Previous Day Highlights

30 December 2024 FBM KLCI closed higher due to bargain hunting activities. The benchmark index was up 0.89% or 14.44 pts to close at 1,628.14. Majority of sectors were positive with health care (+2.0%), construction (+1.5%), and property (+1.1%), leading the gains; while losers were seen in transportation (-0.1%), and consumer (-0.1%). Market breadth was positive with 692 gainers against 295 losers. Total volume stood at 2.47bn shares valued at RM1.87bn.

Major regional indices trended positively. SHCOMP increased 0.1%, to close at 3,400.14. Nikkei 225 gained 1.8%, to finish at 40,280.94. STI up 0.3%, to close at 3,771.63. However, HSI was down 0.04% to close at 20,090.64.

Wall Street closed lower amid declines in mega-cap stocks. The DJIA dropped 0.77%, to end at 42,992.21. Nasdaq eased 1.49%, to close at 19,722.03. S&P500 declined 1.11%, to finish at 5,970.84.

News For The Day

Khazanah invests into Cambrian Fund and Syntiant Corp

Khazanah Nasional has invested in private equity Cambrian Fund and California-based artificial intelligence (AI) firm Syntiant Corp. The investment was made through its RM1bn Dana Impak fund, which aims to drive greater growth and innovation in Industrial Revolution 4.0 (IR4) technologies and capacity development, and boost research and development (R&D) in AI and semiconductor technologies. - The Edge Market

Kim Loong’s 3QFY1/25 net profit up 4%

Kim Loong Resources’ 3QFY1/25 reported its highest ever quarterly net profit of RM50m (up 4% YoY), helped by higher average selling prices in both its plantation and palm oil milling divisions. Looking forward, the Group expects the average CPO price to stay above RM5,000 per MT in the final quarter of FY25. - The Edge Market

Crescendo 3QFY1/25 net profit RM103m

Crescendo Corporation’s 3QFY1/25 posted a significant increase in net profit of 4x YoY to RM103m, mainly contributed to by the data centre land sales in Nusa Cemerlang Industrial Park. Moving forward, Crescendo expressed optimism about the property market, particularly in Johor, over the next few years noting that the influx of foreign direct investments into Johor is expected to sustain strong demand for industrial properties. - The Star

Paragon shareholders greenlight deals with Tropicana unit

Paragon Globe’s shareholders have approved the Johor- based property developer’s various land deals as well as its joint development with a unit of Tropicana Corp. Shareholders also supported the group’s land acquisition of 14.85 acres of land in Plentong, Johor for RM28.6m, and another two parcels measuring an aggregate 19.33 acres for RM35.0m. - The Edge Market

SCGM formalises injection of agriculture business

SCGM's substantial shareholders are to inject their agriculture-related business into the cash company in return for RM207.9m worth of shares as part of the company's regularisation plan. SCGM entered into a conditional share sale agreement with several vendors to acquire the entire equity interest in Eramas Global Group. Prior to the acquisition of Eramas, SCGM intends to distribute RM48.14m cash, in the form of a 25 sen per share special dividend to its shareholders. - The Edge Market

Our Thoughts

Wall Street closed broadly lower fueled by tech stocks as uncertainties loom over Trump’s economic policy and tariffs. Meanwhile, the US 10-year yield continues to stay elevated at 4.631%. Over in Hong Kong, the HSI ended marginally lower having trended within a narrow range as investors are expecting for more stimulus measures following a poor run of Chinese industrial companies’ profits over the last few months. Back home, the FBM KLCI managed to close higher to almost the 1,630 mark underpinned by stock accumulation across the board. We believe the index may end 2024 on a higher note with the 1,650 level as the immediate resistance. As such, we anticipate the benchmark index to hover within the 1,630- 1,640 range today.

Source: Rakuten Research - 30 Dec 2024

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