Rakuten Trade Research Reports

Daily Market Report - 12 Jun 2024

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Publish date: Wed, 12 Jun 2024, 10:45 AM
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Previous Day Highlights

FBM KLCI pared its early gains to end slightly lower, in tandem with the weak regional performances. The benchmark index was down 0.18% or 2.88 pts to close at 1,611.49. Majority of sectors were positive with construction (+4.3%), technology (+2.4%), and property (+1.4%), leading the gains; while losers were seen in transportation (-1.0%), and plantation (-0.7%). Market breadth was positive with 797 gainers against 496 losers. Total volume stood at 6.98bn shares valued at RM5.12bn.

Major regional indices trended mostly lower except Nikkei 225 which inched 0.25% higher to finish at 39,134.79. HSI fell 1.04%, to end at 18,176.34. SHCOMP dropped 0.76%, to close at 3,028.05. STI slid 0.39%, to close at 3,309.21.

Wall Street closed mixed amid uncertainty ahead of Fed’s meeting today. The DJIA dropped 0.31% to 38,747.42. Nasdaq rose 0.88%, to close at 17,343.55. S&P500 rose 0.27%, to finish at 5,375.32.

News For The Day

Gamuda Land’s redevelopment plans in London approved

Gamuda Land, the property arm of Gamuda has announced that its redevelopment plans for the 75 London Wall building in London with UK-based real estate investors Castleforge Partners have been approved. 75 London Wall is expected to be turned into office spaces. Gamuda Land said, “Construction can now begin. This approval signifies a key milestone in the project’s development”. -The Edge Markets

S P Setia disposes of Johor land for RM564m

S P Setia has completed the disposal of its 960-acre land parcel in Tebrau, Johor to Senibong Island SB, in a cash deal worth RM564m. The group said the transaction, conducted through its subsidiary Pelangi SN, has strengthened the company’s financial standing and is expected to contribute to an after-tax profit of RM332m. -The Star

UEM Sunrise sells Johor land to data centre co for RM145m

UEM Sunrise via its wholly subsidiaries, UEM Land and Nusajaya Rise SB is selling its two land parcels in Iskandar Puteri, Johor to a global data centre player for RM144.9m. The disposal of the freehold lands measuring 28.9 acres, in East Ledang, Iskandar Puteri. The strategic land divestment builds on the memorandum of understanding signed in May with LOGOS Infrastructure Holdco Pte Ltd to develop a data center campus in Gerbang Nusajaya. -The Star

Bermaz Auto's 4Q net profit drops 10% on lower revenue

Bermaz Auto reported its 4QFY24 net profit fell 10.3% YoY to RM90.2m from RM100.6m, dragged down by lower revenue despite higher profit contribution from associated company Kia Malaysia SB. Quarterly revenue dropped 12.6% YoY to RM937.5m from RM1.1bn, mainly due to lower sales volume from the group's Mazda and Kia marque domestic operations. Bermaz Auto declared a fourth interim dividend of 4.75 sen per share and a special dividend of seven sen per share, totalling 11.75 sen per share, to be paid on Aug 2.-The Edge Markets

Crescendo seals sixth land sale in seven months

Crescendo Corp announced another land sale to a data centre company. Crescendo Corp is selling a parcel of land in Pulai for RM115.88m cash. Crescendo’s wholly owned unit Panoramic Industrial Development SB (PID) has inked a conditional sale and purchase agreement with Singapore-based data centre firm Digital Halo Pte Ltd for the land transaction. The tract measures about 20.463 acres. The estimated net gain from the proposed disposal, which is expected to be completed in 2H24, is RM71.21m. – The Edge Markets

Our Thoughts

Wall Street closed on a mixed note as traders are waiting for the inflation data out later today coupled with the Federal Reserve outlook on interest rates. As a result, the DJIA lost 121 points while the Nasdaq jumped by 151 points largely thanks to Apple that saw share price soar amid optimism of its new AI feature. Meanwhile, the US 10-year yield eased slightly to 4.402%. In Hong Kong, the HSI fell as traders turned cautious on rates in the US after a strong job data last week. There was also a sell-down on EV manufacturers following statements from Türkiye of imposing tariffs on Chinese EVs. Back home, the FBM KLCI failed to maintain its strong opening as late selling saw the index closing lower. Nonetheless, we noticed some muted accumulation on stocks thus expect the index to hover between the 1,605-1,615 range today. If you missed our Rakuinsights yesterday, there are trading opportunities on logistic related players namely KGW, FM Global, Tasco and Harbour Link following a surge in Global Freight rates which have more than doubled YTD.

Source: Rakuten Research - 12 Jun 2024

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