6th May 2024
*Dow Jones* :38,675.68
⬆️450.02 /1.18%‼️
*Nasdaq* :16,156.33
⬆️315.37/1.99%‼️
*S&P 500*:5,127.79
⬆️63.59/ 1.26%‼️
Stocks jumped sharply Friday after a softer-than-expected April jobs report boosted hopes that the Federal Reserve could start cutting interest rates soon.
*WTI CRUDE OIL* : 77.99
⬇️0.96/1.22%‼️
*BRENT OIL* :82.78
⬇️0.89/1.06%‼️
*GOLD PRICE* : 2,310.10
⬆️0.50/ 0.02%
*USD/MYR* : 4.72
*CORPORATE NEWS*
*Boustead Heavy Industries Corp Bhd’s (BHIC)* planned disposal of its 20.77% stake in Lumut Naval Shipyard Sdn Bhd (Lunas) to the Ministry of Finance (Inc)-owned Ocean Sunshine Bhd has turned unconditional after shareholders of BHIC endorsed the RM1 deal. An intercompany trade receivables settlement agreement (ITRSA) has also been executed on April 30, its filing showed. Under the ITRSA, BHIC received a repayment sum of RM49.7 million, as a result of Lunas’ RM384.43 million net debt write-off.
Naza Corp Holdings Sdn Bhd has completed the acquisition of a 100% stake in Berjaya Enviro Holdings Sdn Bhd (BEnviro) from *Berjaya Corp Bhd* for RM700 million in cash. The acquisition also sees Naza taking over seven entities under BEnviro. “Through this acquisition, Naza will be able to offer comprehensive solutions to meet Malaysia's waste management needs, leveraging on the extensive operational infrastructure, technological advancements, and talented workforce of BEnviro and its seven subsidiaries," the company said.
*Fraser & Neave Holding Bhd (F&N)* said on Friday that the company will focus on fixed asset optimisation over the next three years, after having allocated more than RM3 billion in capital expenditure (capex) and development of its integrated farm in Gemas. “Currently, we are in a position where we can enhance our FAT (fixed assets turnover) by 50% to 60% without significant capex.
*Pestech International Bhd’s* unit Pestech Sdn Bhd has lost an appeal to stop the tampering of machinery used in the Gemas-Johor electrified double track project by main contractor Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL). The company filed the appeal against an earlier High Court decision to dismiss its interim injunction application against SPYTL on the matter.
The Energy Commission (EC) has raised the tariff to transport gas via Peninsular Malaysia’s gas pipeline, owned and operated by *Petronas Gas Bhd (PetGas)* , to RM1.096 per gigajoule per day (GJ/day) for 2024 versus a base of RM1.063 GJ/day under Regulatory Period 2 (2023-2025). The tariff for the supply of high-pressure gas to Singapore has also been raised to RM1.701 GJ/day, compared with the base RP2 tariff of RM1.614 GJ/day. PetGas gets nod for gas transportation tariff hike; regas sees mixed adjustment
*XOX Bhd* plans to undertake a share capital reduction to wipe out RM303 million of the virtual mobile network operator’s accumulated losses.
*TT Vision Holdings Bhd* is looking to raise RM25.27 million via a private placement of up to 23.4 million shares or 5% of its enlarged share base, based on an illustrative price of RM1.08. The issue price will be determined at a later date.
*Uzma Bhd* has secured a contract from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Company Ltd (SSPC) to provide integrated production and integrity chemical and associated services. Uzma said its subsidiary Malaysian Energy Chemical & Services Sdn Bhd had accepted the contract from both SSB and SSPC, but did not disclose its value.
*SLP Resources Bhd’s* net profit surged 63% year-on-year to RM4.94 million from RM3.03 million for the financial quarter ended March 31, 2024 (1QFY2024), bolstered by better product mix and higher output. Earnings per share came in at 1.56 sen in 1QFY2024, higher than 0.96 sen in 1QFY2023.
*WTK Holdings Bhd* is raising its stake in Sarawak-based rival Durafarm Sdn Bhd by another 15% for RM28.33 million. The company has signed share sale agreements with Datuk Robert Lawson Chuat to acquire his 11.25% stake for RM21.45 million, and Edwin Ak Banta for his 3.75% stake for RM7.08 million.
