Previous Day Highlights

FBM KLCI closed higher buoyed by the positive sentiment in tandem with regional upbeat performances. The benchmark index was up 0.26% or 4.03 pts to close at 1,539.86. Gainers were seen in telecommunications (+1.03%), energy (+0.71%), and plantation (+0.67%); while losers were the utilities (-1.10%), industrial products & services (-0.51%), and construction (-0.42%). Market breadth was mixed with 496 losers against 486 gainers while 424 were unchanged. Total volume stood at 3.03bn shares valued at RM2.73bn.

Major regional indices trended positive taking leverage from the

Wall Street performance overnight. HSI gained 0.76%, to end at 16,353.39. SHCOMP increased 0.61%, to close at 3,046.02. Nikkei 225 up 0.23%, to finish at 39,688.94. STI rose 0.42%, to close at 3,147.09. Wall Street closed lower after some mixed labour data. The DJIA dropped 0.18%, to end at 38,722.69. Nasdaq eased 1.16%, to close at 16,085.11. S&P500 eased 0.65%, to finish at 5,123.69.

News For The Day

IHH completes acquisition of Timberland Medical Centre

IHH Healthcare has completed the acquisition of the entire equity interest in Bedrock Healthcare SB, the owner of Timberland Medical Centre in Kuching, Sarawak, for RM245m on a cash-free debt-free basis, through IHH's indirect wholly owned subsidiary Pantai Holdings SB, which entered into a share purchase agreement with Saravita Holdings SB and nine individual founders. -The Edge Markets

Nestle Malaysia begins operation of biomass power plant

Nestle (Malaysia) is taking a step forward in its efforts to reduce carbon emissions and achieve environmental sustainability with a new biomass power plant that started operating late last year at its factory in Chembong here. Nestle has collaborated with technology partner ENCO Systems SB to develop and install the fully equipped plant worth RM18m.-The Star

PNSB, IJM, LSH collaborate to transform Selangor economy

Permodalan Negeri Selangor (PNSB), IJM Corp and Lim Seong Hai Capital (LSH) have announced a strategic collaboration targeted at transforming the road transportation infrastructure in the southern districts of Selangor. The initiative is focused on the Southern Selangor Integrated Regional Development (IDRISS). The collaboration will study various viable connectivity routes and plans to introduce key transportation links. These efforts are aimed at improving connectivity, reducing travel time and creating new development corridors. -The Edge Markets

Scientex to buy land in Kuala Selangor for RM336m

Scientex is set to acquire land in Batang Berjuntai, Kuala Selangor, for a total of RM335.68m to enhance its property development land bank. The group also proposed to build a mixed-use development on the acquired land. Scientex disclosed that its wholly owned subsidiary Scientex Park (M) SB has entered into a conditional sale and purchase agreement with Metalplex Plantation SB for the proposed acquisition of a parcel of freehold land measuring 826 acres.-The Edge Markets

Samaiden inks 20-year solar energy PPA with Maxell Tohshin

Samaiden Group has struck a strategic power purchase agreement (PPA) with Maxell Tohshin (Malaysia) SB to install a 1,028.28-kilowatt peak (kWp) advanced solar photovoltaic (PV) system at the latter company's premises. The renewable energy specialist said the initiative, set for a duration of 20 years, is expected to significantly curtail carbon emissions from manufacturing operations, projecting an estimated carbon dioxide (CO2) avoidance of 974.66 tonnes per year.-The Star

Our Thoughts

Wall Street fell as profit taking activities emerged following the release of February job data which is giving out conflicting signals. As a result, the DJI Average lost 69 points while the Nasdaq declined by 188 points as the US 10-year yield eased marginally to 4.077%. Over in Hong Kong, the HSI added 124 points as sentiment was buoyed by strong indications of easing rates from various central bankers. On the home front, the FBM KLCI closed higher to almost the 1,540 mark underpinned by broad based accumulation of blue chips. However, we noticed retail participation remained lacklustre due to the lack of catalysts as the average daily traded volume dwindled back to the 3bn shares range. Nonetheless, we are hopeful that the improving liquidity amongst the blue chips may eventually spill over to the smaller caps. For today, we expect the benchmark index to hover within the 1,540-1,550 range. Meanwhile, the uptrend of the CPO price has been impressive and touched RM4,100/tonne thus may continue to attract interests for the planters.

Source: Rakuten Research - 11 Mar 2024

To sign up for an account: http://bit.ly/40BNqKI

[Youtube Tutorial] Account Opening & Enable Foreign Equity: http://bit.ly/3I5Jzxo