Some see opportunities, focus on fundamentals

Bottom up stock pick up strategy now...

wait for M&As , MGO, etc je... the new chairman could help

History
Date Price Change Dir-Volume Day Volume Dir-Value Day Value Avg Price % of Total Share Remarks
01/06/2021 00:00:00 0.2150 0.0250 500,000 500,000 107,500 107,500 0.2150 0.0760 -
30/08/2018 00:00:00 0.1300 - 100,000 100,000 13,000 13,000 0.1300 0.0152 -
30/03/2018 00:00:00 0.1500 0.0100 100,000 100,000 15,000 15,000 0.1500 0.0152 -
21/07/2017 00:00:00 0.1600 - 234,650 469,300 37,544 75,088 0.1600 0.0357 -
21/07/2017 00:00:00 0.1600 - 234,650 469,300 37,544 75,088 0.1600 0.0357 -
16/11/2015 00:00:00 0.2000 - 1.800m 1.800m 360,000 360,000 0.2000 0.2736 -

Summary from 06/01/2009 to 01/06/2021
Highest Price 0.4600 First Occurred on 21/01/2009
Lowest Price 0.1300 First Occurred on 12/06/2013
Highest Volume 10.000m First Occurred on 15/01/2009

KUALA LUMPUR: The benchmark FBM KLCI Index's rebound on the first trading day of the second half of 2023 (2H23) has market players floating hope for a better second half as major economies such as the United States and China show signs of improvement.

Yesterday, the benchmark index closed 19.21 points or 1.4 per cent higher at 1,395.89 points. A 6.6 per cent drop year-to-date.

Market experts said factors such as stabilising of China's inflation and the upcoming state election could push the local index to end the year on a higher note.

The FBMKLCI index could potentially reach 1460 to 1480 levels, 100 points lower than previously predicted (1500) due to China's early reopening, they said.

SPI Asset Management managing partner Stephen Innes said there is a possibility that the United States Federal Reserve (Fed) is slowing down its rate hikes.

"There is a growing sense that we are nearing the end of the vicious for risk sentiment aggressive Fed rate hike cycle with inflation meandering down the mountain. "And locally while China's manufacturing fell suggesting activity remains sluggish, it is starting to show signs of stabilising which is particularly good news for Malaysia as China is the key trading partner," he told the New Straits Times.

Innes noted there is also some early portfolio balancing in the second half as investors are looking at "undervalued pockets" with lower valuations.

"What I mean by undervalued pockets includes manufacturers, particularly the big electrical and electronic equipment, and we could see a boost in commodity exporters."

"I have not heard of any change in strategy by the Employees Provident Fund to invest more locally, but that is something we do expect to happen especially if China's economy starts turning the corner again," Innes added.

Malacca Securities head of research Loui Low said the market bellwether might be weak now and trade below the 1,400 levels.

"Based on the current sentiment and nearer to the state elections, it might be slightly weak for now below the 1,400. "We think the better sentiment may come in after the conclusion of the state elections," he added.

founders dah 70++ , anytime boleh mati.. anak2nya pun tak pandai biz... jadi, tak mustahil jika mau jualkan syernya... biarkan anak2nya uruskan sykt peribadi saja

Dari 35sen++ ke 7sen, founders dah nak mati kot? :)

Founders dah kaya raya, Fokus pada private companies. Mau jualkan listed company, picorp. Tunggu je

Japan's Nikkei closing at its highest level in 33 years, drawing support from signs that cooling inflation might temper central banks' appetite to further hike rates.

NTA 8sen, beaten price now 7sen, highest price reached 35sen+ earlier this year

SYDNEY: Asian shares firmed on Monday as demand for tech stocks buoyed Japan's market, while a data-packed week promises to be pivotal to the outlook for the Chinese economy and U.S. interest rates.

China's factory activity slowed in June as the Caixin manufacturing survey showed a dip to 50.5, from 50.9 in May. That slightly beat market forecasts of 50.2, but still underlined the weakening trend seen in other surveys.

China's central bank has promised more "forceful" action to support the economy and looks likely to soon get a new boss. Something major is needed given Chinese blue chips shed 5% last quarter while much of the developed world rallied.

"As Japan found in the 1990s, it's hard work stimulating an economy experiencing a significant property slump against a backdrop of high sector debt and a falling population," cautioned analysts at ANZ in a note.

In contrast, hopes Japanese firms will fill any gaps created by Sino-U.S. decoupling combined with a weak yen to lift the Nikkei almost 20% last quarter. The index climbed another 1.7% on Monday to within a whisker of 30-year peaks.

A survey from the Bank of Japan showed business sentiment improved in the second quarter as easing supply constraints and the removal of pandemic curbs lifted factory output and demand.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.2%, though it was still lagging far behind Japan's market.

EUROSTOXX 50 futures and FTSE futures both added 0.4%. S&P 500 futures and Nasdaq futures were steady ahead of the July 4 holiday, having gained more than 6% in June.

The high-flying tech sector could get another boost from news Tesla delivered a record 466,000 vehicles in the second quarter, topping market estimates of around 445,000.

That followed Apple's crossing above $3 trillion in valuation for the first time on Friday and sealing the Nasdaq's best quarter in 40 years.

Analysts at BofA noted the market value of the seven biggest tech stocks had ballooned by $4.1 trillion so far this year, while Apple, Microsoft and Alphabet combined were worth more than the entire emerging market.

