MY Morning Wrap | PetChem to Build Asia's Largest Advanced Chemical Recycling Plant
Good morning mooers! Here are things you need to know about today's market:
●Major U.S. stock indexes initially looked set for declines but rebounded in afternoon trading
●Malaysia's banking system remained well capitalised in 1H23 - Bank Negara
●Net foreign selling picks up on Bursa to a multi-year high
●Stocks to watch: PChem, Alliance Bank
-moomoo News MY
Wall Street Summary
Oil prices and defense stocks climbed Monday after the worst attack on Israel in decades shook financial markets. Major U.S. stock indexes initially looked set for declines but rebounded in afternoon trading as the Israeli military retook several towns from Hamas control. The $S&P 500 Index(.SPX.US$ added 0.6%, while the tech-heavy $Nasdaq Composite Index(.IXIC.US$ gained 0.4%. The $Dow Jones Industrial Average(.DJI.US$rose 0.6%, or 197 points.
Breaking News
Malaysia's banking system remained well capitalised in 1H23 - Bank Negara
Malaysia's banking system remained well-capitalised throughout the first half of 2023 (1H 2023), with the banks continuing to maintain strong liquidity buffers, said Bank Negara Malaysia (BNM). In its Financial Stability Review for 1H 2023, the central bank said the aggregate liquidity coverage ratio and net stable funding ratio remained well above regulatory minima at 154.4 per cent and 117.0 per cent, respectively. BNM said the strong buffers of banks, insurers, and takaful operators would continue to ensure the financial system's resilience against future shocks and unexpected losses, enabling them to continue to support the financing and protection needs of households and businesses.
Net foreign selling picks up on Bursa to a multi-year high
The foreign net selling on Bursa Malaysia hit a 2.5-year weekly high of RM1.16bil in the week ended Oct 6, 2023. The sell-off in local equities was in line with a the exodus of foreign funds from Asian markets, cued by fresh worries of the US Federal Reserve keeping interest rates higher for longer than initially expected. According to MIDF Research, the top three sectors on Bursa that saw the highest net foreign outflows were financial services (RM770.3mil), consumer products and services (RM246.5mil) and healthcare (RM159.8mil).
Stocks to Watch
$PCHEM(5183.MY$ : Petronas Chemicals Group Bhd (PCG) has reached a final investment decision to construct Asia's largest advanced chemical recycling plant in Pengerang, Johor with a capacity of 33 kilotonnes per annum. The plant, which is targeted to be operational by the first half of 2026, is part of PCG's new plastics economy agenda to support the transition towards a circular economy and contribute to a sustainable plastics ecosystem.
$ABMB(2488.MY$ : Alliance Bank Malaysia Bhd has announced that it will relocate to a new corporate head office after it acquired a 24-floor office suite in Jalan Ampang, Kuala Lumpur, for RM405.84 million. The group said the proposed acquisition will be fully funded via the capital market and internal funds. It added the acquisition will be completed by November next year.
$RAPID(7765.MY$ : Rapid Synergy Bhd is disposing of a freehold land in Desa Sri Hartamas, together with a five-storey commercial building, for RM32.39 million. Rapid Synergy expects to recognise a gain of RM20.07 million from the disposal of the land measuring 1,338 square metres to Segi Permai Sdn Bhd.
$DNEX(4456.MY$ : Dagang NeXchange Bhd (DNeX) expects to expand its revenue through the introduction of its new TradeSwift DagangNet superapp, developed by its wholly-owned unit Dagang Net Technologies Sdn Bhd, which intends to implement a monthly fee ranging from RM25 to RM28 for users starting January next year. The superapp provides value-added features — including checking validity status of permit, cost analysis and other trade information — in addition to DNeX's web-based e-Services for trade facilitation including those offered via the National Single Window.
$HENGYUAN(4324.MY$ : Hengyuan Refining Co Bhd has appointed Yin Lujiang as chief executive officer of the petroleum products refining and manufacturing group, effective immediately. He replaces Zulhazmi Mohamad, who is ceasing his duties and responsibilities as acting CEO.
$T7GLOBAL(7228.MY$ : T7 Global has secured a contract award worth RM21.17 million from Tenaga Nasional Bhd (TNB). The energy solutions provider said it subsidiary T7 Wenmax Sdn Bhd is to supply and deliver 79,800 units of Single Phase Radio Frequency Smart Meters together with 19,950 units of Three Phase Radio Frequency Smart Meters, in line with TNB’s ongoing implementation of the Advanced Metering Infrastructure.
$LUSTER(5068.MY$ : Luster Industries Bhd has proposed to undertake a RM50 million capital reduction via cancellation of its paid-up share capital to eliminate its accumulated losses. The proposed capital reduction will result in its share capital being reduced to RM262.28 million, resulting in a capital reduction of RM50 million, which will be utilised to set off its accumulated losses of RM34.68 million at the group level.
$AWC(7579.MY$ : Engineering services provider AWC Bhd has decided to exercise its call option to buy the rest of rail specialist Trackwork & Supplies Sdn Bhd it does not own for RM5.48 million. AWC said it had on Oct 9 served a written notice to Trakniaga Sdn Bhd to exercise the call option by requiring Trakniaga to dispose of all the remaining shares in Trackwork. The sale shares represent the balance of 40% equity interest in Trackwork not already held by AWC.
$CATCHA(0173.MY$ : Catcha Digital Bhd has announced the acquisition of two digital media companies in a bid to complement its mission to build a leading digital group in Southeast Asia. Catcha said it is investing RM3.43 million to buy the remaining 49% stake in Ittify Sdn Bhd, a leading influencer platform in Malaysia which serves more than 100 brands with 7,000 influencers on its platform. The group already owns the other 51% stake in Ittify. The second acquisition involves Catcha acquiring a 30% equity interest in Headline Media Sdn Bhd for RM1.24 million, with an option to acquire another 50% stake within 36 months.
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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