Rakuten Trade Research Reports

Daily Market Report - 20 Jun 2024

Publish date: Thu, 20 Jun 2024, 11:12 AM
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Previous Day Highlights

20 June 2024 FBM KLCI trended in a tight range for the past few sessions as investors are reluctant to make significant move with a "wait and see" approach during the consolidation period. The benchmark index lost 6.34points or 0.395% to finish at 1,599.79. Market breadth was negative with 907 losers against 341 gainers while 451 were unchanged. Market volume was 5.57bn valued at RM4.06bn. Majority of sectors were negative with utilities (-1.3%), transportation (-0.8%), and property (-0.6%) leading the losses; while gainers were seen in plantation (+0.3%), and consumer (+0.2%).

Major regional indices trended mixed. HSI gained 2.87%, to end at 18,430.39. SHCOMP dropped 0.40%, to close at 3,018.05. Nikkei 225 was up 0.23%, to finish at 38,570.76. STI rose 0.07%, to close at 3,304.00.

Wall Street was closed for trading yesterday.

News For The Day

Scientex Packaging's 3Q profit slips on higher tax expenses

Scientex Packaging's 3QFY7/24 net profit slipped marginally by 1.2% YoY to RM10.0m, despite higher revenue, primarily due to increased tax expenses. The company declared a single tier interim dividend of 2.5 sen per share, payable on July 5. – The Edge Markets

Top Glove returns to the black in 3Q

Top Glove reported a 3QFY8/24 net profit of RM50.7m thanks mostly to land sale and currency gain. The company booked RM54.3m from disposal property, plant and equipment, as well as RM22.3m from unrealised foreign exchange gain. -The Edge Markets

Matrix Concepts enters 1,000-acre land JV with NS Corp

Matrix Concepts Holdings via its subsidiary Megah Sedaya SB has inked a 85:15 land development agreement with NS Corp for 1,000 acres of prime land in the MVV2.0 development corridor. The property developer said NS Corp will grant development rights to Megah Sedaya, a special purpose vehicle that shall act as the master developer of the new land, for a RM435.6m cash.-The Star

Sarawak discovers RM1.25tril worth of ore deposits

The Sarawak government discovered some RM1.25tril worth of gold, rare earth, bauxite and other precious metals. The state’s Geological Department found the potential resources after a survey covering 32% of Sarawak's total landmass of 12.4m hectares.-The Edge Markets

Chinese automakers seek retaliatory tariffs on EU cars

Chinese automakers have urged Beijing to retaliate against Brussels' decision to place curbs on Chinese electric vehicle exports by raising tariffs on imported European gasoline-powered cars. China's current import tariff for cars is 15% and Chinese authorities have previously hinted at possible retaliatory measures through state media commentaries and interviews with industry figures. - The Edge Markets

L&P eyes acquisitions in quest improve growth

L&P Global is eyeing for acquisitions to support organic growth as the industrial packaging firm seeks to double its revenue within the next three to five years. L&P, which mainly serves the renewable energy, semiconductor, and electrical and electronics (E&E) industries, was recently transferred to the Main Market in less than two years after its debut on ACE Market.-The Edge Markets

Our Thoughts

Wall Street was closed for trading yesterday. However, a look at the futures of the 3 major indices, the DJIA is in negative territory whilst both the Nasdaq and S&P 500 are making marginal gains. In Hong Kong, the HSI surged past the 18,000 mark as sentiment was boosted from the unveiling of more stimulus from China primarily the reforming the technology board to improve listing quality and promote tech innovation. Back home, the FBM KLCI maintained its consolidation to dip below the psychological 1,600 level as profit taking activities continued. We are indeed surprised by the lack of buying interests on the local bourse of late but expect some bargain hunting to emerge now that the index is hovering below the 1,600 mark. We believe market undertone is still positive thus expect the index to trend between the 1,600-1,610 range today with interests possibly on the Banks and Telcos. Wall Street closed mixed as investors await for key inflation data. The DJIA dropped 0.21%, to end at 39,431.51. Nasdaq rose 0.29%, to close at 16,388.24. S&P500 closed flattish at

Source: Rakuten Research - 20 Jun 2024

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