Rakuten Trade Research Reports

Daily Market Report - 15 Apr 2024

Publish date: Mon, 15 Apr 2024, 11:18 AM
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Previous Day Highlights

FBM KLCI closed lower in line with the weak regional performances. The benchmark index was down 0.16% or 2.47 pts to close at 1,551.04. Gainers were seen in property (+1.74%), technology (+0.54%), and industrial products & services(+0.46%); while losers were seen in utilities (-0.42%), telecommunications (-0.22%), and energy (-0.19%). However, market breadth was positive with 580 gainers against 515 losers. Total volume stood at 3.88bn shares valued at RM3bn.

Major regional indices trended broadly lower. HSI dived 2.18%, to end at 16,721.69. SHCOMP dropped 0.49%, to close at 3,019.47. STI slid 0.33%, to close at 3,216.91. Nikkei 225 up 0.21%, to finish at 39,523.55.

Wall Street tumbled dampen by inflation woes and geopolitical tensions. The DJIA fell 1.24%, to end at 37,983.24. Nasdaq sank 1.62%, to close at 16,175.09. S&P500 plummeted 1.46%, to finish at 5,123.41.

News For The Day

Nextgreen-IOI Corp JV to rope in Xiamen C&D

Nextgreen IOI Pulp SB (NIP), a joint venture between Nextgreen Global and IOI Corp, is partnering with Chinese firm Xiamen C&D Paper & Pulp Group Co Ltd (Xiamen C&D), a wholly-owned subsidiary of Xiamen C&D Inc under Xiamen C&D Corp Ltd, a Fortune 500 company, to develop a RM600m paper pulp plant in Pekan, Pahang. Under the MOU, NIP and Xiamen C&D will establish a joint venture company (JVco), with NIP holding a 75% stake. The facility, utilizing Nextgreen Global’s patented technology, will produce 100,000 tonnes of paper pulp annually from oil palm empty fruit bunches. -The Edge Markets

Bahvest get approval from federal govt's mining regulator

Bahvest Resources' subsidiary, Wullersdorf Resources SB, has obtained approval from the federal government's mining regulator, the Department of Mineral and Geoscience Malaysia (JMG), for its gold mining operations in Tawau, Sabah. This approval, granted under Section 10 of the Mineral Development Act 1994 (MDA), complements the previous approval from the Sabah state government under Section 18(d) of the Sabah Mining Ordinance 1960.The Edge Markets

Yinson hires bankers for potential US$500m bond issue

Yinson Holdings is considering a potential bond issue of up to US$500m (RM2.37bn). The company has enlisted Nordic investment banks DNB Markets and Pareto Securities, along with ABG Sundal Collier ASA, to arrange meetings with fixed- income investors. The proceeds from the proposed bond issue will be utilized for refinancing existing debt and general corporate purposes. -The Edge Markets

ASB trims 2.18% stake in SP Setia for RM141m

Amanahraya Trustees, the trustee of Amanah Saham Bumiputera (ASB), reduced its stake in property developer SP Setia by selling 100m shares on April 8, cutting its stake from 24.54% to 22.37%. The off-market trade was executed at RM1.41 per share, representing a 2.76% discount compared with the closing price on April 8. -The Edge Markets

Gamuda Land partners with Kiddypedia at Gamuda Gardens

Gamuda Land is partnering with Kiddypedia, a prominent advocate for children's education and development to introduce Kiddypedia Discovery Centres at its townships. These hubs in Gamuda Gardens and twentyfive7 offer edutainment experiences, integrating sports, arts, STEM workshops, and team-building to inspire young minds and ignite a love for learning.-The Star

Our Thoughts

Wall Street slumped as sentiment was again dented by inflationary worries coupled with the escalating tension in the Middle east. With Iran coming into the picture against Israel thus pushing crude oil prices higher, investors are wary that inflation will weigh on the market. As such, the DJI Average lost 476 points while the Nasdaq declined by 276 points as the US 10-year yield slid slightly to 4.518%. In Hong Kong, the HSI fell 373 points as the Chinese Yuan hit a 5-month low against the greenback. Back home, the FBM KLCI ended lower in line with the weak regional performances as investors remained in a cautious mood. The lack of fresh catalysts plus the geopolitical tension saw trading on the local bourse to be rather muted. For today, we expect the trading pattern to be lacklustre attune to the decline on Wall Street hence anticipate the index to hover within the 1,550-1,560 range. Meanwhile, the Brent crude closed above the US$90/barrel again.

Source: Rakuten Research - 15 Apr 2024

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