MY Morning Wrap | MISC Secures Long-Term Contracts for Three LNG Carriers from QatarEnergy
Good morning mooers! Here are things you need to know about today's market:
●US Stocks Start Q2 Lower, but with Room to Grow
●FBM KLCI Starts Q2 Trading on Positive Note, Boosted by US Federal Reserve Reassurances
●Foreign Funds Outflow from Bursa Malaysia Increases by 38.6% in Past Week
●Stocks to watch: MISC, Betamek
-moomoo News MY
Wall Street Summary
US stocks started the second quarter of the year trading lower on Monday, following a roaring start to the year. PCE inflation data released on Friday showed a slowdown in price increases, with the market taking a day off, but just by 0.1%. Shortly after the market closed, preliminary figures showed the $S&P 500 Index(.SPX.US$ pulled back 0.31%, while the $Nasdaq Composite Index(.IXIC.US$ climbed just 0.03%. The $Dow Jones Industrial Average(.DJI.US$ fell 0.72%. Despite the dip, there is still room for growth in the market.
Breaking News
FBM KLCI Starts Q2 Trading on Positive Note, Boosted by US Federal Reserve Reassurances
The FBM KLCI started the second quarter of trading on a positive note, following reassurances from the US Federal Reserve that the inflation rate is moderating as expected. At Monday's open, the benchmark index was up 1.43 points to 1,537.50, tracking optimistic Wall Street futures following the release of the US Personal Consumption Expenditure price index. Rising blue chips on Bursa Malaysia included Telekom Malaysia, PETRONAS Chemicals, Genting, and CIMB. According to Apex Securities Research, the FBM KLCI is coming off a strong first quarter poised for further gains, owing to the improving economic outlook that will be supported by the implementation of key economic blueprints.
Foreign Funds Outflow from Bursa Malaysia Increases by 38.6% in Past Week
The outflow of foreign funds from Bursa Malaysia increased by 38.6% in the past week to RM435.1 million net, according to MIDF Research. The stock exchange started the week with an inflow of offshore funds on Monday, but there was net selling thereafter as investors took profit out of global equities ahead of the release of the US Personal Consumption Expenditure price index. The domestic sectors that recorded the highest net foreign outflows were financial services, consumer products and services, and plantations. Meanwhile, local institutions remained net buyers for a fifth consecutive week with a net purchase of RM587.7 million, while local retailers continued to be net sellers.
Stocks to Watch
$MISC(3816.MY$: MISC Bhd, which owns one of the world's largest fleets of petroleum shipping vessels, has secured long-term contracts for three liquefied natural gas (LNG) carriers from QatarEnergy. The contract involves the time charter of three newbuild LNG carriers to be constructed by Samsung Heavy Industries Co Ltd. These carriers will be chartered by QatarEnergy for a firm period of 15 years starting from 2026 onwards. The move is expected to strengthen MISC's position in the LNG market, as it continues to expand its portfolio and fleet.
$BETA(0263.MY$: Electronic manufacturing services firm Betamek Bhd has announced that it is acquiring tuner and car stereo maker Sanshin (Malaysia) Sdn Bhd for RM13.44 million from its Japanese owner. The move is expected to broaden Betamek's product offerings and profit margins. The proposed acquisition is expected to be completed by the second quarter of the financial year ending March 31, 2025, and the purchase will be financed entirely through internally generated funds.
$MERIDIAN(5040.MY$: Meridian Bhd is facing a trading suspension for its shares and warrants starting April 8 if it fails to submit its 2023 annual report by April 5, having missed the March 31 deadline for its annual audited financial statements. Bursa Securities has added that if Meridian fails to issue the outstanding financial statements within six months of the stipulated timeframe's expiry, the bourse regulator shall commence delisting procedures against the company, in addition to any enforcement actions it may take.
$BHIC(8133.MY$: Boustead Heavy Industries Corp Bhd (BHIC) has extended the planned disposal of its 20.77% stake in the troubled Boustead Naval Shipyard Sdn Bhd (BNS, now known as Lumut Naval Shipyard Sdn Bhd) to the Ministry of Finance (MOF) for RM1 for another month until April 30. This marks the sixth extension agreed upon by BHIC and MOF, allowing additional time to fulfil the conditions precedent for the deal.
$KERJAYA(7161.MY$: Construction outfit Kerjaya Prospek Group Bhd has secured a RM33.19 million contract for piling and earthworks for a proposed service apartment in Pulau Andaman, Penang from Persada Mentari Sdn Bhd, a subsidiary of property developer Eastern & Oriental Bhd (E&O). The contract is set to commence on June 17, 2024, and is expected to be completed within 12 months. This deal is considered a recurrent related party transaction due to the significant ownership overlap between Kerjaya Prospek and E&O, with Datuk Tee Eng Ho serving as both companies' executive chairman and major shareholder.
$AZRB(7078.MY$: Ahmad Zaki Resources Bhd (AZRB) has been awarded a contract worth RM315.90 million by the Public Works Department for upgrading and renovation works on Istana Abu Bakar in Pekan, Pahang. The letter of acceptance was awarded to its wholly-owned subsidiary Ahmad Zaki Sdn Bhd (AZSB), and the contract is valid for 30 months, starting from April 1, 2024. The contract is expected to contribute positively to the group's future earnings.
$EVD(0174.MY$: EVD Bhd has secured two contracts worth RM19.5 million for mechanical and engineering (M&E) works involving the construction of a wastepaper warehouse and a power generation facility in Kuala Langat, Selangor. The contracts were awarded to EVD Engineering Sdn Bhd, its wholly-owned subsidiary, by Sing Foong Niap Engineering Sdn Bhd. The first project, valued at RM3.52 million, includes M&E works for a wastepaper warehouse owned by Best Eternity Recycle Technology Sdn Bhd, while the second project, valued at RM15.98 million, involves M&E works for a power generation facility owned by BERT.
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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Xniffler : Good
Eaten : nice