MY Morning Wrap | Bursa Malaysia Opens Higher on Monday
Good morning mooers! Here are things you need to know about today's market:
●U.S. stocks rebounded last Friday to cap off a week of gains
●Bursa Malaysia opens higher on Monday
●Maybank IB identifies four prime sectors for investors in 2H
●Investment momentum in Malaysia to stay positive for Q2 2023 – Tengku Zafrul
●Average household income at RM8,479 in 2022
●Stocks to watch: Tenaga Nasional, Gas Malaysia, DXN Holdings, Capital A
-moomoo News MY
Wall Street Summary
U.S. stocks rebounded last Friday to cap off a week of gains, as soft inflation data boosted investor sentiment and shares of big tech companies powered the indexes higher.
The $S&P 500 Index (.SPX.US)$ rose 1%. The $Dow Jones Industrial Average (.DJI.US)$ added about 177 points, or 0.5%. The $Nasdaq Composite Index (.IXIC.US)$ jumped 1.9%. All three major indexes locked in weekly gains, with the S&P 500 and Dow each logging a third consecutive positive week. The Dow on Wednesday clinched a winning streak of 13 trading days, its longest streak since 1987.
MY Market Trend
Bursa Malaysia opened higher on Monday. At 9:26 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.22 points to 1,459.57 from 1,450.35 at Friday's close.
The index opened 0.72 of-a-point higher at 1,451.07.
The broader market was also positive as gainers beat losers 308 to 187, while 312 counters were unchanged.
Breaking News
Maybank Investment Bank Bhd (Maybank IB) has identified four selective sectors that investors may consider for the second half of 2023 (2H2023), namely aviation, consumer goods, healthcare, and utilities, as potential options for earnings growth.
Investment momentum in Malaysia to stay positive for Q2 2023 – Tengku Zafrul
Malaysia's investment momentum, which has seen strong growth since the first quarter of 2023 (Q1 2023), is expected to maintain its upward trajectory in Q2 2023, said Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz. He said in Q1 2023 Malaysia had secured RM71.4 billion of approved investments in various economic sectors, an increase of 60 per cent from RM44.7 billion registered in the same quarter last year.“The momentum in Q2 2023, which will be announced soon, is also positive. We are on track and this is a good sign considering the uncertainties surrounding the global market,” he told Bernama.
Average household income at RM8,479 in 2022
The average household income in Malaysia increased by 2.4 per cent in 2022 to RM8,479 compared to RM7,901 in 2019, according to the Household Income and Household Expenditure Survey 2022. Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the report, released by the Department of Statistics Malaysia (DOSM), showed that the median household income had increased moderately by 2.5% per year to RM6,338 in 2022 compared to RM5,873 in 2019.
Stocks to Watch
$TENAGA (5347.MY)$: McDonalds Malaysia will be installing rooftop solar photovoltaic (PV) facilities in 100 of its outlets by December 2024. This initiative is made possible through a signing of a Supply Agreement with Renewable Energy (SARE) with Tenaga Nasional Bhd (TNB) and GSPARX Sdn Bhd (GSPARX).
$GASMSIA (5209.MY)$: Gas Malaysia Berhad , a member of MMC Group, and Tokyo Gas Network Co Ltd (Tokyo Gas Network) have taken steps towards reinforcing their commitment towards innovative strategies and industry development in the gas distribution sector by signing a Memorandum of Understanding (MoU). Under the MoU, Gas Malaysia and Tokyo Gas Network intend to facilitate the exchange of expertise in their respective gas distribution business. By pooling resources and knowledge, both parties seek to unlock new and innovative business ventures and at the same time proactively address potential risks associated with their ventures.
$DXN (5318.MY)$: DXN Holdings Bhd (DXN) is positive on its earnings prospects, following a good start to its financial year ending Feb 29, 2024 (FY24). For the first quarter ended May 31, 2023 (1Q24), DXN's revenue stood at RM424mil, an increase by 17.6% year-on-year on the back of continuous sales growth of fortified food and beverages in Latin America and India.
$CAPITALA (5099.MY)$: Capital A's consolidated airlines comprising the Malaysia, Thailand, Indonesian and Philippines divisions of AirAsia registered a load factor of 88% in the second quarter of the year (2Q23).In a statement, the group said the number of passengers nearly doubled to 14.2 million over 2Q22. There are a total of 16.2 million seats available, operated by 146 of the 166 activated aircraft. According to Capital A, the consolidated airlines have recovered 73% and 74% of the capacity and passengers carried in the first half of 2019, respectively.
Besides, Capital A is entering into a partnership with UnionDigital Bank. Capital A said in a statement on Sunday (July 30) that UnionDigital Bank's role will be to provide embedded finance in partnership with BigPay within the airasia Superapp travel platform, the main booking channel for AirAsia flights in the Philippines.
$BPURI (5932.MY)$: Bina Puri Holdings Bhd’s joint venture company, Chun Yang Bina Puri (JV) Sdn Bhd secured a contract worth RM72.85 million from Tokoh Ilham Sdn Bhd for Sarawak infrastructure project. The contract entails subcontract works in the region of Jalan Kampung Medong, Lebrasau, and Kampung Klid, Daerah Dalat in Mukah, Sarawak under the Public Works Department.
$MPAY (0156.MY)$: ManagePay Systems Bhd (MPAY) is planning a private placement to raise RM13.8 million, equivalent to 10% of its issued shares or 98.2 million placement shares. The company intends to use these funds for investments in suitable or complementary businesses and assets, which could include opportunities in e-commerce and payment services, among others. MPAY also plans to expand its white label e-money and e-payment ecosystem, offering a range of services to businesses and individuals.
$CATCHA (0173.MY)$ : BURSA Securities has granted approval for Catcha Digital’s upliftment from being considered a cash company. In a bourse filing today, the company said the upliftment will be effective from 9:00am on Monday, July 31, 2023. On Monday, Catcha Digital said it had successfully raised RM29.7 million through a rights issue exercise and consequently, submitted an application to Bursa Securities to lift its GN2 status.
$ECOHLDS (0059.MY)$: EcoBuilt Holdings Bhd (EHB) reported a larger net loss of RM23.75 million in the fourth quarter of the financial year 2023, which ended on May 31, 2023. This is compared to a net loss of RM13.04 million in the same period a year ago. The increased loss was primarily due to a bad debt write-off of RM9.15 million resulting from an outstanding amount owed by Gabungan Eko Construkt Sdn Bhd.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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