Rakuten Trade Research Reports

Daily Market Report - 17 May 2024

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Publish date: Fri, 17 May 2024, 10:01 AM
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Previous Day Highlights

FBM KLCI rebounded, as buying interests returned across the board. The benchmark index was up 0.49% or 7.88 pts to close at 1,611.11. Majority of sectors were positive with technology (+1.8%), consumer (+0.9%), and construction (+0.8%), leading the gains; while losers were seen in health care (-3.6%), and transportation (-0.2%). Market breadth was positive with 720 gainers against 492 losers. Total volume stood at 6.05bn shares valued at RM4.35bn.

Major regional indices trended higher. HSI jumped 1.59%, to end at 19,376.53. SHCOMP advanced 0.08%, to close at 3,122.40. Nikkei 225 surged 1.39%, to finish at 38,920.26. STI rose 0.47%, to close at 3,304.99.

Wall Street closed lower following bouts of profit-taking activities, despite hopes for rate cuts. The DJIA dropped 0.10%, to end at 39,869.38. Nasdaq declined 0.26%, to close at 16,698.32. S&P500 eased 0.21%, to finish at 5,297.10.

News For The Day

IJM, partner secure 8 central London sites for development

IJM Corporation said that it has secured eight central London sites for development with its partner Network Rail Property. The development could host some 1,600 new homes with an estimated gross development value over £3bn (RM17.8bn). The sites collectively have the potential of up to 3.55m square feet of development, covering housing, life sciences and commercial use such as offices, it noted. -The Edge Markets

S P Setia 1Q profit jumps 40% as revenue climbs

S P Setia 1QFY12/24 net profit jump 39.46% YoY to RM77.33m from RM55.45m, driven by higher contribution from both its domestic business as well as its operations in Vietnam. Quarterly revenue climbing almost 53% YoY to RM1.48bn from RM967.67m. Sales have remained strong, with a total of RM1.42bn sales achieved in the quarter, mainly contributed by the southern and central region in Malaysia. -The Edge Markets

Hup Seng’s 1Q net profit rises 45%; best earnings in six years

Hup Seng Industries reported its 1QFY12/24 net profit rose 44.6% YoY to RM13.97m from RM9.65m, thanks to higher sales and lower material input costs. Quarterly revenue up 8% YoY to RM93.57m from RM86.38m. This is Hup Seng’s best quarterly net profit since 4QFY17, on the back of stronger demand for biscuits. The Edge Markets

Tomei's 1Q net profit jumps 76% to RM20.94m

Tomei Consolidated’s 1QFY12/24 net profit jumped 76.38% to RM20.94m from 11.87m, led by higher sales during the festive seasons — Chinese New Year and Hari Raya. It was the highest quarterly net profit recorded by the group since 2QFY22. Its revenue for the quarter rose 35.77% YoY to RM322.76m from RM237.73m, led by stronger performance of its retail and manufacturing and wholesale segments.-The Edge Market

Pansar secures RM30m contract in Kuching

Pansar has secured a RM30.1m contract to undertake facilities management and maintenance for the Borneo Cultures Museum and annex building at the Sarawak Museum Complex in Kuching, awarded by the state Public Works Department. Pansar said the project will run for 39 months from May 27. -The Edge Markets

Smart Asia Chemical oversubscribed by 33.8 times

Smart Asia Chemical, which is set to be listed on the ACE Market of Bursa Malaysia on May 28, said its initial public offering (IPO), priced at 40 sen apiece, has been oversubscribed by 33.8 times. -The Edge Markets

Our Thoughts

Wall Street ended lower despite the DJIA briefly touching the magical 40,000 mark as profit taking activities emerged following the recent uptrend of US stocks. The DJIA lost 39 points while the Nasdaq declined by 44 points as the US 10-year yield edged marginally higher at 4.377%. Over in Hong Kong, the HSI jumped in excess of 300 points edging closer to the 20,000 level on optimism over recent easing policy on China’s property sector coupled with bets that the Federal Reserve will cut rates this year. Sentiment was further buoyed by speculation the tax on dividend may be abolished for Hong Kong stocks. The HSI has gained almost 20% over the past month. Back home, the FBMKLCI maintained its climb to close at a YTD high and we believe there is still more room for upside. We also noticed that daily volume has been improving and this is a positive sign for the smaller caps which have yet to excel in a broader sense. For today, we expect the index to hover between the 1,605- 1,620 range underpinned by higher liquidity.

Source: Rakuten Research - 17 May 2024

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