Rakuten Trade Research Reports

Daily Market Report - 6 Jun 2024

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Publish date: Thu, 06 Jun 2024, 10:25 AM
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Previous Day Highlights

FBM KLCI pared its earlier gain and closed at its day-low, inline with the weak regional performance. The benchmark index down 0.43% or 6.87 pts to close at 1,608.53. Majority of sectors were positive with telecommunications (+1.3%), technology (+0.5%), and construction (+0.4%), leading the gains; while losers were seen in energy (-1.5%), and consumer (-0.8%). Market breadth was negative with 599 losers against 547 gainers while 487 were unchanged. Total volume stood at 4.28bn shares valued at RM3.4bn.

Major regional indices trended negative. HSI declined 0.10%, to end at 18,424.96. SHCOMP sank 0.83%, to close at 3,065.40. Nikkei 225 fell 0.89%, to finish at 38,490.17. STI slid 0.27%, to close at 3,330.01.

Wall Street closed higher, led by mega tech stocks on optimism for rate cuts. The DJIA added 0.25%, to end at 38,807.33. Nasdaq soared 1.96%, to close at 17,187.90. S&P500 surged 1.18%, to finish at 5,354.03.

News For The Day

UBS ceases to be substantial shareholder of YTL Corp

Swiss investment bank UBS Group AG has ceased to be a substantial shareholder of YTL Corp after a series of share disposals since February, which eventually led to its shareholding in the company going below the 5% threshold. UBS disposed of about 14.9m shares in the company last Friday. Based on May 31’s closing price of RM3.59, the block of shares could be worth RM53.40m. Prior to that, UBS’ shareholding in YTL stood at 5.25% as of April 18. -The Edge Markets

ANZ exits AMMB after stake disposal

The Australia and New Zealand Banking Group Ltd (ANZ) has disposed of its 5.17% stake in AMMB Holdings (AmBank). AmBank said ANZ, via its wholly-owned subsidiary ANZ Fund Pty Ltd, had disposed of its stake comprising 171.02m shares yesterday. ANZ, which is Australia’s fourth largest bank, disposed of a 16.5% stake in AmBank for RM2.1bn in March, reducing its equity interest to 5.17%. -The Star

Avaland tops out Sanderling lakefront condo in Cyberjaya

Avaland has topped out the Sanderling condominium, which has a 90% take-up rate. Sanderling is 3rd phase of the developer’s 23-acre freehold Lakefront Residence development in Cyberjaya, having a gross development value of RM327m. It is a two-tower condominium with 606 units in total. The selling price starts from RM499,000. Sanderling is targeted for completion by 3Q25. -The Edge Markets

Nestcon secures RM3.6m contract to install solar PV system

Nestcon announced that its 51%-owned unit Nestcon Sustainable Solutions SB (NSS) has secured a RM3.6m contract to develop and install a solar photovoltaic (PV) system. NSS had entered into an agreement with Subang Safety Glass SB to develop, design, install, construct and commission a solar PV system on the rooftop of Subang Safety Glass' premises. -The Edge Markets

SCable sued over terminated white knight agreement

Sarawak Cable said it is being sued by Serendib Capital Ltd over the termination of the memorandum of agreement between the two parties to undertake a “resuscitation exercise” to revive the loss-making manufacturer. Sarawak Cable said the UK- based company is seeking declaratory reliefs, specific performance, a permanent injunction and damages in the lawsuit. The Practice Note 17 (PN17) company added that the legal proceedings would not have an impact on its regularisation plan. -The Edge Markets

Our Thoughts

Wall Street closed higher with strong buying in tech stocks, led by Nvidia and Apple. This was bolstered by economic data suggesting that the US labour market is continuing to cool, boosting investor hopes that the Fed could cut interest rates later this year. As a result, the Dow finished 0.25% higher, ending above the 38,800 mark, while the tech-heavy Nasdaq jumped almost 2%, closing in on the strong resistance level of 17,188. In Asia, key indices finished mostly lower due to profit-taking in some bourses. Over in Hong Kong, the HSI ended flat following mixed economic data from China. On the domestic front, the FBM KLCI closed lower with heavy profit-taking in banking stocks. We believe the outlook for local equities remains positive, supported by strong corporate earnings. Hence, we anticipate the FBM KLCI to trend within the range of 1,600-1,615 today.

Source: Rakuten Research - 6 Jun 2024

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