Market Review & Outlook
Malaysia Market Review. The FBM KLCI (+0.4%) edged mildly higher alongside with gains across regional markets as the key index capped off the wild week to close -0.9% wow. The lower liners advanced on the positive market breadth, while all 13 major sectors advanced with the Technology sector (+3.4%) leading the pack.
Global Markets Review. Wall Street extended its gains with the Dow climbing 0.3% after a choppy trading session as concerns over the health of US economy eased. European markets also turned upbeat, while Asia markets closed on a positive note, in general.
Market Outlook. After a roller-coaster week, we expect the local bourse to build onto recent recovery with the key index likely to take another jab towards the 1,600 psychological level. The improvement will be boosted by the calmer market conditions on Wall Street alongside the better-than-expected industrial production data back home which rose 5.0% yoy in the month of June 2024. Looking ahead, investors will be watching onto the US Consumer Inflation data to be release tonight. We continue to favour the Technology sector, riding onto the recovery on Nasdaq last Friday. Also, the Energy sector may take cue from the rebound in crude oil prices for the past three straight sessions.
FBM KLCI Technical Review & Outlook
Technical Commentary: The FBM KLCI gapped up to close slightly higher and re-tested the 1,600 psychological level on last Friday. Indicators, however, remained negative as the MACD Line treaded below the zero level, while the RSI remain below 50. Immediate resistance is located at 1,600. Support is envisaged around 1,530.
Company News
Construction firm Mitrajaya Holdings Bhd has won a job worth RM151.99 million from the Northern Corridor Implementation Authority.
First World Hotels & Resorts Sdn Bhd, and by extension the company's owner, Genting Malaysia Bhd, has been found to be liable for an employee's negligence that led to the death of a patron in Genting Highlands more than five years ago.
MARC Ratings warned on Friday that it may downgrade the rating of a toll concessionaire unit of Ekovest Bhd in the intermediate term, citing cash flow concerns.
Asteel Group Bhd, via its wholly owned subsidiary Asteel (Sarawak) Sdn Bhd (ASWK), has jointly secured a RM61.2 million contract for roof and wall cladding of the EBP1A Hyperscale Data Centre at the Elmina Business Park, Selangor.
Oil trading and fuel bunkering service provider Straits Energy Resources Bhd plans to exit the port operation and management business by disposing of its entire 51% equity interest in Megah Port Management Sdn Bhd (MPM), the concessionaire of Labuan Liberty Port, to LPM Holdings Sdn Bhd for RM5 million cash.
Swift Haulage Bhd, the country's largest container haulier by the number of prime movers, saw its net profit fall 14.3% to RM8.33 million for the second quarter ended June 30, 2024 (2QFY2024), from RM9.72 million a year earlier, attributed to lower profit margins.
Ranhill Utilities Bhd which has been taken over by YTL Power International Bhd on Friday announced the resignation of four independent directors.
TMC Life Sciences Bhd will issue a notice of domestic inquiry against its suspended group chief executive officer (CEO) Wan Nadiah Wan Mohd Abdullah Yaakob, after failing to achieve any settlement following two show cause letters and a mediation process.
MN Holdings Bhd and a 51%-owned unit of Reservoir Link Energy Bhd are joining hands to tender for a solar project in Pulau Tioman, which is being taken up by Tenaga Nasional Bhd.
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| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 3.933208 | 3.960978 |
| EUR | 4.575563 | 4.585407 |
| CNY | 0.571282 | 0.571899 |
| HKD | 0.503427 | 0.507495 |
| SGD | 3.076058 | 3.100967 |