Previous Day Highlights

FBM KLCI pared earlier losses due to late buying as the benchmark index managed to end up 0.02% or 0.33 pts to close at 1,635.62. Majority of sectors were positive with construction (+1.4%), property (+1.1%), and utilities (+0.6%), leading the gains; while losers were seen in technology (-0.5%), and consumer (-0.4%). Market breadth was positive with 567 gainers against 486 losers. Total volume stood at 3.3bn shares valued at RM2.67bn.

Major regional indices trended mixed. HSI was down 9.41% to close at 20,926.79. Nikkei 225 slid 1.00%, to finish at 38,937.47. STI gained 0.28%, to close at 3,599.19. SHCOMP was up 4.59% to close at 1,489.78.

Wall Street closed higher as crude oil prices eased. The DJIA added 0.30%, to end at 42,080.37. Nasdaq gained 1.45%, to close at 18,182.92. S&P500 rose 0.97%, to finish at 5,751.14.

News For The Day

BlackRock, YTL unit to buy Singapore's Citadines Raffles Place

BlackRock Inc and the hotel unit of Malaysian developer YTL Corp are set to purchase a group of serviced apartments in a prime office building in Singapore’s central business district (CBD). The world’s largest asset manager is seeking to buy the Citadines Raffles Place, located in CapitaSpring, for just under S$290m (RM950.9m). The transaction will mark another purchase for BlackRock in an asset class it has favoured in Singapore. - The Edge Markets

BYD appoints Sime Darby Auto Imports as importer

BYD Auto Industry Co Ltd has appointed Sime Darby Auto Imports as the official importer, and BYD Malaysia as the official distributor for Denza, a premium sub-brand by BYD, in Malaysia. The luxury electric vehicle (EV) sub-brand of BYD, is set to bring a new dimension to Malaysia’s EV market with premium cutting- edge technology, features and driving experience. - The Star

Perdana wins two work orders for workboat

Perdana Petroleum has bagged two work orders worth a combined RM19.1m for the provision of two units of accommodation workboat. Perdana Nautika (PNSB) accepted the work order from DESN Marine Services, a wholly owned subsidiary of Dayang Enterprise Holdings. Both work orders commenced on Aug 1, 2024. The first contract worth RM13.3m has a tenure of 153 days, while the second contract is valued at RM5.8m with a duration of 61 days. - The Star

Sunsuria awarded rights to run UK international schools

Sunsuria said it has won the exclusive rights to operate new British international schools in Malaysia, Singapore, Taiwan, Hong Kong, Japan, South Korea, India and other regions across Southeast and South Asia. The company said the rights were granted by Concord College International Ltd (CCIL). Moving forward, Sunsuria plans to establish another two Concord College International School campuses in Malaysia. - The Edge Markets

Ireka Corp secures RM1.07bn highway upgrade job in Sabah

Ireka Corp has accepted a letter of award (LoA) from Gammerlite in relation to sub-contract works for the Sabah Pan Borneo Highway Project Phase 1B, worth RM1.07bn. Ireka said the sub-contract is for upgrading works to the road from Kampung Lomou Baru to Kampung Toupus (WP33), which will be for a period of 48 months from Sept 30. Ireka expects the sub- contract to positively contribute to its net assets and earnings for the financial year ending FY6/25. - The Star

Our Thoughts

Wall Street closed positively as traders are pondering the decline in crude oil prices amid the ongoing tension in the middle east. As such, the DJIA rose 126 points while the Nasdaq added 259 points with the US 10-year yield easing slightly to 4.014%. Over in Hong Kong, the HSI tumbled sharply to below the 21,000 mark as the buying euphoria waned following the absence of more handouts during the National Development and Reform Commission (NDRC) press conference yesterday. On the home front, the FBM KLCI closed marginally higher due to last minute buying activities paring earlier losses. Though daily traded volume improved somewhat, it remains insufficient to instigate any heightened trading activities. Therefore, we maintained that the local bourse is still stuck within its consolidation phase and the index is expected to hover within the 1,630-1,640 range today. Meanwhile, crude oil price slipped as the Brent crude lost almost 5% to USD77/barrel on concerns on weakening demand.

Source: Rakuten Research - 9 Oct 2024

To sign up for an account: http://bit.ly/40BNqKI

[Youtube Tutorial] Account Opening & Enable Foreign Equity: http://bit.ly/3I5Jzxo