MY Closing Bell Reviews｜ENDS LOWER FOR THIRD REFERENCE DAY, KLCI ENDS DROP 6.10 POINTS

The Fed's interest rate policy is still the main factor in the market. Asian stocks generally fell on Wednesday, and Malaysian stocks were no exception.

The full-day turnover was 3.5 billion shares, with a transaction value of RM2.5 billion.

There were 537 rising stocks, 423 falling stocks, 440 had no ups or downs, and 974 were not traded.

Meanwhile, at 5:1 p.m., the US dollar was cashed out in ringgit, at 4.6863.

Given the slowdown in growth in the first half of the year and weak peripheral demand, the Asian Development Bank (ADB) lowered Malaysia's gross domestic product (GDP) growth forecast to 4.5% this year, but maintained the 2024 growth forecast at 4.9%.

According to the “Updated 2023 Asian Development Outlook Report” released by the Asian Development Bank today, based on Malaysia's stagnant performance in the first half of the year and weak peripheral demand, the country's economic growth forecast for this year was reduced from 4.7% in April to 4.5%.

The ADB pointed out in its report that Malaysia's economic prospects for the second half of the year seem weaker than the bank's predictions in April. Among them, the export performance of commodities and manufacturing is still a key factor limiting the country's economy.

“Weakening demand for manufacturers in peripheral markets has affected exports, and part of the reason for weak exports may also be that peripheral prospects, which have begun to improve, have not yet been conveyed to Malaysia, and there is a lagging effect.”

The bank believes that weakening global demand in the short term will still impact Malaysia's growth prospects, and if China's economic recovery is derailed, domestic manufacturing exports will face further damage.

“Weaker than expected global demand and the extension of the technology industry's downturn cycle are potential risks.”

Superma revealed that the US Customs and Border Protection (CBP) lifted the ban after the latest investigation results, allowing it and its subsidiaries to resume exporting and selling gloves to the US starting on the 18th of this month.

This good news is quite exciting. Before the news was announced at noon, Superma's stock price began to rise; after midday trading, it also surged close to 9% to 88 cents, a new high since early June.

As of the closing of the market at 5 p.m., Supermark was 85.5 cents, up 4.5 cents, or 5.56%.

Subma reported to the Malaysian Stock Exchange. CBP confirmed in a statement that starting today, it will amend the detention order (WRO) against the company and its subsidiaries Subma Glove Manufacturing, Maxter Glove Manufacturing Private Co., Ltd., and Maxwell Glove Manufacturing Co., Ltd.

According to the statement, CBP allows disposable gloves produced by the above companies to enter the US border, provided that these glove manufacturing complies with US law.

Additionally, CBP will no longer withhold disposable gloves it produces and commends the successful rectification of forced labor indicators within its supply chain.

On October 21, 2021, CBP issued a restraining order (WRO) because Superma was involved in forced labor within the supply chain; CBP launched an investigation at the time, and evidence showed that the company had already appeared in 10 of the 11 forced labor indicators of the International Labour Organization.

Now Superma has proven to CBP that it has taken steps to correct the forced labor indicators found in its supply chain.

ADE Cambodia is a joint venture between ADE and Silvilia Asia. It mainly promotes aviation engineering, maintenance, parts and warehouse services in Cambodia, including maintenance, repair and overhaul services.

According to the statement, Capital A has set up a joint company in Cambodia to operate AirAsia's aircraft in November, which will provide an opportunity for ADE to provide services to Cambodia AirAsia.

According to the statement, the subsidiary MN Electricity Transmission Private Limited has received an agreement issued by GDS IDC Service Private Limited. The project is expected to begin on October 1 this year and be completed on May 15 next year.

According to the contract, the company was required to design, supply, maintain, test and adjust 132 kV and 33 kV transit user boarding (CLS) for the GDS data center (Lot 2), and at the same time move the existing CLS in Lot 1 to Lot 2.

The company announced today that Opcom Holdings purchased 70 million shares, or 18.03% of the shares, from Lan Wenyi, managing director of Zhaoguang Communications and the majority shareholder, at a price of 56 cents per share.

Zhaoguang Communications's main customers include major local and foreign telecommunication network providers, telecom equipment vendors, enterprises, etc. The company has multiple licenses, including network facilities, network supply and application services, and has multiple contracts with Kelantan and Pahang. The current order volume is reported at RM50 million.

Opcom Holdings purchased the stock at a premium of 30.7% at the average trading price of 42.85 cents on the 5th.