Malaysia Morning Wrap | SD Guthrie reports 22% Q3 profit increase; YTL Power wins A$284 million tax appeal

Moomoo News MY wrote a column · Nov 5 18:46

Key Takeaways:

• US Stock Indexes Rebound as Tech Sector Recovers

• Malaysian Stocks Dip Ahead of Central Bank Rate Decision

• Bank Negara Malaysia Expected to Hold Interest Rate Steady at 2.75%

• Stocks to watch: SDG, YTLPOWR, etc.

🇺🇸Wall Street Summary

$S&P 500 Index (.SPX.US)$ 6,796.29 (+0.37%)

$Dow Jones Industrial Average (.DJI.US)$ 47,311.00 (+0.48%)

$Nasdaq Composite Index (.IXIC.US)$ 23,499.80 (+0.65%)

The major US stock indexes rebounded on Wednesday, with the $Nasdaq Composite Index (.IXIC.US)$ rising 0.65% to 23,499.80, the $Dow Jones Industrial Average (.DJI.US)$ gaining 0.48% to 47,311, and the $S&P 500 Index (.SPX.US)$ adding 0.37% to 6,796.29. This recovery was led by tech stocks that had previously lost ground, including $Micron Technology (MU.US)$ (up 8.93%), $Tesla (TSLA.US)$ (up 4.01%), and $Advanced Micro Devices (AMD.US)$ (up 2.51%).

Wall Street's mood improved as the U.S. Supreme Court heard oral arguments challenging President Donald Trump's tariffs, with justices appearing to express doubts about their legality. The challenge, brought by businesses, argues that Trump authorized the tariffs under a 1977 law that doesn't explicitly mention import duties, and that the Constitution grants tariff-setting powers to Congress, not the president.

In addition, Cryptocurrencies experienced a significant recovery on Wednesday, mirroring the rebound in the stock market. $Bitcoin (BTC.CC)$ rose 3.1% to $103,669.53, while $Ethereum (ETH.CC)$ surged 7.7% to $3,436.06 by late afternoon ET. This upswing in crypto prices came after Tuesday's sharp declines, which were attributed to reduced investor appetite for riskier assets following the stock market dip.

🇲🇾Bursa Market Insight

$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ 1621.55 (-0.12%)

Top Gainer: $NESTLE (4707.MY)$ RM116.00 (+2.65%)

Top Loser: $MRDIY (5296.MY)$ RM1.59 (-3.64%)

USD/MYR: $USD/MYR (USDMYR.FX)$ 4.1915 (-0.17%)

The $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ closed 0.12% lower at 1,621.55 on Wednesday, as profit-taking and cautious sentiment prevailed ahead of Bank Negara's overnight policy rate announcement. Market breadth was negative with 752 losers against 427 gainers, on a trading volume of 4.8 billion shares worth RM2.7 billion. Investors remained cautious, with analysts expecting the central bank to maintain the OPR at 2.75% in Thursday's decision.

Bank Negara Malaysia is anticipated to maintain its Overnight Policy Rate at 2.75% in its final monetary policy decision for the year, according to all 22 economists surveyed by Bloomberg. This stance is supported by Malaysia's stable economic growth, with an unexpected acceleration in the third quarter, and benign inflation.

While other Southeast Asian countries like Indonesia, the Philippines, and Thailand are considering or implementing rate cuts, Malaysia's better growth prospects allow it to preserve its policy ammunition, with analysts expecting rates to remain steady through 2026.

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Malaysia Morning Wrap | SD Guthrie reports 22% Q3 profit increase; YTL Power wins A$284 million tax appeal

🔔Stocks to Watch

$SDG (5285.MY)$ has appointed Mohd Haris Mohd Arshad as its new managing director, effective Jan 1, 2026, replacing Datuk Mohamad Helmy Othman Basha. The company also reported a 22% increase in Q3 net profit to RM935.0 million, with revenue rising 2.7% to RM5.41 billion, driven by land sales and higher downstream sales.

$YTLPOWR (6742.MY)$ International Bhd has successfully appealed against a A$284.32 million capital gains tax assessment related to its A$1.03 billion disposal of ElectraNet Pty Ltd in 2022. The decision overturns the original tax assessment, although the Australian Commissioner of Taxation may still appeal the ruling.

$KERJAYA (7161.MY)$ has been awarded an RM87.66 million contract by $E&O (3417.MY)$ for a commercial development project in Shah Alam. The contract involves the construction of shop offices, affordable shop units, and electrical substations.

$JASKITA (8648.MY)$ has named Datuk Yasmin Mahmood as executive chairman and Datuk Seri Iskandar Mizal Mahmood as group managing director, effective immediately. This leadership change follows the recent acquisition of a 40.33% controlling stake in the company by Kintan Prima Sdn Bhd.

$PEB (5622.MY)$'s proposed regularisation plan, involving the acquisition of reNIKOLA Holdings Sdn Bhd, is currently under review by the Ministry of Energy Transition and Water Transformation. The company reported that the deputy prime minister has taken note of the matters related to the plan.

$DESTINI (7212.MY)$ has successfully submitted its annual report for FY2025 ahead of the Nov 7 deadline, avoiding a potential trading suspension. The company attributed the initial delay to additional time required for finalizing audits of newly acquired overseas subsidiaries.

$AWC (7579.MY)$'s subsidiary, Trackwork & Supplies Sdn Bhd, has been awarded RM2.16 million plus interest in an arbitration ruling against Emrail Sdn Bhd for an unpaid sum. The Asian International Arbitration Centre also awarded costs of RM303,920 to Trackwork.

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Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The Edge.

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