MY CLOSING BELL REVIEWS | CANT STAND STILL AT 1450, KLCI DROPS 3.35 POINTS

The Federal Reserve remained on hold as expected, but hinted that interest rates would still be raised, causing the three major US stocks and Asian stocks to drop overnight.

Malaysian stocks were also unable to escape negative sentiment. Although they opened higher this morning, they quickly fell below the 1450 key level, but compared to regional stock markets, Malaysian stocks declined slightly.

The full-day trading volume was 3.2 billion shares, with a transaction value of RM2.1 billion.

The FTSE Malaysia All Stock Index reported 10726.65 points, down 28.39 points.

There were 362 rising stocks, 549 falling stocks, 487 had no ups or downs, and 976 had no transactions.

At 5 p.m., the dollar was cashed out in ringgit, at the level of 4.6890.

BMI, a subsidiary of Fitch Solutions, believes that although the six-state elections have already settled and the ruling power of the unity government has clearly not wavered, the government still faces many challenges in formulating policies, and short-term political risks are still high.

The agency said that although the results of this state election are the same as the last general election, the results of the state elections have shown a marked increase in the approval ratings of the League of Nations in the six states, and Kedah, Kelantan, and Terengganu have won 95% of the seats. Although state elections do not directly affect national administration, state elections are a weather vane for voters' political sentiment.

BMI predicts that as the approval rating of the League of Nations rises markedly, the weight and influence of the League of Nations in the National Assembly will also increase, posing a challenge to the central government in formulating policies.

“In view of the Greek Union's performance falling short of expectations, we believe the Solidarity Government is proposing more favorable policies for indigenous peoples in order to increase the approval rating of Malay voters.”

However, if the unity government were to increase its vitality and implement policies favorable to indigenous peoples, it would certainly be contrary to the promise of formulating policies based on needs before the election. Furthermore, racial policies will also reinforce BN's position.

“This will intensify the relationship between the various political parties in the unity government, including the Sarawak Political Party Alliance (GPS) and the Sabah People's Union (GRS), leading to a slowdown in reforms.”

Furthermore, the government's withdrawal of corruption charges against BF and UMNO leader Dato' Sri Amzahi also caused a backlash.

As a result, the Malaysian Democratic United Front (MUDA) withdrew its support for the unity government, leaving the Anwar administration without the advantage of two-thirds of the seats (148 seats).

BMI said that although this will not easily shake Anwar's position as prime minister, “the withdrawal of the indictment will cause people to doubt Anwar's determination to fight corruption.”

In fact, both opposition parties and friendly parties have expressed doubts about Anwar's anti-corruption actions as a result.

BMI believes that if the withdrawal of the indictment is handled hastily, the Greek Union will risk losing its existing support, while accelerating internal divisions and slowing down Anwar's reform agenda.

Although the political performance has been disappointing, China's inflation performance and labor market performance have slightly calmed people's confidence.

China's current inflation rate fell to 2.0%, a new low in 23 months, indicating that the Bank of China's interest rate is still at a positive level, which also represents the end of the monetary tightening policy.

Furthermore, the labor market is booming. As of July 2023, the labor participation rate reached 70.1%, a record high.

Overall, BMI gave China's short-term political risk index a high score of 71.7 (out of 100), indicating that short-term political risks are still high.

The decision-making process score had earlier dropped to 53.3, indicating that our country's administration is still facing many obstacles.

As for Malaysia's social stability score, which is 67.5, it is still in a comfortable position.

The car manufacturer, which isn't making any money, is targeting its loyal customers with this phone. The phone can be used as a car key in sync with NIO, check information such as battery charging, and control functions such as self-parking and in-car infotainment systems.

NIO unveiled this phone based on the Android (Android) system at the “Innovation and Technology Day” event held in Shanghai. The starting price is 6499 yuan (approximately RM41.7 million), which is the same price as Huawei's latest flagship product, the Mate 60 Pro.

Founder and CEO Li Bin said at the event that he hoped the phone would be seamlessly connected to NIO to bring a better user experience to car owners.

The phones will be sold through NIO's online store, but initial deliveries may be limited due to supply constraints.

Despite a recent rebound in monthly deliveries, NIO shipped only 94,352 vehicles in the first eight months of this year, less than half of its annual target of 250,000 vehicles.

To boost sales and improve its balance sheet, the company has cut sales prices and reduced customer benefits, introduced upgraded models, and delayed some investments.

Liu Yide, managing director of Landmark GM, said at a press conference after the shareholders' meeting yesterday that the Diamond City project, which began in 2014, has now completed 70% to 75%, is financially self-sufficient, and will not be dragged down by Country Garden's one-sided problems.

“Our Diamond City joint venture project with Country Garden is still ongoing. So far, Country Garden's financial problems have had no impact.”

Liu Yide pointed out that the Diamond City project is divided into plot A and plot B. The development of plot A was completed in the early years, while the first, second and fourth phases of plot B have been completed and sold out, all of which are row houses.

“We are building and selling 201 terraced houses in the fifth phase of the project, and now we have sold 163 units, which is slightly more than 80%.”

The turnover for the next quarter increased 3.08 times a year to RM92,298,000.

Looking at the first half of the year, turnover increased 2.03 times a year to RM101,844,000; net profit increased 2.07 times a year to RM14,155,000.

Also, as of July 1, the company's outstanding orders reached RM1.5 billion.

Looking ahead, the company said it will continue to monitor the business environment and carefully manage financial matters and promote sustainable growth.

According to the statement, the above contract is East Malaysia's supporting C contract for Pan-Malaysia Maintenance, Construction and Modification Project (PM-MCM). It was originally valid from 2018 to 2023, but will now be extended for 1 year, 5 months and 21 days until December 31, 2024.

The contract does not have a fixed amount, which depends on the number of jobs received by Dayang's enterprise during the validity period of the contract.