*Dow Jones* :38,675.68
⬆️450.02 /1.18%‼️
*Nasdaq* :16,156.33
⬆️315.37/1.99%‼️
*S&P 500*:5,127.79
⬆️63.59/ 1.26%‼️
Stocks jumped sharply Friday after a softer-than-expected April jobs report boosted hopes that the Federal Reserve could start cutting interest rates soon.
*WTI CRUDE OIL* : 77.99
⬇️0.96/1.22%‼️
*BRENT OIL* :82.78
⬇️0.89/1.06%‼️
*GOLD PRICE* : 2,310.10
⬆️0.50/ 0.02%
*USD/MYR* : 4.72
*CORPORATE NEWS*
*Boustead Heavy Industries Corp Bhd’s (BHIC)* planned disposal of its 20.77% stake in Lumut Naval Shipyard Sdn Bhd (Lunas) to the Ministry of Finance (Inc)-owned Ocean Sunshine Bhd has turned unconditional after shareholders of BHIC endorsed the RM1 deal. An intercompany trade receivables settlement agreement (ITRSA) has also been executed on April 30, its filing showed. Under the ITRSA, BHIC received a repayment sum of RM49.7 million, as a result of Lunas’ RM384.43 million net debt write-off.
Naza Corp Holdings Sdn Bhd has completed the acquisition of a 100% stake in Berjaya Enviro Holdings Sdn Bhd (BEnviro) from *Berjaya Corp Bhd* for RM700 million in cash. The acquisition also sees Naza taking over seven entities under BEnviro. “Through this acquisition, Naza will be able to offer comprehensive solutions to meet Malaysia's waste management needs, leveraging on the extensive operational infrastructure, technological advancements, and talented workforce of BEnviro and its seven subsidiaries," the company said.
*Fraser & Neave Holding Bhd (F&N)* said on Friday that the company will focus on fixed asset optimisation over the next three years, after having allocated more than RM3 billion in capital expenditure (capex) and development of its integrated farm in Gemas. “Currently, we are in a position where we can enhance our FAT (fixed assets turnover) by 50% to 60% without significant capex.
*Pestech International Bhd’s* unit Pestech Sdn Bhd has lost an appeal to stop the tampering of machinery used in the Gemas-Johor electrified double track project by main contractor Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL). The company filed the appeal against an earlier High Court decision to dismiss its interim injunction application against SPYTL on the matter.
The Energy Commission (EC) has raised the tariff to transport gas via Peninsular Malaysia’s gas pipeline, owned and operated by *Petronas Gas Bhd (PetGas)* , to RM1.096 per gigajoule per day (GJ/day) for 2024 versus a base of RM1.063 GJ/day under Regulatory Period 2 (2023-2025). The tariff for the supply of high-pressure gas to Singapore has also been raised to RM1.701 GJ/day, compared with the base RP2 tariff of RM1.614 GJ/day. PetGas gets nod for gas transportation tariff hike; regas sees mixed adjustment
*XOX Bhd* plans to undertake a share capital reduction to wipe out RM303 million of the virtual mobile network operator’s accumulated losses.
*TT Vision Holdings Bhd* is looking to raise RM25.27 million via a private placement of up to 23.4 million shares or 5% of its enlarged share base, based on an illustrative price of RM1.08. The issue price will be determined at a later date.
*Uzma Bhd* has secured a contract from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Company Ltd (SSPC) to provide integrated production and integrity chemical and associated services. Uzma said its subsidiary Malaysian Energy Chemical & Services Sdn Bhd had accepted the contract from both SSB and SSPC, but did not disclose its value.
*SLP Resources Bhd’s* net profit surged 63% year-on-year to RM4.94 million from RM3.03 million for the financial quarter ended March 31, 2024 (1QFY2024), bolstered by better product mix and higher output. Earnings per share came in at 1.56 sen in 1QFY2024, higher than 0.96 sen in 1QFY2023.
*WTK Holdings Bhd* is raising its stake in Sarawak-based rival Durafarm Sdn Bhd by another 15% for RM28.33 million. The company has signed share sale agreements with Datuk Robert Lawson Chuat to acquire his 11.25% stake for RM21.45 million, and Edwin Ak Banta for his 3.75% stake for RM7.08 million.
