Rakuten Trade Research Reports

Daily Market Report - 11 Jun 2024

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Publish date: Tue, 11 Jun 2024, 10:34 AM
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Previous Day Highlights

FBM KLCI closed lower as profit-taking activities emerged. The benchmark index was down 0.22% or 3.49 pts to close at 1,614.37. Majority of sectors were positive with transportation (+1.8%), energy (+1.4%), and utilities (+1.2%), leading the gains; while losers were seen in health care (- 0.7%), and plantation (-0.6%). Market breadth was positive with 628 gainers against 531 losers. Total volume stood at 5.96bn shares valued at RM3.3bn.

Major regional indices trended mixed. Nikkei 225 climbed 0.92%, to finish at 39,038.16. STI slid 0.26%, to close at 3,322.08. Meanwhile, HSI and SHCOMP were closed for Dragon Boat Festival Holiday.

Wall Street closed higher ahead of this week's consumer prices report and a Federal Reserve policy announcement. The DJIA added 0.18%, to end at 38,868.04. Nasdaq rose 0.35%, to close at 17,192.53. S&P500 rose 0.26%, to finish at 5,360.79.

News For The Day

Scientex unit to acquire land in Johor for RM381.43m

Scientex’s wholly owned subsidiary Scientex Quatari SB has entered into a conditional sale and purchase agreement with Lee Pineapple Company (Pte) Ltd to acquire 14 parcels of freehold land in Johor for RM381.43m. The company said the land, which measures about 141.74 hectares, is surrounded by existing developments. The proposed acquisition, which will be funded via internally generated funds and bank borrowings, is expected to be completed in the 1H25. -The Star

EcoWorld sells Johor land to data centre firm for RM402m

Eco World Development Group plans to sell a 123.14-acre industrial land in Iskandar Malaysia, Johor to a company providing data centre services, for RM402.3m or RM75 per sq ft. The group said it had acquired the land, which forms part of the master land measuring 403.78 acres within Eco Business Park VI (EBP VI), in September 2023 at RM12 per sq ft. The proposed cash sale of the land to Microsoft Payments (M) SB marks the first transaction for EBP VI. The land sale is expected to be completed in the 2H25.-The Edge Markets

Deleum gets RM105m contract from Petronas Carigali

Deleum via its 86.67%-owned indirect subsidiary Deleum Technology Solutions SB has bagged a letter of award (LOA) worth RM105m from Petronas Carigali SB, to provide offshore maintenance, construction and modification services, covering Peninsular Malaysia assets (gas package). It said the contact period is from May 16 to Dec 31, 2024. -The Edge Markets

Yong Tai partners with China's STIG to revive Encore Melaka

Yong Tai had signed a collaboration agreement with Sichuan Tourism Investment Group (STIG), a state-owned enterprise from Sichuan province, China, to revitalise the operations of the Encore Melaka theatre. Yong Tai will leverage STIG’s extensive experience and expertise to manage and operate the theatre, with a target of achieving a 70% occupancy rate within six months. -The Edge Markets

Managepay gets contract to develop SuperApp for KTMB

Managepay Systems has secured a five-year contract to develop a SuperApp for the national railway company Keretapi Tanah Melayu (KTMB). The SuperApp is expected to improve user experience and potentially encourage ridership on KTMB's railway network. The group's wholly-owned unit, ManagePay Services SB, accepted the contract from KTMB for a five-year period, with an option for a five-year extension, contingent upon MPSB’s satisfactory performance. -The Edge Markets

Our Thoughts

Wall Street ended in positive territory with both the Nasdaq and S&P recording new highs ahead of the Federal Reserve’s stance on interest rates this Wednesday. Consensus views that the Feds will keep rates steady following a strong job data last Friday. As such, the DJIA gained 69 points where the Nasdaq added 59 points as the US 10-year yield edged higher at 4.471%. The Hong Kong market was closed yesterday for Dragon Boat festival and will resume trading today. On the home front, the FBM KLCI closed lower after struggling to maintain its uptrend amid a mixed regional performance. Nonetheless, we noticed that daily volume remains decent at around the 6bn shares threshold and should improve over time when the buyers return to the smaller cap companies. For today, we expect the index to hover between the 1,610-1,620 range and the emergence of bargain hunting activities in the event if the index test the 1,610 mark. Meanwhile, the Brent crude price closed in of US$82/barrel on improving demand.

Source: Rakuten Research - 11 Jun 2024

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