FBM KLCI closed marginally higher, lifted by late accumulation. The benchmark index was up 0.37% or 5.62 pts to close at 1,543.75. Majority of sectors were positive with energy (+1.2%), transportation (+0.9%), and construction (+0.7%), leading the gains; while losers were seen in utilities (-0.5%), and technology (-0.3%). Market breadth was positive with 513 gainers against 478 losers while 494 were unchanged. Total volume stood at 4.34bn shares valued at RM2.76bn.
Major regional indices trended mixed amid the uncertainty on China’s property woes. HSI declined 0.71%, to end at 16,961.66. SHCOMP dropped 0.18%, to close at 3,038.23. Nikkei 225 up 0.29%, to finish at 38,807.38. STI rose 0.81%, to close at 3,186.40.
Wall Street closed lower following the hotter than expected inflation data. The DJIA dropped 0.35%, to end at 38,905.66. Nasdaq eased 0.30%, to close at 16,128.53. S&P500 eased 0.29%, to finish at 5,150.48.
BAuto gets distributorship of Xpeng
Bermaz Auto (BAuto) has won the rights of distributorship, sale of spare parts and provision of after-sales services of XPeng smart electric vehicles (EVs) in Malaysia from Shenzhen Xiaopeng Motors Supply Chain Management Co Ltd, China (Shenzhen XPeng) and Guangzhou Xiaopeng Motors Trading Co, Ltd, China (Guangzhou XPeng). As principal distributors, Shenzhen XPeng and Guangzhou XPeng oversee the distribution and sales of the XPeng EVs, sale of spare parts and merchandising, as well as provision of after-sales services globally for the vehicle.-The Star
Coastal Contracts acquires stake in Sabah-based firm
Coastal Contracts via its wholly-owned subsidiary, Coastal Hospitality Holdings SB is acquiring an 82% stake in Sabah- based Jewel Of Mabul Development SB (JOMD) for RM18.98m as part of its growth strategy to diversify its income stream and venture into the tourism industry. JOMD is the registered owner of a parcel of land measuring 31.15 hectares situated at Pulau Mabul in Semporna, Sabah. -The Edge Markets
Econpile bags RM83m contract
Econpile Holdings has secured a contract worth RM83m to undertake the sub-contract works consisting of earthworks, retaining structure, piling, and road deck and ancillary works, among others. Econpile said its wholly owned subsidiary Econpile (M) SB had accepted the letter of award from BRDB Developments SB and the project is set to be completed within 18 months from March 1, 2024. -The Edge Markets
Govt ordered to pay RM231.55m in damages to Awantec
Awanbiru Technology (Awantec or formerly known as Prestariang) has won its legal suit against the government over the termination of the RM3.5bn National Immigration Control System (SKIN) project. However, shares of Awantec dropped as much as 16.7% to an intraday low of 42.5 sen on Thursday following the High Court’s ruling, which awarded only one-third of the company’s RM733m claim in relation to the project termination. -The Edge Markets
BHIC secures contract extension worth RM3.5m
Boustead Heavy Industries Corp (BHIC) said its wholly-owned subsidiary BHIC Submarine Engineering Services SB has received a contract extension from the Ministry of Defence Malaysia (Mindef) worth RM3.5m, for the extension of the submarine facilities upkeep contract for the Royal Malaysian Navy. The extension is for a contract period of 45 days from Jan 1 until Feb 14.-The Edge Markets
Wall Street ended lower as reality bites after the PPP (producer price index) came in hotter than expected thus pushing the US 10-year yield higher at 4.292%. As such, the DJI Average lost 138 points while the Nasdaq declined 49 points. In Hong Kong, the HSI dipped below the 17,000 mark ahead of earnings announcement by prominent companies coupled with fresh tension between China/US over the possible ban on Tik-Tok. Back home, the FBM KLCI rebounded, attributed to some late buying on the Banks and Planters. We see such positive performance along with our regional peers as encouraging illustrating that confidence remains apparent within the South Esat Asia region thus anticipate more foreign funds to flow in. Nonetheless, sentiment may be somewhat affected by Wall Street performance overnight thus expect the index to hover within the 1,540-1,550 range today. Meanwhile, the CPO charged to almost the RM4,300/tonne level or a 1-year high buoyed by increases in edible oils across the board.
Source: Rakuten Research - 15 Mar 2024
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BAUTOCreated by rakutentrade | Aug 23, 2024