*Ranhill Utilities Bhd* has declared a share dividend distribution on a basis of 0.5 share for every 100 shares held in the utility group. The dividends ex-date is on May 20, with payout on June 13.
*Sarawak Cable* Bhd announced that Datuk Seri Fong Joo Chung has stepped down as non-independent non-executive deputy chairman, effective immediately. Fong, 75, resigned due to personal reasons, prevailing circumstances and recent developments concerning the company.
*Sarawak Cable* Bhd announced that Datuk Seri Fong Joo Chung has stepped down as non-independent non-executive deputy chairman, effective immediately. Fong, 75, resigned due to personal reasons, prevailing circumstances and recent developments concerning the company.
🌐 Global Market Updates_
*_6th May 2024_*
Indexes
🇺🇸 Dow 38,675.68 ⬆️ 450.02
🇬🇧 FTSE 8,213.490 ⬆️ 41.340
🇭🇰 HKSE 18,475.920 ⬆️ 268.820
🇨🇳 SSE 12,513.370 ⬇️ 22.210
🇲🇾 KLCI 1,589.59 ⬆️ 9.29
Energy/Precious Metal
⛽️ Crude Oil $77.99 ⬇️ 0.96
⛽️ Brent Oil $82.78 ⬇️ 0.89
⚜️ Gold $2,310.10 ⬆️ 0.50
🌴 Palm Oil $3,844 ⬇️ 2
Currency
💵 USD/MYR 4.7380 ⬆️
💴 CNY/MYR 0.6546 🔁
💵 SGD/MYR 3.5078 ⬇️
🌐 Global News
🔹 Investing.com-- The S&P 500 surged Friday as Apple led a surge in tech just as data showed jobs gains fell short of expectations in April, lifting hopes that the Federal Reserve could begin cutting interest rates sooner rather than later.
🔹 Investing.com-- Oil prices posted their steepest weekly loss in three months last week, with Brent declining more than 7%, while WTI fell 6.8%. Investors were concerned that higher-for-longer borrowing costs would curb economic growth in the U.S., the world's leading oil consumer.
🔹 Investing.com-- Gold prices moved little in Asian trade on Friday as markets remained averse to the yellow metal before key U.S. payrolls data, while the prospect of high for longer interest rates put gold on course for weekly losses.
Sources from: Investing.com
https://www.investing.com/news/stock-market-news/stock-market-today-sp-500-ends-higher-as-weaker-jobs-data-boost-rate-cut-hopes-3416505
♦️ Start trading Futures via the RHB Futures GTS trading platform, now available via desktop and mobile ! ★ Register Now https://www.rhbtradesmart.com/futures-signup.html or Contact us for more info:
*_6th May 2024_*
Indexes
🇺🇸 Dow 38,675.68 ⬆️ 450.02
🇬🇧 FTSE 8,213.490 ⬆️ 41.340
🇭🇰 HKSE 18,475.920 ⬆️ 268.820
🇨🇳 SSE 12,513.370 ⬇️ 22.210
🇲🇾 KLCI 1,589.59 ⬆️ 9.29
Energy/Precious Metal
⛽️ Crude Oil $77.99 ⬇️ 0.96
⛽️ Brent Oil $82.78 ⬇️ 0.89
⚜️ Gold $2,310.10 ⬆️ 0.50
🌴 Palm Oil $3,844 ⬇️ 2
Currency
💵 USD/MYR 4.7380 ⬆️
💴 CNY/MYR 0.6546 🔁
💵 SGD/MYR 3.5078 ⬇️
🌐 Global News
🔹 Investing.com-- The S&P 500 surged Friday as Apple led a surge in tech just as data showed jobs gains fell short of expectations in April, lifting hopes that the Federal Reserve could begin cutting interest rates sooner rather than later.
🔹 Investing.com-- Oil prices posted their steepest weekly loss in three months last week, with Brent declining more than 7%, while WTI fell 6.8%. Investors were concerned that higher-for-longer borrowing costs would curb economic growth in the U.S., the world's leading oil consumer.
🔹 Investing.com-- Gold prices moved little in Asian trade on Friday as markets remained averse to the yellow metal before key U.S. payrolls data, while the prospect of high for longer interest rates put gold on course for weekly losses.