FED STILL SEEN HIKING

Sentiment had been soothed on Friday by a modest downward surprise in U.S. inflation while a flat reading for consumer spending suggested the Federal Reserve's rate hikes were having an impact, albeit gradually.

Debt markets, however, still imply around an 87% chance of the Fed hiking to 5.25-5.5% this month, and a 40% probability of yet a further rise by November.

Minutes of the Fed's last policy meeting are out on Wednesday and will expand on why they decided to pause, though most policy makers also expected to hike at least two more times by year end.

Important U.S. data this week includes closely watched surveys on manufacturing and services, job openings and the June payrolls report. Median forecasts are for a steady unemployment rate, while jobs are seen up 225,000 after May's surprisingly strong 339,000.

Michael Feroli, an economist at JPMorgan, said that wouldn't be nearly enough for the Fed to stand down from the recent rhetoric pointing to further tightening.

"While we see a strong case for a July hike, we still believe the two subsequent payroll reports prior to the meeting in September will show enough slowing to allow the Fed to more comfortably go on extended hold."

The prospect of at least one more U.S. rate rise continues to underpin the dollar against the yen, given the Bank of Japan shows little sign of abandoning its super-easy policies.

The dollar stood at 144.48 yen on Monday, after hitting an eight-month peak of 145.07 last week before the risk of Japanese intervention slowed its ascent.

The euro was likewise firm at 157.61 yen, and just off its recent 15-year top of 158.01. The single currency was range-bound on the dollar at $1.0915, having spent the entire year so far trading between $1.0635 and $1.1096.

Rising interest rates globally have seen gold struggle recently and the metal was last at $1,920 an ounce, near last week's three-month low at $1,892.

Oil prices marked time as investors waited to see the impact of another round of output cuts by Saudi Arabia.

Brent rose 6 cents to $75.47 a barrel, while U.S. crude firmed 2 cents to $70.66. - Reuters

“With state elections, which will dominate the first half of 3Q, we believe the market could still be in the doldrums until a clear result is seen post-elections. After that, we are likely to see some positive recovery since the political risk will be behind us, in our view,” he told StarBiz.

Wong believes the weak ringgit was partially a result of the US dollar strength, which he believes may be peaking in the near future, when the US economy starts to slow and the Federal Reserve (Fed) rate hike is paused, and should see some inflow back into Malaysia as the currency may be seen as undervalued.

Any heavy lifting of the local indices will have to be done by local funds, as foreign fund managers will likely remain net short on the local markets and focused on other Asian markets, according to global fund manager Schroders.

Asset managers said the reform could spark outflows from eurozone government bonds in favour of riskier assets and change the way such funds protect themselves from swings in interest rates. — Bloomberg

AN overhaul of the private pensions system in the Netherlands – the biggest in the European Union – is leading asset managers there to rethink how they invest 1.5 trillion euros (US$1.64 trillion or RM7.7 trillion) of retirement savings.

Asset managers for top Dutch pension funds said the reform, which takes effect today, could spark outflows from eurozone government bonds in favour of riskier assets and change the way such funds protect themselves from swings in interest rates.

During the quarter, the U.S. Federal Trade Commission (FTC) launched challenges to block announced deals including Amgen Inc's $27.8 billion deal to buy Horizon Therapeutics PLC and Illumina's acquisition of cancer diagnostic test maker Grail.

"I have not seen increased traction on the truly gigantic deals the way we did a few years ago," said Eric Schiele, a senior M&A partner at law firm Kirkland & Ellis. "Eventually the industrial imperative to transact is going to outweigh the headwinds. And when it does, if history is any guide, it's going to do so pretty fast and pretty furiously."

The S&P 500 Index has risen 14.5% since the start of the year. Shares of companies that have lagged in the market recovery have sometimes become acquisition targets, especially when they have major shareholders that can take them private, dealmakers say.

"Over the next six months, there'll be a lot of share buybacks and a lot of controlling shareholders proposing buyouts of their publicly listed subsidiaries – both are indicators of beliefs that markets will be stronger by this time next year, and neither typically require extraordinary financing," said Ethan Klingsberg, co-head of U.S. M&A at Freshfields Bruckhaus Deringer LLP.

Hope so4picorp.

NEW YORK/LONDON (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence.

Any big project announcements in Indonesia or Saudi could drive up the share price back to 20-30sen... be patient

the gang pushed the share price up to35sen++ is almost done selling, the major shareholders allowed and did nothing... almost finish their lelong shares... time to grab b4 a strong rebound anytime

PICORP is delighted to announce our new Chairman. The Group extends its warm welcome to Datuk Syed Hisham Syed Wazir, who has been appointed to take the helm of PICORP's BOD leadership, effective 30 May 2023. The Group is honoured to have someone of Datuk Syed Hisham's caliber and expertise to be part of the Group steering us to new remarkable heights. We look forward to working with him to achieve our goals. 🎉

Global equities surged on Thursday after the consumer price index (CPI) in the United States missed the average analyst estimate to fuel a rally in stocks and bonds while sending the U.S. dollar sharply lower. Investors are hoping that the falling inflation will prompt the Fed to slow down the pace of rate hikes and therefore increase the chances of a soft landing.

Cooler-than-expected inflation data in the U.S. has helped Australian equities to hit the highest level since June. The benchmark ASX 200 rose by 2.8% to 7,158 points on Friday. Overall, 173 of 200 stocks in the ASX 200 index recorded gains, while some mining stocks, including Whitehaven and New Hope (OTC:NHPEF), trailed the broader market.

