TSLA
Tesla
-- 355.840 NVDA
NVIDIA
-- 138.850 INTC
Intel
-- 23.600 NBIS
NEBIUS
-- 44.490 PLTR
Palantir
-- 119.160 Malaysia Morning Wrap | Gamuda Secures RM3.05 Billion Contract to Build Hydroelectric Plant in Sabah
Good morning mooers! Here are things you need to know about today's market:
● Market Slides Amid Heavy Earnings Week Ahead of U.S. Election
● PM Anwar: Decision on T15 Income Classification for Petrol Subsidies Pending
● PM Anwar Expected to Launch National AI Office on December 12
● Stocks to Watch: Gamuda, OB Holdings, MyEG, MN Holdings, etc.
- Moomoo News MY
Wall Street Summary
The stock market experienced a downturn on Friday, mirroring the autumn leaves, after a heavy week of earnings reports. With the U.S. election less than two weeks away, investors are bracing for an even more significant week of earnings ahead. Key reports are expected from major companies including $Apple (AAPL.US)$, $Meta Platforms (META.US)$, $Microsoft (MSFT.US)$, and $Amazon (AMZN.US)$, along with many other industry leaders. Additionally, next week will feature a crucial labor market report. As the markets closed at 4 pm ET, the $S&P 500 Index (.SPX.US)$ slightly decreased by 3 basis points, the $Dow Jones Industrial Average (.DJI.US)$ dropped by 60 basis points, while the $Nasdaq Composite Index (.IXIC.US)$ saw an increase of 56 basis points.
Breaking News
PM Anwar: Decision on T15 Income Classification for Petrol Subsidies Pending
Prime Minister Datuk Seri Anwar Ibrahim, speaking at the Perak Keadilan Convention, stated that the Malaysian government has not yet finalized the income classification for the T15 group (the top 15% of income earners) regarding petrol subsidy rationalization. This clarification comes amidst concerns that the proposed income threshold of RM12,000 might not accurately reflect affordability for higher income brackets. The government aims to ensure that only the affluent are impacted by the subsidy adjustments, preserving benefits for 85% of the population, with further details still under review following feedback from various stakeholders.
PM Anwar Expected to Launch National AI Office on December 12
Digital Minister Gobind Singh Deo announced that Prime Minister Datuk Seri Anwar Ibrahim is slated to inaugurate the National Artificial Intelligence Office (NAIO) on December 12, 2024, in Kuala Lumpur. The NAIO is set to play a crucial role in shaping government policies and laws related to AI development. Speaking at the GDS Data Centre Supply Chain Ecosystem Summit in Johor Bahru, Gobind emphasized the importance of balancing the benefits and risks associated with AI as the technology integrates further into various sectors. Additionally, the Malaysia Digital Economy Corporation (MDEC) will open a new office in Johor next month to support digital economy investments, particularly ahead of the anticipated Johor-Singapore Special Economic Zone signing ceremony. The summit also saw the signing of a memorandum of understanding between GDS International and five key suppliers, aimed at developing a supply chain system in Malaysia.
Stocks to Watch
$GAMUDA (5398.MY)$: Gamuda has announced that its 75%-owned joint venture company has been appointed as the total development contractor for a new hydroelectric project in Sabah, Malaysia. The RM3.05 billion contract, awarded by Upper Padas Power Sdn Bhd (UPPSB), entails the design and construction of the 187.5-megawatt Ulu Padas dam located in Tenom.
This contract is considered a related-party transaction since Gamuda indirectly holds a 45% interest in UPPSB through UPP Holdings Sdn Bhd. The remaining 25% stake in the joint venture is held by Conlay Construction, a firm specializing in construction and property development. The project underscores Gamuda's ongoing commitment to expanding its portfolio in the energy sector and its capability in undertaking large-scale infrastructure projects. The development of the Ulu Padas dam is expected to contribute significantly to the renewable energy capacity in the region.
$OBHB (0327.MY)$: OB Holdings Bhd, soon to be listed on the ACE Market, is facing a legal challenge as its wholly-owned subsidiary, Orient Biotech Sdn Bhd, has received a dispute notice from Nature One Dairy (Hong Kong) Ltd (NOD). The notice accuses Orient Biotech of breaching a purchase and supply agreement and infringing on NOD's intellectual property rights. The dispute arose after Orient Biotech produced a milk powder product for a new customer, which NOD claims contains "formulations, recipes, and ingredients" that are identical to those used in its products.
Orient Biotech has refuted these allegations, maintaining that the ingredients used are generic and widely available in the market. The outcome of this dispute could have significant implications for OB Holdings as it prepares for its upcoming market debut.
$MYEG (0138.MY)$: MYEG Services Bhd has made a significant stride in the Philippine market through its joint venture, MYEG Philippines Inc (MYEG PH), which has recently partnered with the Philippines' National Home Mortgage Finance Corporation (NHMFC). This collaboration involves integrating MYEG PH's payment system with NHMFC's platform, enhancing the range of payment channels available to NHMFC borrowers. The NHMFC, a state-owned agency, is dedicated to increasing the accessibility of affordable housing finance in the Philippines. The partnership was formalized with a Memorandum of Agreement signed on October 22, facilitating an important step towards improving financial services for housing in the region.
$MNHLDG (0245.MY)$: MN Holdings Bhd has announced a new joint venture with Protech Builders Sdn Bhd (PBSB) to bid for subcontracting works on a data center construction project. The specific details of the customer and the financial value of the subcontract remain undisclosed due to confidentiality agreements. The joint venture will be executed through MN Holdings' wholly-owned subsidiary, Mutu Nusantara Sdn Bhd (MNSB), which has formally signed an agreement with PBSB for this collaboration. This partnership marks a strategic move for MN Holdings to expand its presence in the data center construction sector, leveraging its expertise in underground utilities and substation engineering.
$PADINI (7052.MY)$: Padini Holdings Bhd has outlined a strategic plan for the fiscal year ending June 30, 2025, aimed at optimizing its retail operations. According to its latest annual report, the fashion retailer intends to refurbish nine of its existing stores and open four new outlets across Malaysia. Additionally, Padini plans to close one store in the country to streamline its operations further. The company also revealed plans to shut down one of its seven stores in Thailand, as part of its strategy to recalibrate its presence in overseas markets. These changes reflect Padini's ongoing efforts to adapt its business model and store network to better meet consumer demands and market conditions.
$MALAKOF (5264.MY)$: Malakoff Corp Bhd has announced a third extension for fulfilling the conditions precedent in its plan to acquire a 49% stake in waste management company E-Idaman Sdn Bhd. The new deadline is now set for January 28, 2025. This acquisition, involving Malakoff's wholly-owned subsidiary Tuah Utama Sdn Bhd, is for a stake originally owned by Metacorp Bhd, with the deal valued at RM133.2 million. The agreement was first made on October 27, 2023, and this extension indicates ongoing efforts to meet the necessary conditions to finalize the purchase.
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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