Sources from: Investing.com
https://www.investing.com/news/stock-market-news/stock-market-today-sp-500-ends-higher-as-weaker-jobs-data-boost-rate-cut-hopes-3416505
♦️ Start trading Futures via the RHB Futures GTS trading platform, now available via desktop and mobile ! ★ Register Now https://www.rhbtradesmart.com/futures-signup.html or Contact us for more info:
Investing.com
Stock Market Today: S&P 500 ends higher as weaker jobs data boost rate cut hopes By Investing.com
RCE Cap to benefit from civil servant salary hike
https://www.thestar.com.my/business/business-news/2024/05/06/rce-cap-to-benefit-from-civil-servant-salary-hike
https://www.thestar.com.my/business/business-news/2024/05/06/rce-cap-to-benefit-from-civil-servant-salary-hike
The Star
RCE Cap to benefit from civil servant salary hike
PETALING JAYA: Non-bank financial institutions generally do not attract as much interest like their banking counterparts.
Press Metal begins supply to China firms
https://www.thestar.com.my/business/business-news/2024/05/06/press-metal-begins-supply-to-china-firms
https://www.thestar.com.my/business/business-news/2024/05/06/press-metal-begins-supply-to-china-firms
The Star
Press Metal begins supply to China firms
KUCHING: Press Metal Aluminium Holdings Bhd’s extrusion plant in China has commenced the supply of aluminium battery casings and car bumpers to vehicle manufacturers in the mainland, says group chief executive officer Tan Sri Koon Poh Keong.
*RHB* ♦️ *Investment Bank Bhd*
Stay informed with more RHB Research updates on:
♦️ Facebook Group: https://www.facebook.com/groups/morningcuppa
♦️ Telegram: https://t.me/RHBInvestmentBankOfficial
*RHB Retail Research*
*Technical Analyzer*
06 May 2024
Download report here : https://tinyurl.com/43psky9j
*TAS (5149)*: Shariah Compliant
Outlook: Breakout MYR0.80
Resistance: MYR0.95, MYR1.10
Support: MYR0.69
(time frame: 2-4 weeks)
*SAM (9822)*: Shariah Compliant
Outlook: Breakout MYR5
Resistance: MYR5.50, MYR6
Support: MYR4.60
(time frame: 2-4 weeks)
Investment Research Disclaimers
RHB has issued this report for information purposes only.
Stay informed with more RHB Research updates on:
♦️ Facebook Group: https://www.facebook.com/groups/morningcuppa
♦️ Telegram: https://t.me/RHBInvestmentBankOfficial
*RHB Retail Research*
*Technical Analyzer*
06 May 2024
Download report here : https://tinyurl.com/43psky9j
*TAS (5149)*: Shariah Compliant
Outlook: Breakout MYR0.80
Resistance: MYR0.95, MYR1.10
Support: MYR0.69
(time frame: 2-4 weeks)
*SAM (9822)*: Shariah Compliant
Outlook: Breakout MYR5
Resistance: MYR5.50, MYR6
Support: MYR4.60
(time frame: 2-4 weeks)
Investment Research Disclaimers
RHB has issued this report for information purposes only.
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Foreign inflow to Bursa Malaysia surges to RM1.06bil net
https://www.thestar.com.my/business/business-news/2024/05/06/foreign-inflow-to-bursa-malaysia-surges-to-rm106bil-net
https://www.thestar.com.my/business/business-news/2024/05/06/foreign-inflow-to-bursa-malaysia-surges-to-rm106bil-net
The Star
Foreign inflow to Bursa Malaysia surges to RM1.06bil net
KUALA LUMPUR: The flow of foreign funds into Bursa Malaysia accelerated 3.6 times from the week before to RM1.06bil net, which represents the largest recorded net inflow in over two years.
*RHB♦️Investment Bank Bhd*
Monday 06/05/2024
FBMKLCI : *1,597.39*
*⬆️ 7.80 (0.49%)*
Volume : *4.477B*
Value : *3.118B*
⬆️ 657
⬇️ 447
🔁 499
_Bursa Malaysia closed in green mode buoyed by a positive recovery on Wall Street._
Monday 06/05/2024
FBMKLCI : *1,597.39*
*⬆️ 7.80 (0.49%)*
Volume : *4.477B*
Value : *3.118B*
⬆️ 657
⬇️ 447
🔁 499
_Bursa Malaysia closed in green mode buoyed by a positive recovery on Wall Street._