Rakuten Trade Research Reports

Daily Market Report - 7 Nov 2023

Publish date: Tue, 07 Nov 2023, 09:25 AM
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Previous Day Highlights

FBM KLCI closed higher on broad-based buying momentum. The benchmark index was up 1.02% or 14.74 pts to close at 1,464.67. All sectors closed positively with technology (+1.9%), utilities (+1.8%), and health care (+1.7%) leading the gains. Market breadth was positive with 665 gainers against 284 losers. Total volume stood at 3.76bn shares valued at RM2.34bn.

Major regional indices trended positive. HSI and SHCOMP gained 1.71% and 0.91% to end at 17,966.59 and 3,058.41 respectively. Nikkei 225 and STI were up 2.37% and 1.17% to finish at 32,708.48 and 3,180.53 respectively.

Wall Street closed higher at risk from souring US earnings outlook. The DJIA added 0.10%, to end at 34,095.86. Nasdaq and S&P500 rose 0.30% and 0.18% to close at 13,518.78 and 4,365.98 respectively.

News For The Day

Kerjaya Prospek bags RM104.73m Penang construction job

Kerjaya Prospek Group has received a letter of award (LoA) worth RM104.73m from Persada Mentari SB for the construction of a residential development in Penang. Kerjaya Prospek said the LoA was accepted by its wholly-owned subsidiary, Kerjaya Prospek (M) SB and will entail the completion of 69 units of three-storey semi-detached and three-storey terraced houses at Seksyen 2, Pulau Andaman. - The Star

Edaran bags RM90m maintenance contract

Edaran has secured a job to maintain the Royal Malaysian Customs Department’s (RMCD) customs operating system and MySST (Malaysia Sales & Services Tax) application (2023- 2027) valued at RM89.9m ― nearly three times the company’s market capitalisation. -The Edge Markets

Econpile aims to participate in SKL construction project

Econpile has inked a memorandum of understanding (MOU) with Sungai Klang Link SB (SKL) for the construction works for an elevated highway project proposed by SKL to the government. The piling and foundation specialist said the proposed collaboration entails Econpile’s wholly-owned subsidiary Econpile (M) SB providing its know-how, experience and expertise to plan, construct, complete, and fully provide its services, manpower, material, machinery and equipment as required for the construction works of the elevated highway project. -The Edge Markets

KAB to support PETRONAS LNG project

Kinergy Advancement (KAB) has been awarded a contract by Petronas Gas's subsidiary, Pengerang LNG (Two) SB, for the transformation of 137,000m sqm of liquefied natural gas carriers (LNGC) into a floating storage units (FSU). The energy and engineering solutions provider said the letter of award encompasses engineering, procurement, construction and commissioning (EPCC) work of utility supply for FSU at the Regasification Terminal Pengerang (RGTP). -The Star

Sedania to acquire majority stake in Tanamera

Sedania Innovator has proposed to acquire a 51% stake in personal care and food supplements brand Tanamera Group SB for RM8.18m cash. The group said it is solidifying its position in the sustainable healthcare segment, which is currently represented by 51%-owned subsidiary Offspring Inc, a premium organic baby brand. -The Star

Our Thoughts

Wall Street took a breather but still closed slightly higher as the market may be consolidating from the recent rally and may have outpaced fundamentals. As such, the DJI Average gained a mere 34 points while the Nasdaq added 40 points as the US 10-year yield climbed to 4.647%. Over in Hong Kong, the HSI jumped by 302 points to almost the 18,000-level buoyed by a possible early cut in interest rates and more assistance from China to stabilize the market. On the home front, the FBM KLCI surged past the 1,460 mark from broad-based buying amid the improving market sentiment. We reckon stock accumulation to persist predominantly from foreign funds thus expect the index to hover within the 1,460-1,470 range today and may surpass the 1,500 mark anytime soon.

Source: Rakuten Research - 7 Nov 2023

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