MY Morning Wrap | KWAP Emerges as CTOS Substantial Shareholder Amid Share Price Volatility Following Recent Legal Dispute
Good morning mooers! Here are things you need to know about today's market:
●US Stocks End Mixed Despite Hotter-Than-Expected Inflation Report, S&P 500 Hits 17th Record High of the Year
●FBM KLCI may touch 1,660 by end-2024
●Stocks to watch: KWAP, KJTS
-moomoo News MY
Wall Street Summary
U.S. stocks ended mixed on Wednesday as investors shrugged off a somewhat hotter-than-expected February inflation report and digested gains from the previous session that propelled the $S&P 500 Index(.SPX.US$ to its 17th record high of the year.The $Dow Jones Industrial Average(.DJI.US$ was up 0.10%. The S&P 500 toggled between slight gains and losses to trade at 5,165. The $Nasdaq Composite Index(.IXIC.US$ fell 48 points, or 0.3%, to 16,177.
Breaking News
FBM KLCI may touch 1,660 by end-2024
Rakuten Trade predicts that the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) will touch 1,660 by the end of 2024, based on a 15.5 times price-to-earnings ratio (PER) premised on 16% earnings growth. If fund flows normalise, the index could breach the 1,700 mark based solely on a 16 times PER. The index, which measures the top 30 companies on the local stock exchange, is currently at 1,539.68. The research house also expects foreign fund inflows to be improving, with foreign shareholding anticipated to surpass the 20% threshold and test the 25% level. Rakuten Trade remains 'Neutral' on several sectors, including automotive, consumer, glove, oil and gas, plantation, property, and utilities. However, it is 'Overweight' on gaming, banking, technology, telco, real estate investment trust (REIT), and construction sectors.
Stocks to Watch
$CTOS(5301.MY$: Retirement Fund Inc (KWAP) has become a substantial shareholder in CTOS Digital Bhd, buying 28.81 million shares on the open market amid heavy selling pressure on Tuesday (March 12) following an unfavorable outcome towards the group in a legal dispute. KWAP's holdings in the credit reporting agency now stand at 135.51 million shares or a 5.87% stake in CTOS. However, KWAP's fund manager also disposed of 1.37 million shares on the same day, paring its shareholdings to 134.14 million shares or a 5.81% stake.
$KJTS(0293.MY$: Kumpulan Jetson Bhd's wholly-owned unit has received a notice of arbitration from its former client, O&C Makok Isola Sdn Bhd (OCMI), in relation to an RM88.03 million job to build four blocks of serviced apartments in Jalan Yap Kwan Seng. OCMI is seeking to claim RM30.88 million for the additional costs relating to the appointment of a replacement contractor to complete the works, or a sum to be assessed by the Tribunal. Other claims by OCMI include liquidated damages, reimbursement of all and any over payment of works, advance payment under the contract, interest, cost, and expenses of the arbitration.
$TROP(5401.MY$: Tropicana Corp Bhd and Pantai Kok Resort Development Bhd have mutually agreed to terminate a joint development agreement for a 44.61-acre land development at Padang Mat Sirat, Langkawi. The agreement was signed in April 2019 with an estimated gross development value of RM3.02 billion over 15 years. The termination of the agreement will allow Tropicana to save on development costs and allocate financial resources more efficiently towards other existing businesses.
$RL(0219.MY$: Reservoir Link Energy Bhd's wholly-owned subsidiary, Reservoir Link Sdn Bhd, has secured a contract from Petronas Carigali Sdn Bhd for the provision of well leak repair equipment and services. The value of the contract is based on the number of works executed. The scope of work includes providing engineering consultancy, diagnostic and rectification services of well leak issues, testing on sealant performance, and more.
$JAG(0024.MY$: JAG Bhd has proposed a bonus issue of 125.36 million new shares on the basis of one bonus share for every five existing shares held by shareholders. The company also plans to issue up to 376.07 million free warrants on the basis of three warrants for every five existing shares held. The proposed bonus issue of shares and warrants is intended to reward existing shareholders. The bonus shares will be issued as fully paid, at no consideration and without capitalisation of the company's reserves.
$LEESK(8079.MY$: Lee Swee Kiat Group Bhd (LSK), a mattress manufacturer, has announced that it is proposing a bonus issue of up to 83.91 million new shares. Shareholders will receive one bonus share for every two existing shares held. The entitlement date for the corporate exercise will be determined at a later date after relevant approvals are received. LSK believes that the bonus issue is an appropriate way to reward its shareholders by increasing their equity participation in the company and maintaining their percentage equity shareholding without incurring any cost, among other benefits.
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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