Rakuten Trade Research Reports

Daily Market Report - 13 Aug 2024

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Publish date: Tue, 13 Aug 2024, 09:19 AM
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Previous Day Highlights

The FBM KLCI trended higher due to improving market sentiment. The benchmark index rose 10.62 points or 0.665% to close at 1,606.66. Almost all sectors were positive with Utilities (+2.83%), construction (+1.40%), and telco (+1.11%) leading the gainers. Market breadth was positive with 646 gainers against 406 losers while 522 counters were unchanged. 4.0bn shares were traded valued at RM2.92bn.

Major regional indices ended mixed ahead of the US and China’s economic data announcements. HSI gained 0.13%, to end at 17,111.65. Nikkei 225 added 0.56% 35,025.50. SHCOMP and STI fell 0.14% and 0.81% to finish at 28,858.20 and 3,235.38 respectively.

Wall Street closed mixed as investors braced for key inflation data. The DJIA lost 0.36%, to end at 39,357.01. Nasdaq rose 0.2%, to close at 16,7780.01. S&P500 was flattish at 5,344.39.

News For The Day

Autopart distributor MSB Global files for ACE Market IPO

Autopart distributor MSB Global Group has filed for an initial public offering (IPO) on the ACE Market of Bursa Malaysia to raise funds to rebuild a factory that doubles up as a warehouse. “We intend to reconstruct and refurbish the building to house our own factory, producing automotive lubricants and fluids using blenders and automated fill-and- finish production lines, together with a warehouse to store our in-house branded automotive lubricants,” the company said. - The Edge Markets

Kitacon bags RM111.2m contract

Kumpulan Kitacon has secured a contract worth RM111.2m for the construction of factories and industrial facilities in Klang, Selangor. The contract involves the construction and completion of 27 detached factories with 2-storey offices, one larger detached factory with a 2-storey office, and two Tenaga Nasional (TNB) substations, including related infrastructure at Bandar Bukit Raja III in Klang, Selangor. - The Edge Markets

Censof unit secures RM14.64m contract

Censof Holdings has accepted an award from Penang Development Corp for the implementation of an enterprise- wide financial management information system (EFMIS). The value of the development and maintenance projects amounts to RM7.3m each. -The Star

Pekat unit bags RM21.8m jobs

Pekat Group's sub-subsidiary Pekat E&LP SB has secured an award from Gamuda Engineering SB for the construction of earthing and lightning protection systems in Rawang, Selangor for RM21.8m. The group said the contract commenced on July 1, 2024. The trade completion data will be on Sept 30, 2025, and the main contract substantial completion date will be on Feb 27, 2026. -The Star

Mikro MSC acquires signage firm for RM30m

Mikro MSC is proposing to acquire Singapore-based TES Productions and Projects Pte Ltd (TES) for RM30m in shares to diversify into the business of design, manufacture and installation of signs and advertising displays. “The proposed acquisition represents a strategic opportunity for the company to expand its footprint in Singapore, diversify its revenue streams and reduce dependency on a single geographical market. -The Star

Our Thoughts

Wall Street closed on a mixed note as sentiment stayed cautious with traders mostly side-lined waiting for a deluge of economic data over the next few days especially the CPI figure on Wednesday. As a result, the DJIA lost 140 points while the Nasdaq added 35 points as the US 10-year yield eased to 3.907%. In Hong Kong, the HSI managed to stay above water after a choppy session. Despite traders are optimistic that the PBOC may reduce the reserve requirement ratio (RRR), the uptrend was affected by restrictions within the gaming sector. Back home, buying activities returned as the FBM KLCI closed above the 1,600 level predominantly supported by the local institutions. We believe this will eventually instill some confidence on the smaller caps thus expect the daily volume to improve going forward. Hence, we reckon the index to hover within the 1,600- 1,615 range today as market undertone remains on a cautious mode. Meanwhile, escalating tension in the middle east and more positive US economic data saw crude oil prices firming as the Brent crude topped almost the USD81/barrel.

Source: Rakuten Research - 13 Aug 2024

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