KUALA LUMPUR: Analysts projecting continued weakness in the local stock exchange into the third quarter of 2023 are recommending investors start accumulating shares :)

R u ready?

KUALA LUMPUR: S&P Global Ratings has affirmed its 'A-' long-term and 'A-2' short-term foreign currency sovereign credit ratings on Malaysia.

The ratings agency also affirmed its 'A' long-term and 'A-1' short-term local currency ratings on Malaysia.

"The stable outlook reflects our expectations that Malaysia's steady growth momentum and fiscal policy will allow modest improvements in fiscal performance over the next two to three years,” it said in a press released published on their website today.

As the Malaysian economy recovers from the pandemic-related slowdown, it believed its medium-term growth prospects are better than most of the other sovereigns at similar income levels.

"Although Malaysia's budget deficit remains high, we expect its growth dynamics to offset vulnerabilities associated with an elevated government debt stock and weak fiscal performance,” it said.

S&P Global Ratings said Malaysia's 2022 growth momentum has continued into 2023 with its first-quarter gross domestic product (GDP) rising 5.6 per cent year-on-year, underpinned by a further improvement in employment, recovery in tourism activity, and continued capital investments on both private and public fronts.

"Nevertheless, we expect full-year economic expansion to moderate to four per cent as a weakened global growth environment takes hold,” it said.

The ratings agency also said that Malaysia's 2023 budget remains expansionary to support growth momentum and alleviate inflationary pressures. Hence, we forecast Malaysia's net indebtedness to rise by 4.4 per cent of GDP in 2023 versus a 5.0 per cent increase in 2022 on moderately lower general and central government deficits, it said.

Meanwhile, it said Malaysia's solid external position remains a rating strength. The country has had consistent current account surpluses for more than two decades.

"We forecast the current account surplus will stabilise around three per cent of GDP over the next three years, driven by a gradual recovery in tourism and a continued strong demand for its manufacturing exports will support the country's trade accounts,” it said.

In addition, although its consumer price index (CPI) rose in 2022 to 3.4 per cent in line with higher global prices and supply-side constraints, it expects the CPI to come in at a modest 2.8 per cent by year-end due to the government's subsidies on fuel and food staples, it said. - Bernama

KUALA LUMPUR: Bursa Malaysia stayed in bargain-hunting mode over the morning session as investor sentiment was lifted by the easing of recessionary risk following an optimistic US economic report.

At 12.30pm, the benchmark FBM KLCI was up 4.48 points to 1,391.22 while the broader market was nearly even with 322 gainers to 331 decliners.

Trading volume was 1.66 billion shares valued at RM755.88mil.

Elsewhere, Asian markets remained wobbly against an uncertain backdrop of geopolitical conflict and ongoing inflation risks.

Japan's Nikkei rose 1.6% to 33,069 although South Korea's Kospi dropped 0.8% to 2,561.

China's composite index fell 0.5% to 3,172 and Hong Kong's Hang Seng sllid 0.1% to 19,122.

On Bursa Malaysia, blue chips leading gains included Maybank up four sen to RM8.75, IHH rising seven sen to RM5.89 and Axiata gaining four sen to RM2.67.

Technology stocks, tracking the bounce on the Nasdaq overnight, included MPI up 16 sen to RM28.38, Pentamaster adding 11 sen to RM4.91 and Inari climbing seven sen to RM2.70.

AirAsia X was seen rallying 11 sen to RM1.83 while SHL jumped 10 sen to RM1.95.

Of actives, Borneo Oil was flat at 1.5 sen, MYEG dropped 3.5 sen to 76.5 sen and Classita gained 0.5 sen to 9.5 sen.

KUALA LUMPUR: The ringgit extended its gains to open higher this morning, amidst positive developments in the Asian foreign exchange (forex) market.

Risk appetites improved after Malaysia and China's central banks moved to stop the slide in their respective currencies, dealers said.

At 9 am, the local unit rose to 4.6570/6625 versus the greenback compared to 4.6640/6685 at Tuesday's close.

SPI Asset Management managing director Stephen Innes said the People's Bank of China (PBOC) had fixed the yuan stronger than anticipated and this had weighed on the greenback.

Talks of the PBOC selling US dollars in the open market to support the Chinese yuan also helped to stabilise the ringgit, he said.

"On another note, the Japanese Finance Minister's statement that the Japanese yen is too weak also had traders on the lookout for US dollar selling from Japan's Ministry of Finance.

"These are all Asia-centric, thus it has helped all Asian forex to strengthen, including the ringgit," he said to Bernama, adding that risk sentiments also seem to be stabilising globally, even in the face of higher or longer interest rates.

Meanwhile, ActivTrades trader, Dyogenes Rodrigues Diniz said the US dollar slipped 0.17 per cent against the ringgit yesterday and the downward movement was a natural reaction after the extensive upward movement that had been going on since April 14.

"From a technical point of view, the US dollar was in an overbought region against the ringgit, marked by the reading of 73.12 on the Relative Strength Index (RSI) indicator. Readings above 70 tend to show exhaustion of buying power.

"As the price managed to break below yesterday's low, it is possible that the US dollar will drop to the region of 4.6000-4.5250 in a few days," he added.

In the meantime, the ringgit was traded mostly higher against a basket of major currencies.

It rose vis-a-vis the euro to 5.1013/1073 from 5.1043/1092 at Tuesday's close and strengthened against the Japanese yen to 3.2367/2408 from 3.2425/2458 yesterday, but eased versus the British pound to 5.9344/9414 from 5.9326/9383 previously.

