Previous Day Highlights

FBM KLCI rebounded due to bargain hunting activities. The benchmark index was up 0.29% or 4.61 pts to close at 1,615.08. Gainers were seen in technology (+0.64%), transportation (+0.57%), and telecommunications (+0.56%); while losers were seen in property (-0.65%), REIT (-0.50%), and consumer (-0.44%). Market breadth was neutral with 497 losers against 490 gainers. Total volume stood at 2.48bn shares valued at RM2.26bn.

Major regional indices trended mixed. HSI gained 0.49%, to end at 20,701.14. SHCOMP dropped 1.08%, to close at 3,286.41. Nikkei 225 up 0.77%, to finish at 38,903.68. STI rose 0.18%, to close at 3,590.36.

Wall Street closed mixed as investors digested a host of corporate earnings and awaited Google-parent Alphabet's results. The DJIA dropped 0.36%, to end at 42,233.05. Nasdaq rose 0.78%, to close at 18,712.75. S&P500 rose 0.16%, to finish at 5,832.91.

News For The Day

IOI Properties unveils RM12bn integrated development

IOI Properties has unveiled the 100-acre integrated development IOI Rio City located within its Bandar Puteri Puchong. With a total GDV of RM12bn, IOI Rio City will have residential, office and retail components as well as an existing 10.93-acre urban park. IOI is collaborating with Arcadis US, which will be designed to be community-centric with a 15- minute city concept. The integrated development will be connected to key amenities nearby such as the Taman Perindustrian Puchong LRT station and Puchong Financial Corporate Centre via shaded street-level walkways, bicycle lanes, bicycle nodes as well as link bridges, according to the developer. - The Edge Market

Sunway REIT hands RM255m contract

Sunway REIT has awarded a RM255m contract to Awangsa PMC (APMC) for the Sunway Pier redevelopment project at Port Klang, Selangor. Sunway Pier, with an estimated development cost of RM400m, is expected to transform Port Klang into a destination for leisure and shopping activities. It will represent Sunway REIT's first greenfield development- The Edge Market

Tasco 2QFY3/25 net profit down 49%

Tasco’s 2QFY3/25 net profit fall 49% YoY to RM8.1m on the back of a lower contribution from its supply chain solutions (SCS) division within the international business solution (IBS) segment. With the recent unveiling of Budget 2025, Tasco is expecting inflationary pressure again to hit their cost structure. The other area of concern is the escalating geopolitical trade war which may affect global trading activities, particularly the export of Malaysian manufactured goods. - The Edge Market

Bina Puri completes drawdown of RM73m credit financing

Bina Puri’s subsidiary Sumbangan Lagenda has completed the drawdown of its RM73m credit financing facility from Islamic banking group MBSB Bhd. The credit financing facility from MBSB enabling it to not only meet its working capital requirements, but also improve its offerings. Since then, The Main Place Mall has managed to achieve a tenancy rate of more than 90%. - The Edge Market

Binasat bags RM46m power substation job

Binasat has secured a contract worth RM46.3m for the supply, erection and commissioning of transmission main intake (PMU) job in Genting Klang, Kuala Lumpur. Including the latest win, Binasat has announced three cable jobs since the start of 2024, with contract values totalling approximately RM128.3m, all of which are in Klang Valley. - The Edge Market

Our Thoughts

Wall Street ended mixed amid a choppy session as traders are waiting for Alphabets’ earnings that is due later today. Meanwhile, the US 10-year yield declined to 4.256%. Over in Hong Kong, the HSI maintained its upward trajectory but closed off its day’s high. Sentiment was buoyed by robust earnings from HSBC and biopharmaceutical company Wuxi AppTec that beat expectations. Back home, after a 4-day decline, the FBM KLCI finally ended on a positive note attributed to some bargain hunting activities. Nonetheless, overall sentiment remains cautious as depicted by the low volume traded. Meanwhile, it is worthwhile noting that the CPO price has trended at its YTD high thus giving hopes of a potential blockbuster 4Q for the planters. All said, we are hopeful the index to maintain its rebound thus expect it to hover within the 1,615-1,625 range today.

Source: Rakuten Research - 30 Oct 2024

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