MY Morning Wrap | Foreign Funds Return to Bursa with RM163.7mil Net of Equities
Good morning mooers! Here are things you need to know about today's market:
●U.S. stocks traded near unchanged Monday afternoon
●Foreign funds return to Bursa with RM163.7mil net of equities
●Ringgit developments will not hurt economic growth prospects - PM Anwar
●Services producer price index up 1.4% in 3Q
●HLIB maintains 'overweight' rating on O&G sector
●Stocks to watch: AMMB, DXN
-moomoo News MY
Wall Street Summary
U.S. stocks traded near unchanged Monday afternoon, flipping between small gains and losses in a narrow range following this year's best week for equities. The $S&P 500 Index(.SPX.US$ rose just 0,18%, the $Dow Jones Industrial Average(.DJI.US$ was up about 0.1%, and $Nasdaq Composite Index(.IXIC.US$ rose 0.30%
Breaking News
Foreign funds return to Bursa with RM163.7mil net of equities
Bursa Malaysia recorded a net foreign inflow of RM163.7mil in equities last week following two straight weeks of net outflow. The return of offshore fund buying came as Bank Negara kept its overnight policy rate unchanged at 3%, which was in line with market expectations. The Malaysian central bank's decision helped to spur investor appetite in the domestic market even as the US Federal Reserve's own decision to maintain the level of its lending rate last week sparked equities buying as it signaled an end to the tightening cycle. Over the past week, the highest net foreign inflows on Bursa Malaysia were recorded in utilities (RM56.7mil), construction (RM54.7mil) and property (RM48.5mil), said MIDF Research.
Ringgit developments will not hurt economic growth prospects - PM Anwar
Developments with the ringgit are not expected to affect the country's economic growth prospects, according to Prime Minister Datuk Seri Anwar Ibrahim. He said the performance of the ringgit and other regional currencies continued to be driven by external factors, especially the expectation that US interest rates would remain high for a long period as well as geopolitical factors.
Services producer price index up 1.4% in 3Q
Malaysia's services producer price index (SPPI) rose by 1.4 per cent to 115.4 points in the third quarter this year (3Q 2023) from 113.8 points in the same quarter of the preceding year, said the Department of Statistics Malaysia (DOSM). The SPPI is designed to measure the average changes in the prices of services charged by the local services industry in Malaysia. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said all subsectors recorded an increase in this quarter except the index of information and communication, which remained unchanged.
HLIB maintains 'overweight' rating on O&G sector
Hong Leong Investment Bank (HLIB) maintained its overweight rating on the oil and gas (O&G) sector and expects oil price to remain higher-for-longer at the range of US$80-US$90 per barrel in the medium term. It said the expectation on the oil price would premise on continued production cuts from the Organisation of the Petroleum Exporting Countries (Opec) to pre-empt a potential lower demand arising from economic risk at least until mid-2024 and heightened geopolitical risk premium as the market factors in the potential escalation of Israel-Gaza conflict in the Middle East region.
Stocks to Watch
$AMBANK(1015.MY$: AMMB Holdings Bhd has appointed Ling Fou-Tsong @ Jamie Ling as its group chief executive officer (CEO) and CEO of AmBank (M) Bhd, following the retirement of Datuk Sulaiman Mohd Tahir, effective Nov 23, 2023.
$DXN(5318.MY$: DXN Holdings Bhd's wholly owned subsidiary DXN Corp (Ningxia) Co Ltd has filed a writ of summons and statement of claims against China's Fujian Anxi Jinjiang Source Tea Technology Co Ltd (Fujian Anxi) over a stake disposal dispute.
$KERJAYA(7161.MY$: Kerjaya Prospek Group Bhd has secured a RM104.73 million contract for the execution and completion of a housing development in Penang. The construction firm via its wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd received the letter of award from Persada Mentari Sdn Bhd (PMSB) on Nov 6.
$KAB(0193.MY$: Kinergy Advancement Bhd (KAB) has secured a RM33.3 million contract from Pengerang LNG (TWO) Sdn Bhd, a subsidiary of Petronas Gas Bhd, to supply utilities expansion and infrastructure enhancement of 137,000m3 of liquefied natural gas carriers into a floating storage unit (FSU) transformation. KAB said in a filing on Monday the letter of award (LOA) encompasses engineering, procurement, construction and commissioning (EPCC) work of utility supply for the FSU at the Regasification Terminal Pengerang and KAB is expected to complete the work by the end of 2024.
$ECONBHD(5253.MY$: Econpile Bhd has inked a memorandum of understanding (MOU) with Sungai Klang Link Sdn Bhd (SKL) for the construction works for an elevated highway project proposed by SKL to the government. The piling and foundation specialist said the proposed collaboration entails Econpile's wholly-owned subsidiary Econpile (M) Sdn Bhd providing its know-how, experience and expertise to plan, construct, complete, and fully provide its services, manpower, material, machinery and equipment as required for the construction works of the elevated highway project.
$EURO(7208.MY$: Euro Holdings Bhd and three of its subsidiaries, as well as its managing director Datuk Seri Lim Teck Boon, are being sued for allegedly using another company to obtain banking facilities. Surian Creation Sdn Bhd, which filed the lawsuit at the High Court in Melaka, is seeking a payment of RM19.29 million from Euro Holdings and the other defendants, according to Euro Holdings' filing with Bursa Malaysia on Monday. Surian Creation is claiming that the defendants had conspired together by "seizing full control" over Surian Creation and then using the company to obtain banking facilities to be used for the benefit of the defendants.
$PRKCORP(8346.MY$: Debt-ridden Perak Corp Bhd, a 52.9%-owned subsidiary of the Perak State Development Corp, has been granted a further six-month extension of time until Feb 10, 2024, to submit its regularisation plan to address the company's financial condition. This marks the fourth time that Perak Corp has been granted an extension deadline from Bursa Securities.
$SEDANIA(0178.MY$: Sedania Innovator Bhd has proposed to acquire a 51% stake in premium personal care products and food supplements producer Tanamera Group Sdn Bhd (TGSB) for RM8.18 million, cash. Sedania said it has entered into a conditional shares sale agreement with the vendors to acquire 4.35 million shares in TGSB and simultaneously entered into a conditional subscription agreement with TGSB to subscribe for an additional 3.4 million shares in TGSB's enlarged capital for RM3.68 million, resulting in TGSB becoming a 51%-owned subsidiary of Sedania.
$EDARAN(5036.MY$: Edaran Bhd has secured a job to maintain the Royal Malaysian Customs Department's (RMCD) customs operating system and MySST (Malaysia Sales & Services Tax) application (2023-2027) valued at RM89.88 million — nearly three times the company's market capitalisation. Edaran's wholly owned unit Edaran IT Services Sdn Bhd accepted the contract to undertake maintenance of hardware, software, network, integration and application of Sistem Maklumat Kastam (SMK) and MySST from the Ministry of Finance on Monday. The contract's commencement date was on Sept 1 and is to span a period of four years.
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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