The local note was also traded mostly higher against other Asean currencies.

The ringgit went up against the Singapore dollar to 3.4512/4558 versus 3.4553/4592 on Tuesday and advanced against the Thai baht to 13.1777/1989 from 13.2155/2342 yesterday.

It had also gained versus the Indonesian rupiah at 310.5/311.1 from 311.0/311.5 but slipped to 8.45/8.46 against the Philippines' peso from 8.43/8.44 yesterday.

-- BERNAMA

KUALA LUMPUR: Bank Negara Malaysia (BNM), as per its statutory mandate, will intervene in the foreign exchange (forex) market to stem currency movements that are deemed excessive, said its assistant governor Adnan Zaylani.

He said while the value of the ringgit will continue to remain market-determined, the central bank expects ongoing measures by the government to further strengthen the economy would ensure the ringgit better reflects the country's fundamentals.

"The ringgit continues to be affected by global developments, however, Malaysia's expected economic growth in the range of 4-5 per cent, structural reforms and fiscal consolidation efforts by the government are supporting factors for the ringgit," said Adnan, who is also the Financial Markets Committee (FMC) chairman.

In a statement today, in conjunction with an FMC meeting to discuss recent financial market developments affecting the ringgit exchange rate, he said FMC members also discussed observations that corporates and exporters have retained more proceeds in foreign currencies, indicated by rising foreign currency account balances which could potentially lead to an imbalance in market flows.

In managing their forex risks, corporates and exporters should be encouraged to take advantage of the attractive level of exchange rates to optimise their foreign currency balances, Adnan noted.

Meanwhile, Financial Markets Association of Malaysia (FMAM) president Chu Kok Wei said financial markets in Malaysia continue to operate in an orderly manner and remain conducive to carrying out clients' needs.

"We welcome BNM's guidance on the ringgit and recent market developments. We will remain supportive of its efforts in domestic markets," he said.

In addition to Malaysia's strong economic fundamentals, the FMC is of the opinion that further clarity on the United States Federal Reserve's terminal rate and possible positive signs from stimulus measures out of China may provide support to the ringgit and Asian currencies in general.

A recent forecast by analysts and economists continues to point to broad-based recovery against the US dollar by the end of the year, at an average of 4.56 versus the dollar in the third quarter and 4.50 in the fourth quarter.



Ringgit does not reflect Malaysia's economic fundamentals

As for the assessment of the ringgit, BNM said the external environment continues to be the main driver of the local note's performance, particularly the evolving market expectations of higher terminal interest rates in most major economies, which in turn, raises risks of a possible marked slowdown in the global economy.

At the same time, the People's Bank of China (PBOC) has lowered interest rates amidst signs that China's post-COVID economic recovery is losing its momentum.

The ringgit, along with other regional currencies, has been weighed down by these developments.

Against the backdrop of the US dollar's strength, the FMC observed that the extent of the recent depreciation of the ringgit is not reflective of Malaysia's economic fundamentals.

The FMC viewed recent movements in the ringgit exchange rate to be excessive considering the following factors:

i. After recording one of the highest gross domestic product (GDP) growth rates in the world in 2022, Malaysia's growth momentum is expected to continue in 2023 albeit at a more moderate level, supported by continued domestic investment activity, improving labour market conditions and higher tourism activities. Malaysia's broad and diversified economic structure is expected to cushion the impact of slowing global growth.

ii. While the strong correlation between the ringgit and the renminbi can be explained by the significant trading relationship between Malaysia and China, it is important to note that Malaysia's external sector remains diversified, both in terms of product segments as well as in terms of trading partners. The FMC observed that this should serve to moderate the close co-movement between the ringgit and the renminbi.

iii. The FMC noted that while the ringgit volatility has risen consistently with those of regional currencies, the extent of the volatility increases has been disproportionately higher and deviating from historical relative movements. Notwithstanding this, the onshore financial markets remain on solid footing. Ringgit forex volatility remains the lowest among regional peers. This was underpinned by a healthy increase in daily forex turnover volumes over the past few years, averaging US$15.1 billion (US$1=RM4.67) year-to-date.

iv. In the bond market, non-resident holdings of Malaysian Government Securities (MGS) bonds have remained close to the longer-term average figure of 23.5 per cent. Importantly, MGS continues to offer positive real yield and FMC members noted sustained interest among foreign investors in the Malaysian bond market.

– BERNAMA

A 20 years old ++ company, ada goodwill.. bukan hanya nta value

NTA 8sen, below even nta, fire sale price

The Securities and Exchange Commission is working on getting companies to report their carbon footprints. — Bloomberg

NEW YORK: Environmental, social and governance (ESG) investing passed a milestone as the first ever set of global reporting standards was unveiled, paving the way for companies across jurisdictions to disclose uniform climate and sustainability information.

The voluntary framework, published by the International Sustainability Standards Board (ISSB), is intended to reshape ESG reporting norms in much the same way as the International Financial Reporting Standards did two decades ago.

The ISSB framework will also affect the information companies include in their financial reports, so that these better reflect ESG risks.

The absence to date of a global ESG reporting framework has resulted in “a very confusing landscape,” for businesses and their investors, Sue Lloyd, vice-chair of ISSB, said in an interview.

With the new standards, “investors can be confident that, when they compare companies, they’re doing that on a like-by-like basis when they’re making their investment decisions.”

The standards, which comprise separate frameworks for climate and sustainability reporting, mark the culmination of a years-long effort.

