Previous Day Highlights

FBM KLCI closed higher spurred by late buying activities. The benchmark index was up 0.30% or 4.73 pts to close at 1,559.98. Gainers were seen in utilities (+1.01%), property (+1.00%), and construction(+0.54%); while losers were seen in energy (-0.62%), transportation (-0.48%), and industrial products & services (-0.35%). Market breadth was positive with 531 gainers against 511 losers while 502 counters were unchanged. Total volume stood at 3.97bn shares valued at RM2.33bn.

Major regional indices trended mixed. HSI closed flat at 16,732.85. SHCOMP dropped 0.72%, to close at 3,047.05. Nikkei 225 gained 0.91%, to finish at 39,347.04. STI slid 0.07%, to close at 3,215.99.

Wall Street closed flattish as investors await CPI data amid first-quarter earnings season. The DJIA and S&P500 slid 0.03% and 0.04% respectively, to end at 38,892.80 and 5,202.39. Nasdaq added 0.03%, to close at 16,253.96.

News For The Day

NationGate seeks to transfer listing to the Main Market

Nationgate Holdings (NatGate) is seeking to transfer its listing and quotation for the entire issued share capital of the company from the ACE Market to the Main Market of Bursa Malaysia. The company said it has also proposed an amendment to the constitution of NatGate to facilitate the implementation of the proposed transfer.-The Star

Aeon Credit's 4Q net profit up 25% on higher revenue

Aeon Credit Service (M)'s 4QFY2/24 net profit rose 24.7% YoY to RM118.92m up from RM95.34m, on the back of higher revenue. Revenue increased 15.9% YoY to RM501.58m from RM432.66m, mainly attributable to stronger loan and financing growth. Aeon Credit declared a final dividend of 14 sen to be paid on July 25, bringing the total dividend payout to 42.5 sen for FY24, versus 49.5 sen in FY23. -The Edge Markets

Sunzen Biotech shuts down animal health division

Sunzen Biotech has announced it is shutting down its loss- making animal health division as part of efforts to bring up the group's financial performance, focusing instead on its human health and loan financing segments. The animal health unit had incurred losses over the past five financial years amid a challenging business environment.- The Star

Inta Bina wins RM348.92m job in Shah Alam

Inta Bina Group has secured a contract worth RM348.92m for a mixed development project in Shah Alam, Selangor. Its wholly owned subsidiary Inta Bina SB had accepted the letter of award from Eco Ardence SB to undertake the main building works for the proposed Maya Integrated Development. The first and second phase will be expected to complete by Jan 14, 2027 and July 14, 2027 respectively. -The Edge Markets

EVD gets RM59.64m smart building contract

EVD’s wholly-owned subsidiary, EV-Dynamic SB, has been awarded a sub-contract worth RM59.64m from Sunway Construction SB to design, supply, deliver, install, test and commission of smart building and security services. EVD said the duration of the sub-contract is approximately 21 months from Jan 5, 2024 to Oct 31, 2025.- The Star

Topmix IPO oversubscribed by over 58.61 times

Topmix, slated for a listing on the ACE Market of Bursa Securities on April 23, has seen its initial public offering (IPO) oversubscribed by 58.61 times. It has received a total of 12,438 applications for 1.17bn shares with a value of RM363.9m for the 19.69m shares allocated to the Malaysian public.-The Star

Our Thoughts

Wall Street closed flat amid a choppy session as traders remain sidelined ahead of March CPI and job data to be out this Wednesday and Thursday. As a result, the DJI Average lost 11 points while the Nasdaq added 5 points as the US 10-year yield ended at a 5-month high of 4.422%. In Hong Kong, the HSI was flat as sentiment stayed cautious ahead of some key economic data to be released this week. Back home, the FBM KLCI maintained its uptrend to close at a YTD high of almost the 1,560 level. Nonetheless, we believe the index may be under some pressure today as the local bourse will be closed over the next 2 days for Hari Raya festivities thus expect the index to hover within the 1,555-1,565 range. Meanwhile, Gold trended to another record high underpinned by strong buying from both China and India.

Source: Rakuten Research - 9 Apr 2024

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