Rakuten Trade Research Reports

Daily Market Report - 30 May 2024

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Publish date: Thu, 30 May 2024, 10:43 AM
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Previous Day Highlights

FBM KLCI continued to slide and ended at its day low, as on- going selling pressure persisted. The benchmark index was down 0.65% or 10.47 pts to close at 1,605.35. Majority of sectors were negative with health care (-1.4%), plantation (- 1.4%), and property (-1.4%) leading the losses; while gainers were seen in utilities (+1.1%), and technology (+0.5%). Market breadth was negative with 835 losers against 401 gainers. Total volume stood at 4.74bn shares valued at RM3.69bn.

Major regional indices closed mostly lower except SHCOMP which added 0.05%, to close at 3,111.02. HSI dived 1.83%, to end at 18,477.01. Nikkei 225 fell 0.77%, to finish at 38,556.87. STI slipped 0.21%, to close at 3,323.20.

Wall Street closed lower following the rising Treasury yields and concerns over the interest rates cut. The DJIA tumbled 1.06%, to end at 38,441.54. Nasdaq declined 0.58%, to close at 16,920.58. S&P500 sank 0.74%, to finish at 5,266.95.

News For The Day

MyEG posts record 1Q net profit on higher revenue

MyEG Services reported its highest quarterly net profit, Its 1QFY12/24 net profit jumped 47.1% YoY to RM155.83m from RM105.83m. Quarterly revenue increased 34.48% YoY to RM232.96m from RM173.22m attributed to its Zetrix blockchain platform and the sale of Zetrix tokens. -The Edge Markets

IJM's 4Q net profit swells, declares six sen dividend

IJM Corp’s 4QFY24 net profit leapt over 10-fold to RM305.5m from RM23.1m, thanks to a sharp rise in other operating income. The construction giant’s other operating income soared to RM241.79m from RM71m YoY. Quarterly revenue jumped 32.6% YoY to RM1.76bn versus RM1.33bn, driven by improvements across all segments, except for its infrastructure toll division. It declared a single-tier second interim dividend of five sen and a special dividend of one sen, to be paid on July 19. -The Edge Markets

Farm Fresh's full-year net profit rises 27% to RM63.5m

Farm Fresh’s FY24 net profit rose 27% to RM63.53m, from RM50.08m, as full-year revenue surged to RM810.41m from RM629.69m. Its 4QFY3/24 net profit rose to RM23.93m from RM4.89m, while revenue increased 33.26% YoY to RM215.03m compared to RM161.36m attributed to higher Horeca and UHT product sales, positive impact of the launching of new products, and revenue contributions The Inside Scoop SB and Sin Wah Ice Cream SB. -The Edge Markets

Kerjaya Prospek posts higher1Q net profit

Kerjaya Prospek Group’s 1QFY12/24 net profit grew 14% YoY to RM33.55m from RM29.41m, on the back of a 13% YoY rise in revenue to RM337.14m versus RM297.25m due to the improvement in the progress of construction work activities. It declared a first interim single-tier dividend of 2.5 sen per share, to be paid on July 5. Meanwhile, it is bidding for the construction of data centers and semiconductor factories worth over RM3bn this year. The company partnered with Samsung C&T Corp in bidding for two of such jobs. -The Edge Markets

Lagenda confirms senior personnel remanded by MACC

Lagenda Properties has confirmed that a senior personnel has been remanded by the Malaysian Anti-Corruption Commission (MACC). “The board of Lagenda wishes to notify that it has become aware of news reports that the MACC has granted a 4-day remand order involving a senior personality of the company, to assist MACC in its investigation with regards to an ongoing investigation involving land dealings,” Lagenda Properties said. -The Star

Our Thoughts

Wall Street slumped as sentiment became jittery on interest rates on the back of higher treasury yields. As traders are waiting for major inflation data tomorrow, many decided to lock in profits following the recent rally in US stocks. As such, the DJIA lost 411 points while the Nasdaq declined by 99 points as the US 10-yesr yield crept higher at 4.616%. Over in Hong Kong, the HSI dipped 344 points as traders became edgy ahead of the inflation data this Friday and to gauge if recent easing of restrictions on properties purchases will revive the sector. Back home, the FBM KLCI ended below the 1,610 level as selling activities continued dragged by the weak regional performance while waiting for the crucial economic data. Our belief of an immediate rebound did not materialize yesterday thus we may see another day of consolidation for the benchmark index until the existing uncertainty is elevated. As such, we expect the index to hover between the 1,600-1,610 range today.

Source: Rakuten Research - 30 May 2024

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