The acronym ESG was first coined back in 2004 by a team affiliated with the United Nations.

In the years that followed, however, regulators were largely missing in action and the label got attached to an ever-larger number of financial products and activities, ultimately morphing into a multi-trillion dollar business.

In recent years, regulators in Europe, the United States and Asia have tried to bring order to a market in which greenwashing – the mislabelling of ESG products – had become a widespread concern.

The EU has created a taxonomy and was also the first to unveil an ESG rulebook for investors. It’s now moving forward with regulations for companies, as part of a complete package that ultimately redraws the lines of capitalism.

In the United States, the Securities and Exchange Commission is working on getting companies to report their carbon footprints.

Those efforts include requiring that firms report absolute emissions data, which has met opposition from JPMorgan Chase and Co, Exxon Mobil Corp, Chevron Corp and Goldman Sachs Group Inc, among others.

Hostility toward ESG from the Republican Party has also complicated efforts to formulate ESG rules in the United States.

By one measure, global ESG regulations have soared 155% over the past decade, according to ESG Book, a sustainability data and technology firm.

Lloyd said that “paradoxically,” there is “quite a lot of information around.” But that information exists within “a very confusing landscape,” because of the “frameworks with different approaches, different areas of focus,” she said.

Brian Moynihan, chief executive officer of Bank of America, called the ISSB standards “an important first step toward developing a global baseline of comprehensive market-driven sustainability standards.”

The development means “that capitalism and the markets can continue to focus on long-term, sustainable development.” — Bloomberg

The Dow rose 212.03 points, or 0.63%, to 33,926.74; the S&P 500 gained 49.59 points, or 1.15%, at 4,378.41; and the Nasdaq added 219.90 points, or 1.65%, at 13,555.67. — Reuters

NEW YORK: US stock indexes rebounded on Tuesday from a recent losing streak as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes.

Separate reports showed new orders for key US-manufactured capital goods unexpectedly rose in May, and sales of new single-family homes surged in the same month, while US consumer confidence increased to a near 1-1/2 year high in June.

The data gave investors a reason to buy back into stocks after a "pretty vicious correction" in the last several sessions, said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

"What we have today is this series of economic releases that on balance fit this setting of an economy that continues to be in an expansionary mode, without at the same time suggesting there's any condition that's running too hot."

And just days before the second quarter ends, Luschini said it was notable that some the top sector performers on Tuesday, such as consumer discretionary and technology , were also the market's biggest gainers on a year-to-date basis.

While the economic data was encouraging, Rhys Williams, chief strategist at Spouting Rock Asset Management, said the market was likely helped by so-called window-dressing, when fund managers add outperforming assets to their portfolio for their quarter-end statements.

"You'd a bad week in the stock market last week and a bad day on Monday. It's just a bit of recovery," said Williams. "There could be some quarter-end window-dressing too as we get close to the end of the quarter."

The blue-chip Dow Jones Industrial Average snapped a six-day losing streak on Tuesday while the tech-heavy Nasdaq Composite was eyeing its best first-half performance in 40 years and the S&P 500 advanced after falling in five of the last six sessions.

The Dow Jones Industrial Average rose 212.03 points, or 0.63%, to 33,926.74; the S&P 500 gained 49.59 points, or 1.15%, at 4,378.41; and the Nasdaq Composite added 219.90 points, or 1.65%, at 13,555.67.

The signs of US economic resilience also boosted the Dow Transports index, which closed up 2.7% and the small-cap Russell 2000 index, which advanced 1.5%.

And the PHLX Housing index closed up 2.99% after hitting an all-time high on Tuesday.

Traders were pricing in a roughly 77% chance the Fed will raise interest rates by 25 bps to the 5.25%-5.50% range in its July meeting, according to CME Group's Fedwatch tool, up from 74.4% a day earlier.

More economic data is expected this week, including a key inflation measure, as well as Fed Chair Jerome Powell's speech at the European Central Bank Forum in Sintra, Portugal, which could provide cues on the path of interest rates.

Powell's hawkish comments last week stalled a US stock rally that had pushed the S&P 500 and Nasdaq to an over one-year high and the Dow to a six-month peak.

Despite recent market weakness, a growth stocks rally, an upbeat earnings season and hopes of the Fed ending its monetary tightening soon have set the main indexes on course for quarterly gains.

Market heavyweights Microsoft Corp and Apple Inc were among the biggest boosts to the S&P 500 during the session, along with Amazon.com Inc, Tesla Inc and Nvidia Corp.

Meta Platforms Inc shares rose 3% after Citigroup raised its price target on the stock.

Snowflake climbed 4.2% after the cloud data analytics company announced a partnership with Nvidia to allow customers to build artificial intelligence models using their own data.

Walgreens Boots Alliance shares sank 9.3% as the pharmacy chain cut its annual profit forecast on lower demand for Covid-19 tests and vaccines.

Other drugstore chains, including CVS Health Corp and Rite Aid Corp, also fell.

Lordstown Motors Corp shares slumped 17.2% after the US electric truck manufacturer filed for bankruptcy protection and put itself up for sale.

Advancing issues outnumbered decliners on the NYSE by a 2.55-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.

The S&P 500 posted 46 new 52-week highs and one new low; the Nasdaq Composite recorded 64 new highs and 150 new lows.

