Rakuten Trade Research Reports

Daily Market Report - 16 Apr 2024

Publish date: Tue, 16 Apr 2024, 10:38 AM
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Previous Day Highlights

FBM KLCI closed lower as market undertone was dented by rising tensions in the Middle East. The benchmark index was down 0.55% or 8.51 pts to close at 1,542.53. All the sectors were lower with property (-2.5%), health care (- 1.8%), and telcos (-1.7%) leading the losses. Market breadth was negative with 993 losers against 230 gainers. Total volume stood at 4.28bn shares valued at RM3.25bn.

Major regional indices trended broadly lower amid the cautious sentiment except SHCOMP which increased 1.26%, to close at 3,057.38. HSI declined 0.72%, to end at 16,600.46. Nikkei 225 fell 0.74%, to 39,232.80. STI plunged 1.04%, to close at 3,183.61.

Wall Street continue to slide amid the persistent concerns on the Middle Eastern conflicts and interest outlook. The DJIA dropped 0.65%, to end at 37,735.11. Nasdaq plummeted 1.79%, to close at 15,885.02. S&P500 dived 1.20%, to finish at 5,061.82.

News For The Day

Solarvest to install solar system at 1 Utama mall

Bandar Utama City Centre SB has appointed Solarvest Holdings subsidiary, Solarvest Energy SB, to install Malaysia’s largest on-site solar photovoltaic (PV) panels and building- integrated PV panels at the 1 Utama Shopping Centre. The solar power system will cover 273,300 square feet of the mall’s rooftop and car park, generating more than 5,700-kilowatt peak (kWp) of renewable energy to power the mall.-The Star

Kitacon secures RM134.8m contract from Tropicana Alam

Kumpulan Kitacon has via its wholly-owned subsidiary Kitacon SB accepted a job from Tropicana Alam SB for buildings works worth a sum of RM134.8m. The construction job includes the completion of 399 double-storey terrace houses and three Tenaga Nasional substations (double chamber) in Ijok, in Kuala Selangor. The contract will commence on April 18, 2024, and will be completed within 22 months.-The Star

HeiTech Padu bags RM190m maintenance contract from JPJ

HeiTech Padu said it had bagged a RM190.01m contract to provide maintenance and technical support services for the Road Transport Department's (JPJ) information and communications technology infrastructure and MySIKAP (driver and vehicle information) system. The three-year contract from May 2024 involves the provision of services at JPJ offices throughout the country. -The Edge Markets

Iris fails to sell stake in subsidiary that lost NIISe project

Iris Corp has called off the sale of an 80% stake in its wholly owned Iris Information Technology Systems SB (IITS), the former developer of the RM1.16bn National Integrated Immigration System (NIISe) project, for RM70m cash. Iris terminated the agreement after the buyer, Tass Tech Technologies SB, failed to pay the second tranche of the deal’s disposal consideration. IITS lost RM1.16bn NIISe contract after Home Ministry terminated the job in August-23 due to its failure to meet the project’s planning schedule. -The Edge Markets

EPMB inks deal with China's BAIC for vehicle assembly

EP Manufacturing (EPMB) said its wholly-owned unit PEPS-JV (Melaka) SB (PJVM) has teamed up with China-based BAIC Motor Corporation Ltd to assemble and manufacture BAIC's authorised model vehicles in Malaysia. Under the 10-year agreement, PJVM's responsibilities include assembling and manufacturing the vehicles in Malaysia, ensuring that the assembly plant has a capacity of at least 5,000 vehicles per year by Sept 1, and at least 10,000 vehicles per year by March 1 next year. -The Edge Markets

Our Thoughts

Wall Street closed lower as tension in the Middles East escalates coupled with that March’s retail sales came in higher than estimated indicating that inflation in the US is here to stay. As a result, the US 10-year yield ended at almost a 6-month high of 4.61%. Despite a strong opening, the DJI Average ended 248 points lower while the Nasdaq declined by 290 points. In Hong Kong, the HSI closed 121 points lower ahead of China’s GDP report for 1Q2024 plus a slew of other economic data over the next few days. Back home, the FBM KLCI slumped to almost the 1,540 level amid a weak regional performance attributed to heightened tension in the Middle East. Selling on the local bourse was broad based as none of the sectors were spared. In the event if prevailing support at the 1,540 mark is smashed decisively, the next support is seen at around the 1,520 level. Nonetheless, an immediate rebound is needed thus expect there to be some accumulation activities as a flight of funds will occur from the US considering the high valuation of US stocks. Thus, we anticipate the index to hover within the 1,540-1,550 range today.

Source: Rakuten Research - 16 Apr 2024

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