MY Morning Wrap | AMMB's 9% Stake Put Up for Sale by ANZ via Accelerated Bookbuilding
Good morning mooers! Here are things you need to know about today's market:
●Dow Jones Falls Over 400 Points as Investors Await Interest Rate and Economic Data
●Bursa Malaysia to Launch Soybean Oil Futures Contract in Collaboration with Dalian Commodity Exchange
●Stocks to watch: AMMB, CIMB
-moomoo News MY
Wall Street Summary
On Tuesday, the $Dow Jones Industrial Average (.DJI.US)$ fell over 400 points, or 1%, while the Nasdaq Composite dropped 1.7%, and the $Russell 2000 Index (.RUT.US)$, as investors adopted a cautious stance ahead of upcoming speeches and data related to interest rates and the economy. The $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ had both recorded record highs at the end of last week. Meanwhile, Bitcoin reached a new record high of $69,210 on Tuesday morning before falling to $62,694.72, down 7.3% for the day.
Breaking News
Bursa Malaysia to Launch Soybean Oil Futures Contract in Collaboration with Dalian Commodity Exchange
Bursa Malaysia will launch the Bursa Malaysia DCE Soybean Oil Futures (FSOY) contract on March 18, following a licensing agreement with the Dalian Commodity Exchange (DCE). The contract is the first of its kind from a collaboration between a Chinese derivatives exchange and an Asian exchange based outside of China. The contract will allow market participants to seamlessly arbitrage between soybean oil and palm oil prices on the same platform![]()
. In other news, the Malaysian government is proposing to consolidate oil palm smallholders into bigger groupings, which will be easier to manage and more efficient. By grouping the smallholders in clusters up to 10,000 hectares, the government hopes to increase yields and reduce costs per unit. If smallholders can adopt the management practices of large-scale plantations, fresh fruit bunch yields can easily increase by two tonnes per hectare, according to Plantation Industries and Commodities Minister Datuk Seri Johari Abdul Ghani.
Stocks to Watch
$AMBANK (1015.MY)$: ANZ is offering to sell 297.72 million shares in AMMB Holdings Bhd at an indicative price of RM3.80 to RM3.85 per share, according to the terms seen by The Edge. The offer size is between RM1.13 billion and RM1.15 billion, which represents an 8.3% to 9.5% discount to AMMB's closing price of RM4.20 on Tuesday. If successful, the sale would reduce ANZ's shareholding in AMMB from 21.7% to 12.7%.
$PPB (4065.MY)$: PPB Group Bhd, the owner of Golden Screen Cinemas (GSC), is expecting a challenging year for its film exhibition and distribution business due to the Hollywood writers' guild strike, which has impacted the supply of content in the medium term. The company is shifting its focus to local and regional movies, including participating in local film production, to have better control over the content at its cinemas. GSC is collaborating on profit-sharing with local movies, with costs ranging between RM8 million and RM20 million for each production.
$PETRONM (3042.MY)$: Petronas and CIMB Islamic Bank have signed the inaugural Tahawwut Master Agreement (TMA) for shariah-compliant commodity derivatives. The TMA is a multi-product framework agreement developed by the International Swaps and Derivatives Association in collaboration with the International Islamic Financial Market Association. The TMA provides the market with globally accepted and standardised terms for Islamic hedging products, which is expected to encourage the growth of Islamic hedging products in the international market.
$IWCITY (1589.MY)$: Iskandar Waterfront Holdings Sdn Bhd (IWH) and PLS Plantations Bhd, both linked to tycoon Tan Sri Lim Kang Ho, are in discussions with a China state-owned company to develop an industrial park and innovation hub in Johor. The two companies signed a memorandum of understanding with Shenzhen Shenyue Joint Investment Co Ltd (SSJI) on Tuesday for the proposed development of a 1,000-acre Johor-Shenzhen Industrial Park in Ulu Sedili, along with a 50-acre Johor-Shenzhen Innovation Development Hub in Johor Bahru, according to a statement from IWH.
$SLVEST (0215.MY)$: Gentari Renewables Sdn Bhd has appointed Solarvest Energy Sdn Bhd, a subsidiary of Solarvest Holdings Bhd, to install solar power systems at over 300 Petronas stations across Malaysia. The project, which is set to begin in April 2024, will see the installation of more than 5.4-megawatt peak (MWp) of solar capacity across the stations. The solar power systems are expected to be operational by 2027 and are estimated to offset around 5,035 tonnes of carbon dioxide emissions per year.
$PARAMON (1724.MY)$: Paramount Corp Bhd has set a target to sell properties worth RM1.4 billion in the financial year ending December 31, 2024, as it plans to launch projects worth RM2.4 billion in gross development value for the year, including some delayed projects. The company achieved record high sales of properties worth RM1.12 billion last year, with products launched worth RM886 million, compared to RM1.21 billion in 2022. Despite this, the management is concerned about rising costs following the increase in the sales and service tax to 8% effective last Friday, and the company may consider raising prices to protect its margins.
$FAJAR (7047.MY)$: Fajarbaru Builder Group Bhd has been awarded a RM120.82 million contract by Tanjung Nakhoda (M) Sdn Bhd to build a clubhouse and a driving range complex at the Johor Golf and Country Club in Johor Bahru. The contract is for a period of 90 weeks, starting from March 11, 2024, to November 30, 2025.
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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assdfghjbv : Good morning..![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
102153147 : The application is so troublesome! What more TIN and wait! pui
TheMastermindPicker : The boh hai lang...
PRO CK : Good Morning
convivial YK : Wow this kind of offer price, no wonder the price now plunged.
adiwha : hope!!!
104283751 : Good