On US exchanges 10.16 billion shares changed hands compared with the 11.63 billion average for the last 20 sessions. — Reuters

SHANGHAI/BEIJING: China set a stronger-than-expected trading band for its currency on Tuesday and state banks sold dollars against the yuan, market sources said, in the strongest sign yet the authorities are growing increasingly uncomfortable with its quickening slide.

The yuan has fallen about 4% on the dollar in two months as flagging consumer confidence and a soggy property market have sapped momentum from the post-pandemic recovery. It bounced about 0.4% on Tuesday, its best gain in almost two weeks.

State banks were selling dollars to buy yuan in the offshore spot market, according to four people familiar with the trades, and it appeared as the currency neared the psychologically important 7.25 per dollar level, two of the people said.

The banks were also active late on Monday, according to two more traders, when they bid up the yuan sharply into the onshore close, which influences the central bank's official yuan midpoint fixing the next day.

On Tuesday, the People's Bank of China (PBOC) set the middle of the band even firmer than expected, deviating from forecasting models by the most since May.

Analysts said that together the moves showed official unease at the yuan's downward momentum and that they could slow but perhaps not halt a decline, given the dour economic outlook.

"They are sending more signals now they're uncomfortable... they would like to slow the yuan weakness," said Moh Siong Sim, a currency strategist at Bank of Singapore. "The speed has been too fast for their liking."

The yuan ended Monday at a seven-month low of 7.2425 per dollar and was at 7.2105 in Tuesday afternoon trade.

"The 7.25 level remains a key threshold," said one of the market sources, adding that a breach of the level could quickly send the yuan to lows last seen in 2022.

All of the sources spoke on condition of anonymity as they are not authorised to speak about trades publicly. UBS said in a note that its trading desk saw heavy interest among banks in pre-market trades to procure dollars via buy-sell currency swaps, and said there might have been efforts by the authorities to neutralise the impact from their spot intervention.

State banks usually act on behalf of the country's central bank in the foreign exchange market, but they could also be trading for themselves or their clients.

BACK FOOT

The push back comes as investors sour on China, with data showing China's vaunted rebound faltering. Still, the stuttering recovery has stoked expectations of stimulus to help offset growth worries.

Stocks in Hong Kong and the Australian dollar bounced sharply on Tuesday in concert with the yuan.

Analysts said moves to halt the yuan's slide were not yet as firm as last year, when regulators rolled out measures to encourage capital inflows, but might be enough to slow selling.

In November, the currency hit a 14-year trough of 7.3280 per dollar, while the offshore yuan touched a record low of 7.3746.

"The implications are that markets are going to be more cautious about pushing the dollar/offshore yuan much, much higher from here," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

That can at least put the brakes on if China's economy - or the prospect of further interest rate cuts - keeps the yuan from slipping further downhill.

"We've got to be thinking about the likelihood of further easing ahead," said Rob Carnell, ING's regional head of research, Asia-Pacific.

"What we've seen is just the first iteration of the rate cuts that we're going to get. We're going to get plenty more of those over the next couple of months," said Carnell.

"That's got to keep yuan on the back foot."

In China, Premier Li Qiang said economic growth in the second quarter would be higher than the first and that Beijing would roll out more effective policies to expand domestic demand and open markets.

"Good news is the rebound on the renminbi. It's stabilising, and also the sentiment in the A-share market is improving," said Steven Leung, executive director of institutional sales at broker UOB Kay Hian in Hong Kong.

"I think people still expect there will be more policy coming out in July - more specific policies, how they will stabilise the economy and boost it in the third quarter," Leung said.

Li's assurances come a day after S&P Global cut its forecast for China's economic growth to 5.2% in 2023, down from an earlier estimate of 5.5%.

It was the first time a global credit ratings agency has cut China's forecast this year and follows lowered predictions by major investment banks including Goldman Sachs (NYSE:GS).

The People's Bank of China set the midpoint rate for the yuan at 7.2098 per U.S. dollar prior to market open, weaker than the previous fix 7.2056, but nearly 100 pips stronger than Reuters' consensus estimates.

State banks were also seen selling dollars on Monday, traders said, just ahead of the onshore domestic close to shore up the yuan's closing price.

All of that helped the spot yuan trade firmer, alleviating more pressing concerns about the risks of capital flight from the mainland after weeks of sharp declines.

"Further gradual (yuan) weakness, I think is one of the policy levers the PBOC will be quite content to see providing some support to the economy, if it can be done in that constrained and orderly fashion where there's not a big outflow of capital," said Rob Carnell, ING's regional head of research, Asia-Pacific.

In Hong Kong, NWS Holdings saw its shares rise 10% on Tuesday to hit a two-year high after it said a unit of conglomerate Chow Tai Fook had offered to buy about 97% of the construction firm's stock for $4.53 billion.

Nta 8sen, now below nta..

