Rakuten Trade Research Reports

Daily Market Report - 12 Apr 2024

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Publish date: Fri, 12 Apr 2024, 10:52 AM
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Previous Day Highlights

FBM KLCI closed lower ahead of the Hari Raya Aidilfitri holidays. The benchmark index dipped 0.41% or 6.47 pts to close at 1,553.51. Gainers were seen in energy (+0.98%), transportation (+0.28%), and technology(+0.23%); while losers were seen in health care (-0.59%), construction (- 0.52%), and utilities (-0.44%). Market breadth was negative with 496 losers against 466 gainers. Total volume stood at 3.46bn shares valued at RM2.06bn.

Major regional indices trended broadly lower except for SHCOMP which increased 0.23% to close at 3,034.25. HSI declined 0.26%, to end at 17,095.03. Nikkei 225 eased 0.35%, to finish at 39,442.63. STI slid 0.31%, to close at 3,227.61.

Wall Street closed mostly higher, led by the chipmakers. The DJIA closed flat at 38,459.08. Nasdaq skyrocketed 1.68% to close at 16,442.20. S&P500 rose 0.74%, to finish at 5,199.06.

News For The Day

Pan Borneo Highway: Phase 1 to be fully opened in 2QCY24

Phase one of the Sarawak Pan Borneo Highway (LPB) project will be fully opened in 2QCY24, except for the Lambir section (under work package 11) in Miri, which needs to be redesigned and it is expected to be ready in 2026, said Works Minister Datuk Seri Alexander Nanta Linggi. He said that, so far, the work progress of the project has reached 99%. Phase one of the Sarawak LPB construction involves a total distance of 706km from Telok Melano to Miri.-The Star

Vincent Tan may take Berjaya Food private

Tycoon Tan Sri Vincent Tan is reportedly exploring the possibility of privatising Berjaya Food, which owns Starbucks Corp’s Malaysian operations. While talks with banks for financing are underway, sources say that Tan, who holds an interest of 55% in Berjaya Food through Berjaya Corp, may still decide against the go-private deal. Berjaya Food also runs brands including Kenny Rogers Roasters chain of restaurants in Malaysia as well Jollibean, a fresh soy milk operator. As of June 30, 2023, Starbucks Malaysia had 393 stores nationwide while Kenny Rogers Roasters had 80 stores.-The Edge Markets

Solarvest offers private placement

Solarvest Holdings plans to raise about RM57m by placing out up to 6% of its shares to fund its solar projects. Solarvest said half of the proceeds, or RM28m, will be used to finance its secured Corporate Green Power Programme projects within 24 months. The exercise entails 40.22m placement shares to be issued to independent third-party investors to be identified later. -The Star

GFM Services gets nod for Main Market listing transfer

Bursa Malaysia has approved the transfer of GFM Services’ listing from the ACE Market to the Main Market of Bursa Malaysia. GFM said Bursa Securities has, vide its letter dated April 9, approved the transfer of GFM's entire issued share capital from the ACE Market to the Main Market of Bursa Securities, under the industrial products & services sector. -The Star

Sarawak Cable sued by 2 banks claiming RM95.5m

Practice Note 17 company Sarawak Cable and its subsidiary, Universal Cable (Sarawak) SB, are both facing lawsuits from two banks, Hong Leong Bank and Hong Leong Bank Islamic, over a total owed sum of RM95.53m. The group said it is currently in negotiations with the banks to settle the matter, and that the lawsuits are not expected to significantly impact its operations.-The Edge Markets

Our Thoughts

Wall Street rebounded spurred by the lower than expected producer price index for March as traders turned buyers following the hot CPI data a day below. Despite the flattish DJI Average, the Nasdaq jumped by 272 points to another record high led by bulk of the Magnificent 7 as the US 10-year yield edged to almost a 5-month high at 5.584%. In Hong Kong, the HSI slipped slightly over China’s deflation fears and the impact on the property sector as borrowing costs remain high amid the uncertainty over the rate cuts by the Federal Reserve. At home, the FBM KLCI slid to below the 1,555 level after testing a YTD high on Tuesday. We believe this could be attributed to the shortened trading days this week for Hari Raya festivities. Today, we reckon some bargain hunting activities to emerge thus anticipate the index to hover within the 1,550-1,560 range.

Source: Rakuten Research - 12 Apr 2024

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