Previous Day Highlights

FBM KLCI closed lower due to weak sentiment regionally. The benchmark index was down 0.74% or 11.98 pts to close at 1,609.26. Majority of sectors were negative with technology (- 1.8%), property (-1.3%), and REIT (-1.3%) leading the losses; while gainers were seen in plantation (+1.7%), and utilities (+0.0%). Market breadth was negative with 685 losers against 357 gainers. Total volume stood at 2.68bn shares valued at RM2.03bn.

Major regional indices trended mixed. HSI declined 1.45%, to end at 20,426.93. SHCOMP increased 0.51%, to close at 3,470.07. Nikkei 225 up 0.08%, to finish at 39,533.32. STI rose 0.41%, to close at 3,739.47.

Wall Street closed higher lifted by the euphoria post-election. The DJIA added 0.69%, to end at 44,293.13. Nasdaq rose 0.06%, to close at 19,298.76. S&P500 rose 0.10%, to finish at 6,001.35.

News For The Day

EPF posts 34.1% jump in 3Q investment income to RM19.67bn

The Employees Provident Fund (EPF) reported an investment - income of RM57.57bn for 3QFY24, marking a 20% increase from e RM47.86bn in the same period in 2023. In the third quarter, the ). EPF's investment income reached RM19.67bn, up RM5bn from 7 RM14.67bn in the same period in 2023. The EPF's robust t performance reflected its investment strategy of maintaining a highly diversified portfolio across major asset classes. – The Edge Market  

Kerjaya Prospek in JV to undertake development in Penang

Kerjaya Prospek Group has entered into a joint venture (JV) with Aspen Vision Development to undertake a mixed development . on a 36-acre plot of land in Seberang Perai Tengah, Penang. The development, to span seven years from end-2024, will see t the construction of 338 affordable housing units, 1,680 residential units, service apartments, as well as retail shops and offices. - The Edge Market

KTI Landmark wins RM50m construction job

KTI Landmark has accepted a letter of award from Jawat Johan for a sub-contract of works for the Labuan Air Base RKAT construction project, worth RM50m. The tenure of the contract is 14 months from Nov 25, 2024, to Jan 25, 2026. The letter of award is expected to contribute positively to the revenue and earnings of the group for the financial years during the contract period. – The Star

Destini's unit bags RM33.1m contract

Destini's wholly owned subsidiary, Destini Prima (DPSB) has secured a RM33.1m contract from the Ministry of Defence to provide maintenance services for safety and survival equipment for airborne equipment. The three-year contract starts from today until Nov 10, 2027. The new contract has propelled the group’s order book beyond RM800m, enhancing its earnings visibility through 2027, and further solidifying its position as a dependable partner in national defence. – The Star

Ecoscience bags RM200mn pellet plant construction job

Ecoscience International has accepted a letter of award from Wilhelmina Energy Malaysia for the engineering, procurement and construction of the TG2 pellet plant in Kuantan, Pahang, worth RM200m. The completion date for the construction work shall be 24 months from the commencement date of Dec 2, 2024. This is expected to contribute positively towards the earnings and net assets of the group for the financial year ended Dec 31, 2025, assuming no material delay in the timing. – The Star

Our Thoughts

Wall Street closed firmer with the DJIA surging to another record high as the post-election euphoria continues. Meanwhile, the US 10-year yield eased to 4.306%. Over in Hong Kong, the HSI slumped 300 points as traders were disappointed on the stimulus package totalling USD835bn announced last Friday. Hence, the sell-down on Property and Tech related stocks on the back of more tariffs on China’s exports going forward. Back home, the FBM KLCI declined to below the 1,610 level amid selling across the board. We believe foreign funds were the main culprits as countries within the ASEAN region were not spared either. Looking ahead, we expect a swift rebound to happen thus anticipate the index to trend within the 1,610-1,620 range today. Interestingly, crude palm oil price continues to chart YTD high as the futures is currently hovering at RM5,200/tonne.

Source: Rakuten Research - 12 Nov 2024

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