MY Morning Wrap | SCIB Announces Mutual Termination of RM97.75 Million Contract with Landasan Kapital
Good morning mooers! Here are things you need to know about today's market:
●U.S. Stocks Trade Flat and Rise Slightly on CPI Inflation Numbers
●Malaysia's Industrial Production up by 4.3% in January 2024
●Stocks to watch: SCIB, UEMS
-moomoo News MY
Wall Street Summary
On Tuesday, US stocks traded flat and rose slightly following the release of CPI inflation numbers that were just 0.1% higher than expected, but still represented the lowest core numbers in two years. In total, 5,267 stocks advanced in the US market, while 4,127 fell. The closing prices for indexes showed that the $S&P 500 Index(.SPX.US$ climbed 1.12%, the $Nasdaq Composite Index(.IXIC.US$ rose 1.54%, and the $Dow Jones Industrial Average(.DJI.US$ increased by 0.61%.
Breaking News
Malaysia's Industrial Production Index Rebounds by 4.3% in January 2024
Malaysia's Industrial Production Index (IPI) rebounded by 4.3% in January 2024, following a slight decline in December 2023. The recovery aligns with the positive trends observed in neighbouring countries like Singapore and Vietnam. The manufacturing sector played a pivotal role in the overall increase, surging by 3.7%, driven by double-digit increases in the manufacture of motor vehicles, trailers, semi-trailers, and fabricated metal products. The mining sector sustained its upward trajectory, recording a 5.0% increase, while the electricity sector saw accelerated growth at 8.3%. The positive shift in these sectors contributed to the overall boost in Malaysia's IPI, indicating a favourable economic environment with multiple sectors contributing to the country's industrial production growth.
Stocks to Watch
$SCIB(9237.MY$: Sarawak Consolidated Industries Bhd (SCIB) has announced that its RM97.75 million contract with Landasan Kapital (M) Sdn Bhd has been terminated by mutual agreement between the two parties. The engineering, procurement, construction, and commissioning contract, originally planned to span 23 months, was related to the supply of materials, labour, tools, and equipment for civil, structural, architectural, and mechanical works for the construction of a residential project. However, the contract has now fallen through, and SCIB will focus on other opportunities as it continues to pursue growth and expansion in the industry.
$UEMS(5148.MY$: UEM Sunrise Bhd has announced the appointment of Datuk Azmar Talib as one of its independent non-executive directors, effective from March 11. Azmar currently serves as the group CEO of TRX City Sdn Bhd, where he oversees the development of Tun Razak Exchange (TRX). With 40 years of experience in various sectors such as real estate, construction, banking, and project turnaround, Azmar brings a wealth of expertise to his new role at UEM Sunrise Bhd.
$CTOS(5301.MY$: CTOS Digital Bhd has stated that it is business as usual for the group, despite a recent court decision against its subsidiary. The company has clarified that the ruling does not prevent it from continuing to provide credit score services, and it will continue to operate and provide information to financial institutions and clients. CTOS Digital Bhd has also emphasized that it is allowed to provide credit scores under the Credit Reporting Agency Act, based on the Act's definition of credit reporting business, credit information, and credit report. The company remains committed to serving its customers and providing reliable credit score services in accordance with the law.
$MICROLN(0126.MY$: Microlink Solutions Bhd has responded to the unusual market activity (UMA) query it received on Monday, stating that it is not aware of any possible explanation for the significant drop in its share price. The company's shares plummeted to their lowest level in more than two years, dropping 36.1% to hit the limit-down of 53 sen on Monday, before continuing to decline throughout Tuesday, closing at 37 sen, down 16 sen or 30.19%, for a new four-year low. Microlink Solutions Bhd has assured its stakeholders that it will continue to communicate any material information that may affect its share price in a timely and transparent manner, in accordance with the regulations and guidelines set by the relevant authorities.
$SAPNRG(5218.MY$: Sapura Energy Bhd, which is facing financial difficulties, has been granted a three-month extension by the Corporate Debt Restructuring Committee (CDRC) to push the deadline of its standstill period to June 10. The standstill period shields the company from actions by its multi-currency financing creditors. The CDRC's decision took into account the state of progress of the proposed restructuring scheme and the three-month extension that the company received from the court starting March 11, allowing it to convene meetings with creditors for debt restructuring and restraining them from taking legal action against it. The previous nine-month extension expired on March 10. Sapura Energy Bhd will continue to work towards its debt restructuring plan during the extended standstill period.
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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