MY Morning Wrap | Bursa Malaysia Posts Net Profit of RM60.41mil in 3Q
Good morning mooers! Here are things you need to know about today's market:
●U.S. stocks rose Tuesday as investors prepared for the Fed's decision
●Bursa Malaysia trims IPO target to 31 for 2023
●Anwar dismisses calls to raise borrowing costs
●Anwar: Malaysia continues to diversify export destination to non-traditional markets
●Stocks to watch: MISC, Bursa Malaysia
-moomoo News MY
Wall Street Summary
U.S. stocks rose Tuesday as investors prepared for the latest Federal Reserve interest rate decision and new monthly jobs numbers. but every index finished in the red for the month of October. That marks three months of decline. CME Group estimates a 97% chance that the Fed will keep rates where they are.
$Dow Jones Industrial Average(.DJI.US$ rose 0.38% but dropped 1.38% over the month, $S&P 500 Index(.SPX.US$ 0.65%, but dropped 2.2% in October, and the $Nasdaq Composite Index(.IXIC.US$ added 32 points, or 0.3%, to 12,820 dropped 2.78% for the month.
Breaking News
Bursa Malaysia trims IPO target to 31 for 2023
Lower-than-expected LEAP Market listings has led Bursa Malaysia to cut its initial public offering (IPO) target for 2023 by one-fifth, despite only reaffirming the initial target three months earlier. The stock exchange operator narrowed the new target to 31 IPOs compared with 39 IPOs earlier. Out of the 31 targeted IPOs, the bulk of them or 23 companies will be listed on the ACE Market, followed by seven on Main Market and one on LEAP Market. Bursa Malaysia explained that LEAP Market listings were lower because companies were assessing the LEAP Transfer Framework before making a decision on their listing. For comparison, there were 30 IPOs on the local bourse in 2021 and 35 in 2022.
Anwar dismisses calls to raise borrowing costs
Datuk Seri Anwar Ibrahim sees no need to boost borrowing costs to support the local currency, and the solution to the weaker ringgit is to decouple from the US dollar. Economic indicators such as inflation and unemployment are down, while investment is up, making it hard to justify a rate hike that can hurt small businesses, according to the Prime Minister. Bank Negara is set to decide tomorrow on whether to adjust the overnight policy rate (OPR).
Anwar: Malaysia continues to diversify export destination to non-traditional markets
Malaysia will continue efforts to diversify its export destination, especially to non-traditional markets such as the Middle East and Latin America. Prime Minister Datuk Seri Anwar Ibrahim said these markets showed tremendous potential whereby during the first nine months of 2023, exports to these markets recorded positive growth of 24.7 per cent and 2.3 per cent, respectively.
Stocks to Watch
$MISC(3816.MY$: MISC Bhd has bagged a contract to supply, operate and maintain a liquefied natural gas (LNG) floating storage unit (FSU) in Pengerang, Johor with an estimated contract value of up to US$213.7 million (RM1.02 billion). The vessel operator said it has entered into a binding Heads of Agreement (HOA) with Pengerang LNG (Two) Sdn Bhd — a 65%-owned unit of Petronas Gas Bhd (PetGas) — to supply, operate and maintain the FSU.
$BURSA(1818.MY$: Bursa Malaysia Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) rose 20.5% to RM60.41 million from RM50.13 million a year ago on the back of improved trading revenue from the securities market. The company's revenue rose 13.07% to RM158.71 million from RM140.36 million previously, mainly due to a 26.2% rise in securities market trading revenue to RM70.4 million from RM55.8 million a year ago.
$DNEX(4456.MY$: Dagang NeXchange Bhd's (DNeX) sub-subsidiary Innovation Associates Consulting Sdn Bhd (IAC) has secured a project from the Securities Commission Malaysia (SC) for the implementation of the Aras 2.0 onboarding and data migration platform for RM3.09 million. Under the project, IAC is tasked to implement Aras 2.0, a platform designed for the registration, licensing and authorisation processes as well as overseeing system onboarding and data migration.
$BJLAND(4219.MY$: Berjaya Land Bhd has secured a syndicated loan of US$330 million (RM1.58 billion) from a consortium of Japanese financial institutions to fund the development of the prestigious Four Seasons Resort & Private Residences in Okinawa, Japan. The group said the consortium is led by Tokyo Star Bank Ltd and co-led by Okinawa Development Finance Corporation (ODFC) and Bank of The Ryukus.
$DUFU(7233.MY$: Dufu Technology Corp Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell by 79.42% to RM3.38 million compared with RM16.42 million on the back of an increase in operating costs and drop in revenue. Quarterly revenue eased by 26.08% to RM55.24 million from RM74.72 million, underpinned by a decrease in revenue related to hard disk drive (HDD) components and sheet metal fabrication.
$SDRED(2224.MY$: Selangor Dredging Bhd's wholly-owned unit is buying 29.19 acres (11.81 hectares) of vacant leasehold land, together with completed earthworks, in Dengkil, Selangor for RM87.9 million from Xtra Touch Sdn Bhd. The acquisition is part of Selangor Dredging’s ongoing effort to identify suitable properties for its land bank.
$RENEUCO(7130.MY$: Reneuco Bhd will be undertaking civil construction and telecommunication works along the South Klang Valley Expressway (SKVE) and two roads in Kuala Langat and Sepang for a sum of RM14.93 million. Reneuco's unit Reneuco Engineering Sdn Bhd secured the letter of award for the project from MSA Resources Sdn Bhd. The works involve installation of fibre optic cables and provision of broadband network services along the highway. The company will also conduct telecommunication cable installation works on Jabatan Kerja Raya Malaysia (JKR) roads in Kuala Langat and Sepang.
$SALUTE(0183.MY$: Shares of loss-making Salutica Bhd maintained their upward trajectory on Tuesday after a week of consistent gains, breaching the RM1-mark to close at a six-month peak of RM1.02. The sudden surge in Salutica's share price and trading volume has prompted Bursa Malaysia to pose an unusual market activity query to the company. The counter rose to an intra-day high of RM1.04, before retreating to close at RM1.02, still up 17.5 sen or 20.71% — slotting it among Bursa Malaysia's top gainers.
$PTT(7010.MY$: Integrated construction and property firm PTT Synergy Bhd has secured a RM53.29 million contract for construction and completion of various works related to Phase A (Package 1) Elmina Business Park 2 in Rawang. The group via its wholly-owned unit Pembinaan Tetap Teguh Sdn Bhd received a letter of award (LOA) from Sime Darby Property Bhd on Oct 23.
$TRIMODE(0199.MY$: Tri-Mode System (M) Bhd has proposed to acquire three parcels of leasehold land in Pulau Indah, Klang for a total cash consideration of RM42 million. Tri-Mode said it is buying the land from Central Spectrum (M) Sdn Bhd, a company indirectly owned by Menteri Besar Selangor Incorporated. The group intends to fund the acquisitions with internally-generated funds and/or bank borrowings.
$AGES(7145.MY$: Ageson Bhd's external auditor, Jamal, Amin & Partners is unable to provide a basis for an audit opinion on the company's audited financial statements for the 18-month financial period ended Dec 31, 2022 (FY2022) as the group has failed to provide sufficient appropriate audit evidence. The builder-cum-property developer said it expects to resolve the issue relating to the disclaimer of opinion within the next financial year.
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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