Rakuten Trade Research Reports

Daily Market Report - 2 Jan 2024

Publish date: Tue, 02 Jan 2024, 08:47 AM
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Previous Day Highlights

FBM KLCI wrapped up 2023 to close at its intraday low on Friday or 0.19% or 2.75 pts lower to close at 1,454.66. Gainers were seen in utilities (+1.39%), construction (+0.31%), and transportation (+0.17%); while losers were seen in telecommunications (-0.56%), consumer (- 0.43%), and energy (-0.27%). Market breadth was negative with 486 losers against 431 gainers. Total volume stood at 4.67bn shares valued at RM2.96bn.

Major regional indices trended mostly positive. HSI gained 0.02%, to end at 17,047.39. SHCOMP increased 0.68%, to close at 2,974.94. Nikkei 225 eased 0.22%, to finish at 33,464.17. STI rose 0.80%, to close at 3,240.27.

Wall Street closed modestly lower on Friday, capping a robust year-end rally as investors eyed easier monetary policy in the year ahead. The DJIA dropped 0.05%, to end at 37,689.54. Nasdaq eased 0.56%, to close at 15,011.35. S&P500 slid 0.28%, to finish at 4,769.83.

News For The Day

Maxis to pay RM73m to resolve tax assessments

Maxis announced that its unit will make a full and final settlement of RM73m in relation to additional assessments with penalties imposed by the Inland Revenue Board (LHDN), two years after it was given the assessments for the 2016- 2020 period of RM477m. Maxis said that Maxis Broadband SB and the LHDN Director General have agreed to global settlement terms for the assessments, and the settlement agreement will be formalized in accordance with the Income Tax Act 1967.-The Edge Markets

Wasco's Maple Sunpark sells Klang properties

Wasco’s wholly-owned unit Maple Sunpark SB has signed sale and purchase agreements with Wasco Thermal SB, an indirect 60%-owned subsidiary of Wasco, to sell properties worth RM64.89m. The sale of properties would include two pieces of industrial land in Klang, Selangor, measuring about 18,211 sq m and 18,186 sq m in area respectively, together with a detached factory/warehouse and office building erected on each property, it said. -The Edge Markets

Takaful Malaysia declares 14 sen dividend for FY2023

Syarikat Takaful Malaysia Keluarga has declared an interim single-tier dividend of 14 sen per ordinary share for the financial year ending Dec 31, 2023, which will be paid on Feb 2, 2024. The total dividend payout amounts to RM117.22m for the financial year.-The Edge Markets

Harn Len plans RM42.5m purchase of aquaculture business

Harn Len Corporation has proposed to acquire an aquaculture outfit which owns 30 ponds on a 300-acre piece of land in Pekan, Pahang from its substantial shareholder, Mohamed Nizam Jakel, through a RM42.5m share deal. The Johor-based oil palm planter and property developer said it had entered into a conditional share sale agreement with Nizam to acquire the entire 100,000 shares in Tiger Aquaculture SB.-The Edge Markets

Cengild Medical's subsidiary acquires stratified property

Cengild Medical’s wholly-owned subsidiary, Cengild SB, has entered into a conditional sale and purchase agreement with Sunny Uptown SB for the acquisition of a stratified property in Kuala Lumpur for a cash consideration of approximately RM122.34m. Cengild Medical said the property is part of a proposed construction of a 17-storey medical centre building with a total net floor area of 187,507 sq ft.-The Star

Our Thoughts


Wall Street closed lower following a strong showing amid the Santa Claus rally recently. For 2023, all 3 major indices made a sharp recovery with the DJI Average gaining 13.7% while the Nasdaq jumped 43.4% as the S&P 500 ended 24.2% higher. Going forward, interest rates will be the focus of fund flows on anticipation when the Fed will ease its stance. In Hong Kong, the HSI was flat at just above the 17,000 level to end 14% lower year-on-year. However, we notice foreign funds are set to make a massive return on Hong Kong stocks as many deem their valuation as highly enticing. Back home, the FBM KLCI ended 2023 at just below 1,455. At current levels, market valuation is estimated at around the 14x range which offer decent value proposition hence we reckon flow of foreign funds to persists into the local bourse amid a strengthening MYR that dipped below the 4.60 mark against the US$. For today, we believe the index to hover within the 1,455- 1,465 range with Banks to remain as the main focus.

Source: Rakuten Research - 2 Jan 2024

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