MY Morning Wrap | MISC Adds Two Vessels to Fleet, Including First Ultra-Deepwater Asset
Good morning mooers! Here are things you need to know about today's market:
●US Equity Indexes Rise as Netflix Results Boost S&P 500 and Nasdaq, Tesla Disappoints After Hours
●Bursa Malaysia Defies Expectations, Rises in Early Trading Despite Stumble in US Markets
●Choppy Trading Dominates Kuala Lumpur Bourse as FBM KLCI Tests Key Resistance Level
●Stocks to watch: MISC, IHH
-moomoo News MY
Wall Street Summary
US benchmark equity indexes were higher intraday, with the $Nasdaq Composite Index(.IXIC.US$ rising 0.36% at 15,481 and the $S&P 500 Index(.SPX.US$ rising 0.08% to 4,868. However, the $Dow Jones Industrial Average(.DJI.US$ fell 0.26% to 37,806. Among sectors, communication services led the gainers, while materials saw the steepest decline. $Netflix(NFLX.US$'s results helped boost the S&P 500 and Nasdaq Composite, while Tesla's results disappointed after hours.
Breaking News
Bursa Malaysia Defies Expectations, Rises in Early Trading Despite Stumble in US Markets
Bursa Malaysia defied expectations in early trading by rising despite a stumble in US markets. The benchmark FBM KLCI rose 1.05 points to 1,497.16 on the back of a broad-based rally, with CIMB, Public Bank, and RHB among the gainers. The top traded counters were Widad, Handal, and YNH Property. Analysts had expected profit-taking in Malaysia's stock market, which has risen for the past three sessions, but the positive breadth suggests otherwise. The Bank Negara monetary policy decision and the release of US GDP data later this week will be closely watched by investors.
FBM KLCI Extends Gains and Breaches 1,500-Point Level After Bank Negara Keeps OPR Unchanged
The FBM KLCI extended its gains and breached the 1,500-point level after Bank Negara Malaysia kept its overnight policy rate (OPR) unchanged at 3%, in line with market expectations. The benchmark index closed up 7.99 points, or 0.53%, at 1,504.10, its highest in a year. The market's breadth was positive, with 690 counters closing higher while 360 ended lower. Malaysian Pacific Industries was the top gainer, while Allianz was among the losers. YNH Property, the third most actively traded counter, rose 4.5 sen to 65.5 sen after receiving offers for its retail shopping mall in Kuala Lumpur. Elsewhere in the region, Japan's Nikkei 225 declined, South Korea's Kospi fell, China's Shanghai Composite Index added, and Hong Kong's Hang Seng Index closed up.
Stocks to Watch
$MISC(3816.MY$: MISC Bhd has added two vessels to its fleet: the floating production storage offloading vessel (FPSO) Marechal Duque de Caxias and Eagle Veracruz, the group's latest liquefied natural gas (LNG) dual-fuel very large crude carrier (VLCC) under its wholly-owned petroleum tanker arm AET. Eagle Veracruz will be the third vessel delivered to Shell Tankers (Singapore) on long-term charter. FPSO Marechal Duque de Caxias, MISC's first ultra-deepwater asset, was named in Yantai, China on Jan 17 and will sail to its production location in the Mero Field offshore Brazil in mid-February.
$IHH(5225.MY$: IHH Healthcare's unit, Pantai Medical Centre, has signed an agreement with Pelaburan Hartanah for the development of a new medical block adjacent to the current Gleneagles Hospital Kuala Lumpur complex. The new medical block will be leased from PHB for two decades and will mark a new growth phase for Gleneagles Hospital Kuala Lumpur, which aims to become one of the largest private hospitals in Malaysia by 2027 with over 700 beds.
$DXN(5318.MY$: DXN Holdings Bhd has posted a 16.47% rise in net profit to RM78.36 million in the third quarter ended Nov 30, 2024, underpinned by higher revenue. Quarterly revenue edged higher by 2.52% to RM450.29 million on the back of continuous sales growth in the Latin American and Indian region. The global health and wellness direct selling group company declared a third interim dividend of 0.9 sen per share, to be paid on March 8.
$WASCO(5142.MY$: Energy infrastructure group Wasco Bhd is selling a parcel of land together with storage buildings in Shah Alam for RM40 million to Array Metal (M) Sdn Bhd. The freehold land measures 18,363 sq m and is located in Section 34 along Jalan Bukit Kemuning. Wasco had spent RM10.19 million for the acquisition and related costs, and it has a carrying value of RM7.43 million as at end-2022.
$GPACKET(0082.MY$: Green Packet Bhd is selling its 15% stake in CSH Solutions Sdn Bhd for RM3.5 million to Lai Kwok Ching as part of its portfolio consolidation exercise. Green Packet bought the stake in October 2022 for RM8 million. The audited net assets of CSH Solutions were RM2.56 million at the end of June 2023, resulting in a gain of RM944,900 following the announced disposal on Wednesday.
$XIN(7043.MY$: Jade Marvel Group Bhd has announced the withdrawal of its plans to raise up to RM80 million through the issuance of redeemable convertible preference shares (RCPS) to fund its money-lending business and working capital. Jade Marvel stated that its board of directors and Sycamore Capital SPC, the subscriber for the proposed RCPS issuance, have mutually agreed to terminate the subscription agreement and supplemental subscription agreement. The company did not disclose the reason for the termination.
$PAVREIT(5212.MY$: Pavilion Real Estate Investment Trust (Pavilion REIT) has reported a 38.97% rise in net property income (NPI) to RM134.64 million for the fourth quarter ended Dec 31, 2023, compared to RM96.89 million a year earlier, due to increased revenue from its malls, including newly acquired Pavilion Bukit Jalil. Quarterly revenue increased 47.54% to RM208.22 million from RM141.13 million in 4QFY2022, on the back of the revenue contribution by Pavilion Bukit Jalil, higher property occupancies that led to an increase in rental income, as well as higher revenue rent from existing retail malls and advertising income. The REIT declared a final income distribution per unit (DPU) of 4.6 sen, payable on Feb 29.
$ALAM(5115.MY$: Alam Maritim Resources Bhd has announced that the High Court has granted it a nine-month extension, starting from Jan 25, to hold meetings with creditors in relation to its scheme of arrangement. Additionally, the restraining order against Alam Maritim's creditors has been extended for nine months, also starting from Jan 25. The company stated that these orders were obtained as part of its overall restructuring and rehabilitation plan through a proposed scheme of arrangement with its creditors.
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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Jeya Prakash : need to transfer to bank