter two Z-Peller harbour tug boats. EATech said the contract duration will be for a primary period of one year, commencing in January 2024.-The Edge Markets
Wall Street rallied as sentiment turned positive following a weaker than expected job data indicating that the Federal Reserve rate hike campaign could be over. As a result, the DJI Average gained 222 points while the Nasdaq added 184 points with the US 10-year yield easing to 4.577%. In Hong Kong, the HSI jumped 433 points taking the positive cue from Wall Street coupled with data showing that China’s services activity in October grew higher than the previous month. Back home, the FBM KLCI closed higher at almost the 1,450 mark as buyers returned amid an improving investment climate. We believe the improving market undertone should spur the local bourse higher today thus expect the index to hover within the 1,450-1,460 range. Meanwhile, the Ringgit strengthened against the US$ to around 4.72 from almost 4.80 previously on expectations that the Fed will pause with their rate hikes.
Source: Rakuten Research - 6 Nov 2023
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YINSONCreated by rakutentrade | Aug 28, 2024