Greatly undervalued

Minimum payout
of 40% of the net
profit after tax &
minority interest
To improve the dividend
yield through improved
revenues, margin &
collection

INTERNATIONAL
PRODUCT
& SERVICES
• Public Health Management
• Environmental
Management
• Water & Wastewater
Management
• Environmental Testing
Services
BUSINESS
DRIVER
• KSA Vision 2030
• Health & Safety
Regulations
• Environmental Regulations
• Environmental Regulations
• Corporate self-driven
regulations
MAIN
MARKET
• Local Municipalities
– Makkah, Madinah,
Jeddah
• Government Agencies
– GAMEP, NWC
• Oil & Gas
• Mining
• Environmental Consultants

LAB TESTING SERVICES
PRODUCT
& SERVICES
• Alcohol Detection
• Porcine DNA detection
• GMOs & Allergens
• Hygiene Monitoring
• Microbiology & Heavy Metal
Testing
• Water Testing
• Soil Testing
• Tribology
BUSINESS
DRIVER
• JAKIM and their Foreign
Certification Bodies (CB)
• Food Safety Act
• EQA 1974
• CAR 2014
• GSR 2017
MAIN
MARKET
• Food Industries
• Pharmaceuticals &
Medical Devices
• Oil & Gas
• Environmental
Consultants

ENVIRONMENT
PRODUCT
& SERVICES
• Air Quality Monitoring
Services (AQMS)
• Predictive Emission
Monitoring System (PEMS)
• Continuous Emission
Monitoring System (CEMS)
• Water Quality Monitoring
Services (WQMS)
- Drinking Water
- River Water
- Lake
- Marine
• Bi-Act Super Dissolve
Oxygen (Bi-Act SDO)
BUSINESS
DRIVER
• DOE Environmental
Quality Act (“EQA”) 1974
• DOE Guided Self
Regulation (“GSR”) 2017
• DOE Clean Air Regulation
(“CAR”) 2014
• EQA 1974
• GSR 2017
• Suruhanjaya Perkhidmatan
Air Negara (“SPAN”)
• Indah Water Konsortium
(“IWK”)
MAIN
MARKET
• Power
• Oil & Gas
• Government agencies
• Local Authorities
• Government agencies
• Local Authorities
• Oil & Gas
• Power
• Public Sector
• Private Sector (Industrial,
Commercial, Residential)

Total Number of
Employees Working in
Respective Country
256 Malaysia
174 Indonesia
81 Saudi
TOTAL 511

Source: https://www.picorp.com.my/images/media/2018/InvestorBriefing_May2018.pdf

total shares=658mil... 10% stake = 65mil shares. not easy for investors to acquire without touching 20sen and above

total syer dari 8sen hingga 10sen, less than 9 mil.... Jadi, less than RM1mil boleh sapu sampai harga 10sen... bila ia naik, agak laju :)

1,000,000 syer @8sen + RM80,000, daily value traded small

30-days Price
Date Price Open High Low Volume
2023-06-26 0.0750 0.0750 0.0800 0.0750 643,200
2023-06-23 0.0750 0.0750 0.0800 0.0700 3,438,200
2023-06-22 0.0750 0.0750 0.0800 0.0750 232,100
2023-06-21 0.0800 0.0750 0.0800 0.0750 927,500
2023-06-20 0.0800 0.0750 0.0800 0.0750 451,600
2023-06-19 0.0800 0.0750 0.0800 0.0750 1,757,000
2023-06-16 0.0800 0.0750 0.0800 0.0750 329,000
2023-06-15 0.0750 0.0800 0.0800 0.0750 1,564,700
2023-06-14 0.0800 0.0800 0.0800 0.0750 1,142,500
2023-06-13 0.0800 0.0800 0.0800 0.0750 206,800
2023-06-12 0.0750 0.0750 0.0800 0.0750 3,382,200
2023-06-09 0.0750 0.0800 0.0800 0.0750 2,334,100
2023-06-08 0.0750 0.0800 0.0800 0.0750 745,000
2023-06-07 0.0800 0.0800 0.0800 0.0750 1,281,200
2023-06-06 0.0800 0.0850 0.0850 0.0750 4,528,900
2023-06-02 0.0850 0.0850 0.0850 0.0750 12,079,700
2023-06-01 0.0850 0.0850 0.0900 0.0800 23,905,000
2023-05-31 0.0850 0.0900 0.0900 0.0850 862,900
2023-05-30 0.0900 0.0900 0.0950 0.0850 1,453,400
2023-05-29 0.0900 0.0850 0.0950 0.0850 18,749,200
2023-05-26 0.0900 0.0900 0.0900 0.0850 950,300
2023-05-25 0.0900 0.0900 0.0950 0.0850 11,604,800
2023-05-24 0.0950 0.0950 0.0950 0.0900 590,900
2023-05-23 0.0950 0.0950 0.1000 0.0900 4,555,900
2023-05-22 0.0950 0.0950 0.1000 0.0950 523,600
2023-05-19 0.1000 0.0950 0.1000 0.0950 2,030,900
2023-05-18 0.0950 0.0950 0.1000 0.0950 291,500
2023-05-17 0.1000 0.1000 0.1000 0.0950 4,573,100
2023-05-16 0.1000 0.1050 0.1100 0.1000 13,255,200
2023-05-15 0.1050 0.1000 0.1050 0.1000 7,652,700
2023-05-12 0.1000 0.1000 0.1000 0.0950 323,600
2023-05-11 0.1000 0.0950 0.1000 0.0950 1,162,700
2023-05-10 0.1000 0.0950 0.1000 0.0950 1,159,400
2023-05-09 0.0950 0.1000 0.1000 0.0950 3,339,300
2023-05-08 0.1000 0.1000 0.1050 0.0950 3,226,200
2023-05-05 0.1000 0.1000 0.1050 0.0950 3,020,300
2023-05-03 0.1000 0.1000 0.1050 0.0950 5,223,800
2023-05-02 0.1000 0.1000 0.1050 0.1000 1,492,000
2023-04-28 0.1000 0.1050 0.1050 0.1000 3,302,500
2023-04-27 0.1000 0.1000 0.1100 0.1000 13,341,700
2023-04-26 0.1000 0.0950 0.1000 0.0900 6,902,700
2023-04-25 0.0900 0.0950 0.0950 0.0900 592,300
2023-04-20 0.0950 0.0900 0.0950 0.0900 527,200
2023-04-19 0.0950 0.1000 0.1000 0.0900 3,579,000
2023-04-18 0.1000 0.1000 0.1000 0.0950 1,268,900
2023-04-17 0.0950 0.0950 0.1000 0.0900 5,611,100
2023-04-14 0.1000 0.1000 0.1000 0.0950 2,114,600
2023-04-13 0.1000 0.1000 0.1000 0.0950 1,611,300
2023-04-12 0.1000 0.1000 0.1000 0.0950 441,200
2023-04-11 0.1000 0.1050 0.1050 0.0950 10,815,400
2023-04-10 0.1050 0.1050 0.1100 0.1000 6,198,800
2023-04-07 0.1050 0.1050 0.1100 0.1000 2,354,000
2023-04-06 0.1050 0.1050 0.1100 0.1000 4,521,300
2023-04-05 0.1050 0.1050 0.1100 0.1000 12,321,600
2023-04-04 0.1050 0.0900 0.1050 0.0900 10,924,800
2023-04-03 0.0900 0.0950 0.0950 0.0900 5,134,200
2023-03-31 0.0950 0.1000 0.1000 0.0900 5,031,900
2023-03-30 0.1000 0.1000 0.1050 0.0950 8,533,800
2023-03-29 0.1000 0.1100 0.1100 0.1000 10,451,000

