MY Morning Wrap | Bank Negara Keeps OPR Steady at 3% as Expected
Good morning mooers! Here are things you need to know about today's market:
●Wall St rallies over 1% on bets of peak US interest rates
●OPR maintained at 3%
●4-5% GDP growth still attainable for 2023 despite lower 3Q growth -- economist
●Plytec IPO public portion oversubscribed by 6.72 times
●Stocks to watch: Pentamaster
-moomoo News MY
Wall Street Summary
US stocks rebounded broadly on Thursday, with the $S&P 500 Index(.SPX.US$ climbing 1.89%, up for the fourth straight day as bond yields slumped and traders cheered signs that the Federal Reserve may forgo further interest-rate hikes. The Fed held interest rates after their Wednesday meeting. $Dow Jones Industrial Average(.DJI.US$ rose 1.70%, and $Nasdaq Composite Index(.IXIC.US$ rose 1.78%.
Breaking News
OPR maintained at 3%
In an effort to remain supportive of the economy moving into 2024, Bank Negara has decided to keep its overnight policy rate (OPR) unchanged at 3%. The move, incidentally, is in tandem with the US Federal Reserve’s (Fed) maintenance of its funds target rate at 5.25% to 5.5%, as Bank Negara commented that the current OPR level is conducive to holding up the economy, consistent with the current assessment of inflation and growth prospects.
4-5% GDP growth still attainable for 2023 despite lower 3Q growth -- economist
Interpacific Asset Management views the 4% to 5% gross domestic product (GDP) target as remaining intact buoyed by the much better progress on the global front, especially in China, which could continue providing a domino effect on Malaysia despite the slightly lower third-quarter (3Q23) economic growth forecast for this year. Chief economist and fund manager Datuk Nazri Khan Adam Khan said the target was within the range of Bank Negara's target and was still attainable despite the GDP growth forecast of 2.9% for 3Q23.
Plytec IPO public portion oversubscribed by 6.72 times
Plytec Holding Bhd's initial public offering (IPO) en route to a listing on the ACE Market of Bursa Malaysia saw the public issue of 30,303,100 shares made available for application by the Malaysian public being oversubscribed by 6.72 times.
Stocks to Watch
$PENTA(7160.MY$: Pentamaster Corp Bhd's net profit grew 17.1% to RM23.5 million or 3.3 sen per share in the third quarter ended Sept 30, 2023(3Q2023) from RM20.07 million or 2.82 sen per share a year ago, as it saw improvements across its business segments, mainly its factory automation solutions (FAS) segment. Revenue climbed 16.2% to RM180.74 million from RM155.6 million.
$BJCORP(3395.MY$: Berjaya Corp Bhd (BCorp) has emerged as a substantial shareholder of Salcon Bhd, after acquiring a 5.43% stake on Thursday. Following the acquisition of the stake comprising 55 million shares, BCorp is the third largest shareholder of the water and wastewater engineering company.
$AAX(5238.MY$: AirAsia X Bhd (AAX) has submitted an appeal against Bursa Securities' recent decision to reject the medium- and long-haul budget carrier's application to exit Practice Note 17 (PN17) status. In a statement on Thursday, the airlines said its foremost short-term goal is to emerge from the PN17 status as smoothly and swiftly as possible to boost the post-pandemic upward trajectory for future sustainable and profitable growth.
Meanwhile, AAX has bagged a contract worth RM29.7 million to operate charter flights to transport the Malaysian Battalion (Malbatt) 850 forces to Lebanon and back, as part of the United Nations Interim Force in Lebanon's (Unifil) peacekeeping mission. AAX said it had signed a passenger and ancillary services agreement with AirAsia Bhd. The low-cost carrier is primarily involved in chartering flights between the Royal Malaysian Air Force (RMAF) air base in Subang and Beirut for four flights per year.
$MSM(5202.MY$: MSM Malaysia Holdings Bhd has agreed to discontinue the legal proceedings against Gas Malaysia Energy and Services Sdn Bhd over a disputed sum of RM10.32 million relating to gas supply to its wholly-owned unit MSM Sugar Refinery (Johor) Sdn Bhd.
$YOCB(5159.MY$: Yoong Onn Corporation Bhd has proposed to acquire a 60% stake in Singapore-based TC Homeplus for a total cash consideration of S$10.95 million (approximately RM38.16 million). According to the group, TC Homeplus is principally involved in the business of trading, distributing and retailing curtains, pillow cases, bed sheets and bed spreads.
$ATRIUM(5130.MY$: Atrium Real Estate Investment Trust's (Atrium REIT) asset manager Atrium REIT Managers Sdn Bhd has acquired buildings and leasehold land in Shah Alam from a related party, Amazing Blitz Sdn Bhd, for RM41 million cash.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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