MY Morning Wrap | YTL and NVIDIA to Build AI Infrastructure, Bringing Fastest Supercomputers to Malaysia by Mid-2024
Good morning mooers! Here are things you need to know about today's market:
●US stocks boosted by payrolls and inflation expectations in last Friday
●Glove makers set to bounce back in 2024
●Stocks to watch: Westports, YTL Power
-moomoo News MY
Wall Street Summary
US stocks rose as the job market remained resilient. Consumer expectations also added to signs that prices are cooling in prices, fueling hopes that the Federal Reserve can achieve its 2% goal without breaking the economy.
The $S&P 500 Index(.SPX.US$ rose 0.4% to 4,604.37, while the $Dow Jones Industrial Average(.DJI.US$ gained 0.4% to 36,247.87. The $Nasdaq Composite Index(.IXIC.US$ closed 0.5% higher at 14,403.97.
Breaking News
Glove makers set to bounce back in 2024
Manufacturers of rubber products are set for a meaningful turnaround in 2024, says RHB Research. The sentiment on the sector has improved recently following sequential pick-up in sales volume during the November results season, the research firm noted in its latest report. RHB Research said: "We expect the recovery in demand to remain choppy, and a meaningful difference is likely to be seen only in the second half of 2024 (2H24)." Nevertheless, the gradual improvement in market dynamics should offer a respite for local glove manufacturers, it added. For the November 2023 results period, RHB Research said there was a mixed bag of results among the companies in the sector.
Stocks to Watch
$WPRTS(5246.MY$: Westports Holdings Bhd has successfully extended its concession agreement with the government until 2082, providing a longer period of operation. The extension was secured through a third supplemental privatisation agreement between Westports Malaysia Sdn Bhd (WMSB), a subsidiary of Westports Holdings Bhd, and the Port Klang Authority (PKA). The initial agreement signed among the government, PKA, and WMSB was for a 30-year term ending on Aug 31, 2024.
$YTLPOWR(6742.MY$: YTL Power International Bhd has announced a collaboration with Nvidia Corp to construct an artificial intelligence (AI) infrastructure that will operate on Nvidia's technology. The first phase of the data centre is expected to commence operations by mid-next year. YTL Power has stated that the data centre, which will provide AI computing services to the country, will be owned and managed by YTL Power's subsidiary, YTL Communications Sdn Bhd, in which it owns a 60% stake. The facility will be located in YTL Power's Green Data Centre Park in Johor, which is powered by a 500MW solar energy source.
$AEONCR(5139.MY$: Aeon Credit Service (M) Bhd has announced that it has fully redeemed its RM100 million sukuk in nominal value, which was callable on Friday. The group had issued the unrated subordinated perpetual sukuk on Dec 10, 2018. A week prior to this announcement, Aeon Credit had issued a senior sukuk with a nominal amount of RM300 million and a tenure of five years. This issuance marks the fourth and final tranche under the financial services provider's sukuk wakalah programme of RM2 billion in nominal value.
$MAHSING(8583.MY$: Mah Sing Group Bhd has purchased a four-acre plot of land in Mukim Setapak, Kuala Lumpur for a total cost of RM74.3 million. The company plans to develop a transit-oriented development (TOD) named M Azura on the land, with an estimated gross development value of RM508 million. M Azura will comprise two blocks of serviced apartments which are planned to have indicative built-ups of 700 sq ft, 850 sq ft, and 1,000 sq ft, subject to approval from relevant authorities.
$CHGP(7187.MY$: Chin Hin Group Property Bhd (CHGP) is set to acquire a freehold plot measuring around 1.218 acres in Penang from Ivory Properties Group Bhd for RM40 million. The purpose of this acquisition is to construct a multi-storey serviced residence on the land. As part of the agreement, CHGP will award construction works of the development to a subsidiary company of the Ivory group as the turnkey builder. On Friday, CHGP signed a binding term sheet with Ivory Gleneary Sdn Bhd, a wholly-owned subsidiary of Ivory Properties, for the proposed land acquisition.
$AXREIT(5106.MY$: Axis Real Estate Investment Trust (Axis-REIT) has proposed to acquire a two-storey shopping mall in Temerloh, Pahang, for RM25.75 million cash. The REIT said the acquisition of Temerloh Mall in Taman Damai, from Amal Mewah Development Sdn Bhd, will be funded by its existing bank financing. The freehold property with a net lettable area of 93,854 sq ft will be leased to TF Value-Mart Sdn Bhd.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE Malaysia
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
104027440 : ok