kini, tunggu rebound aje... retailers dah bungkus dah

"The market has seemingly already discounted all negativities into the equation," he said, suggesting opportunistic optimism - such as bargain hunting beaten-down retailers - can work well for the rest of the year.

after PRN, more positivism :)

tunggu aje haji bawa pelabur dari saudi atauun indon masuk picorp, beli saham picorp dari pasaran dan private placement concurrently... wait n see... good timing to bring in his foreign buddies after the second largest investor from Singapore.

Remember to include picorp in these funds :)


KUALA LUMPUR: Permodalan Nasional Bhd expects to generate between RM3 billion and RM5 billion in additional investments from unitholders of Amanah Saham Bumiputera (ASB), ASB 2 and Amanah Saham Malaysia.

PNB president and group chief executive Ahmad Zulqarnain Onn said it had received about RM3.5 billion in new investments ffrom 96,000 unit holders of the three unit trust funds over the past three months.

Ahmad Zulqarnain said since the revised fund limits were implemented, PNB had seen an injection of RM3.5 billion in new investments over the past three months, with Bumiputera unit holders accounting for 30 per cent of the amount.

The limit for ASB and ASB 2 was increased to RM300,000 from RM200,000 starting April 1, 2023. Meanwhile, the fund size of ASM was increased by RM5 billion starting May 1, 2023.

Effective April 1, 2023, the investment limits for ASB and ASB 2 were raised from RM200,000 to RM300,000.

From May 1 this year, the fund size of ASM experienced a significant increment of RM5 billion, presenting investors with enhanced opportunities to participate and contribute to the fund's growth.

Ahmad Zulqarnain said PNB is increasing the limit for these three funds to allow greater participation from Bumiputera individuals and all Malaysians.

"We hope that the public will take the opportunity to increase their savings and investments with the increased individual investment limits in ASB and ASB 2, as well as the increased size of the ASM fund.

"PNB recognises the importance of responsible investments and their impact on future generations. We are committed to our goals and mandates while actively contributing to the growth and development of the country's economy," he added.

PNB currently has total assets under management of RM341.6 billion.

Units in circulation for all funds continued to grow to reach 282.9 billion units, while the number of new accounts increased by 400,000 across the country to 15.2 million accounts for the financial year ended Dec 31, 2022.

Most prominent Islamic Small-cap = PICORP

Progressive Impact Corporation Berhad (PICORP) is a Malaysian investment holding company that provides integrated environmental solutions. The company has been in operation for over 20 years and has a strong track record of providing quality services to its clients. PICORP is well-positioned to benefit from the growing demand for environmental solutions in Malaysia and the region.

Here are some of the factors that suggest that PICORP has potential:

The company is a market leader in the Malaysian environmental market, with a 20% market share in the instruments and monitoring systems and laboratory testing services segment.
PICORP has a strong track record of growth, with revenue increasing by an average of 15% per year over the past five years.
The company is well-positioned to benefit from the growing demand for environmental solutions in Malaysia and the region. The Malaysian government has set ambitious targets for reducing greenhouse gas emissions, and PICORP is well-positioned to help businesses meet these targets.
PICORP has a strong management team with a proven track record of success.
Overall, PICORP is a well-established company with a strong track record of growth. The company is well-positioned to benefit from the growing demand for environmental solutions in Malaysia and the region.

Overall, PICORP is a company with potential.

Future studies should also examine the relation
between IPO performance and IPO under pricing of
managerial over-optimism or overconfidence, as well
as the relationship between IPO decision and top
management team features.

Next picorp?? :)

https://www.msn.com/en-my/news/videos/boustead-to-be-delisted-next-week/vi-AA1cVaJq?ocid=msedgdhp&pc=U531&cvid=fea0c8c2a8f74d5a9cd287585d88c980&ei=36

They knew what to do... absorb syer murah kaw kaw, nanti kasi naik kaw kaw.

Yg rugi, mereka takda cash terpaksa jualkan semua demi kelangsungan hidup, sungguh kesian :)