Rakuten Trade Research Reports

Daily Market Report - 26 Jan 2024

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Publish date: Fri, 26 Jan 2024, 10:56 AM
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Previous Day Highlights

FBM KLCI continued its upward momentum as market sentiment remained positive following Bank Negara's decision to maintain the OPR. The benchmark index up 0.53% or 7.99 pts to close at 1,504.10. Majority of sectors were positive with property (+1.9%), utilities (+1.4%), and energy (+1.3%), leading the gains; while losers were seen in technology (-0.2%), and REIT (-0.1%). Market breadth was positive with 690 gainers against 360 losers. Total volume stood at 4.34bn shares valued at RM2.88bn.

Major regional indices trended mixed but with a positive undertone, as confidence returned to investors amid positive signs of government stimulus from China. HSI gained 1.96%, to end at 16,211.96. SHCOMP surged 3.03%, to close at 2,906.11. Nikkei 225 up 0.03%, to finish at 36,236.47. STI slid 0.18%, to close at 3,147.64.

Wall Street closed higher after the US economy revealed robust GDP data, fuelled by stronger consumer spending. The DJIA added 0.64%, to end at 38,049.13. Nasdaq rose 0.18%, to close at 15,510.50. S&P500 gained 0.53%, to finish at 4,894.16.

News For The Day

BLand, IJM, MRCB and KTMB to bid for KL-Singapore HSR job

Berjaya Land’s (BLand) 70%-owned subsidiary Berjaya Rail SB (BRail) has teamed up with IJM Corp's unit IJM SB, Malaysian Resources Corp (MRCB) and national railway company Keretapi Tanah Melayu (KTMB) to bid for the Kuala LumpurSingapore high-speed rail (HSR) project. The consortium led by BRail submitted the request for information concept proposal for the project shortly before the submission deadline. The deadline for submission of the concept proposals covering the technicalities, project costs, commercial model and consortium structure was Jan 15.- The Edge Markets

Pavilion REIT’s 4Q net property income up 39%

Pavilion Real Estate Investment Trust said its 4QFY12/23 net property income (NPI) rose 38.97% YoY to RM134.64m from RM96.89m, due to increased revenue from its malls, including newly acquired Pavilion Bukit Jalil. Quarterly revenue increased 47.54% YoY to RM208.22m from RM141.13m, on the back of the revenue contribution by Pavilion Bukit Jalil that was acquired in June 2023. The REIT declared a final income distribution per unit (DPU) of 4.6 sen, payable on Feb 29. -The Edge Markets

DXN's 3Q net profit rises 16% to RM78.36m

DXN Holdings posted a 16.47% YoY rise in its 3QFY2/24 net profit to RM78.36m from RM67.28m, underpinned by higher revenue. Quarterly revenue edged higher by 2.52% YoY to RM450.29m against RM439.22m, on the back of continuous sales growth in the Latin American and Indian region. The global health and wellness direct selling group company declared a third interim dividend of 0.9 sen per share, to be paid on March 8. -The Edge Markets

Fajarbaru secures job with GDV of RM192m

Fajarbaru Land (M) SB, a full subsidiary of Fajarbaru Builder Grouphas won a development contract with a gross development value (GDV) of RM192m from Perbadanan Putrajaya. The project, to be spread over 36 months beginning from the signing of the contract. – The Star

Betamek 3Q net profit rises more than twofold to RM5m Betamek's 3QFY3/23 net profit rose more than twofold to RM5.05m from RM1.66m, on the back of higher revenue of RM59.22m versus RM54.73m YoY. Betamek said the higher revenue was mainly from its vehicle audio and visual products segments, adding that revenue was entirely derived from customers in Malaysia The electronics manufacturing services provider declared a second interim dividend of two sen per share to be paid on Feb 23. -The Edge Markets

Our Thoughts

Wall Street finished higher as data indicated continued economic growth. The DJIA and Nasdaq rose 243 points (0.6%) and 29 points (0.2%) respectively. In Asia, key indices mostly ended higher with strong gains in China and Hong Kong. Sentiment was buoyed by the PRC Government's commitment to providing additional economic support, which is expected to enhance liquidity in the banking system. The PBOC will slash the reserve requirement ratio by 50 basis points, releasing about US$140bn of cash to support the economy. As a result, the HSI rose 313 points or 2% to finish above the 16,000 level. On the domestic front, the FBM KLCI continued to trend higher, added 8 points (0.5%) to finish at 1,504 with broad based buying. We reckon if the index can sustain above the 1,500 level for an extended period, we anticipate stronger potential upwards in the near term. With the improvement of global equities, we anticipate that the FBM KLCI will trend higher within the range of 1,500-1,510 for today.

Source: Rakuten Research - 26 Jan 2024

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