MY Morning Wrap | DHL Supply Chain to Invest RM654.46mil in Malaysia
Good morning mooers! Here are things you need to know about today's market:
●The Nasdaq ended lower while the Dow and S&P 500 were nearly flat on Tuesday
●DHL Supply Chain to invest RM654.46mil in Malaysia
●Twenty pct of oil palm unharvested due to labour shortage
●NIMP 2030's RM200mil funding to facilitate shift
●Asset management industry on growth path
●Stocks to watch: MyEG, Minox
-moomoo News MY
Wall Street Summary
U.S. government bond yields hit fresh decade-plus highs Tuesday after another hot economic-data release fueled concerns that interest rates could remain elevated for longer.
Stocks wavered between gains and losses before closing little changed. The $S&P 500 Index(.SPX.US$ fell less than one-tenth of a percent, while the $Dow Jones Industrial Average(.DJI.US$ added less than a tenth of a percent. The $Nasdaq Composite Index(.IXIC.US$ was 0.3% lower.
Breaking News
DHL Supply Chain to invest RM654.46mil in Malaysia
DHL Supply Chain, the global market leader for contract logistics solutions, plans to invest 350 million euros (1 euro=RM4.99) in Southeast Asia with more than a third of the investment or 131 million euros (RM654.46 million) to flow into Malaysia over the next five years. To an already strong presence in Malaysia, DHL Supply Chain will introduce two new facilities in Penang and one each in the central and southern regions. These new builds will add 113,000 square meters (sq m) of warehouse space to its existing portfolio of 217,300 sq m.
Twenty pct of oil palm unharvested due to labour shortage
At least 20 per cent of oil palm are unharvested due to labour shortage, hence additional government initiatives are needed to ensure that the industry remains sustainable. Datuk Seri Mohd Shafie Apdal said during a debate on the Supply Bill 2024 in parliament today that he hopes the matter could be resolved as soon as possible.
NIMP 2030's RM200mil funding to facilitate shift
Budget 2024’s allocation of RM200mil to catalyse the New Industrial Master Plan (NIMP) 2030 will boost industrial transformation, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. The government recently announced an allocation of up to 10% from the future investments under the NIMP 2030 as a catalyst to accelerate the NIMP mission with a 2024 startup fund amounting to RM200mil.
Asset management industry on growth path
The asset management industry in Malaysia has seen respectable growth despite the challenges over the years. Following a modest decline in total assets under management (AUM) at end-2021, Securities Commission (SC) managing director Datuk Kamarudin Hashim said the industry’s AUM had grown to RM964.8bil in August 2023.“This has surpassed the 2022 and 2021 levels despite the volatility that we have seen in markets globally this year,” said Kamarudin at the Federation of Investment Managers Malaysia Annual Conference 2023 yesterday.
Stocks to Watch
$MYEG(0138.MY$: MyEG Services Bhd said it has received a two-year extension of its immigration-related services contract, but has to complete a system enhancement before being allowed to resume accepting applications for the services.
$MINOX(0288.MY$: ACE Market-listed Minox International Group Bhd, which gained 48% on its maiden trading day on Bursa Malaysia on Tuesday, will pass on cost increases stemming from the 2% hike in service tax to its customers, following the government's announcement in Budget 2024 that the tax would be raised to 8%.
$INFOM(0265.MY$: Infomina Bhd's net profit rose 53.63% to RM7.27 million for the first quarter ended Aug 31, 2023 (1QFY2024), from RM4.73 million a year earlier, on the back of better performance of its technology infrastructure business operations support segment.
$ANCOMNY(4758.MY$: Ancom Nylex Bhd's net profit rose 3.85% to RM20.8 million for the first quarter ended Aug 31, 2024 (1QFY2024), from RM20.03 million a year earlier, on the back of higher earnings posted by its agricultural chemicals segment, and lower distribution and administrative expenses.
$SUNSURIA(3743.MY$: Sunsuria Bhd has inked a partnership with Island Hospital Sdn Bhd (IH) to open its first cancer centre in Penang. The property developer said its 30%-owned Icon Sunsuria had entered into a partnership with IH to develop the centre. Notably, the cancer centre is slated to operate early next year.
$CGB(8052.MY$: Central Global Bhd has secured a RM15.24 million sub-contract to supply plant, machinery, labour and material for a water supply construction project in Lahad Datu, Sabah. The sub-contract was awarded by Mahiribu Sdn Bhd, a third-party main contractor employed by the Ministry of Rural and Regional Development.
$SENDAI(5205.MY$: Eversendai Resources Bhd's wholly owned subsidiary, Eversendai Resources Sdn Bhd (ERCB) has entered into partnership with Saudi Arabia-based Algihaz to form a joint venture (JV) company to execute structural steel projects in Saudi Arabia. The construction company said the JV company shall be named as Eversendai Algihaz Structures LLC.
$ARBB(7181.MY$: ARB Bhd intends to distribute the bulk of its 94.56% stake in its Nasdaq-listed subsidiary, ARB IOT Group Ltd, to its shareholders through a dividend-in-specie. Up to 23.52 million shares or a 88.95% stake in ARB will be distributed on the basis of 14 shares for every 1,000 shares in ARB.
$STRAITS(0080.MY$: Straits Energy Resources Bhd has secured a RM71.56 million sub-contract to supply equipment, resources, transport and machineries for a University Malaysia Perlis project.
$AEM(7146.MY$: AE Multi Holdings Bhd, whose share price tumbled from 12.2 sen at end-2020 to one sen currently, is planning to consolidate every 10 existing shares held by its shareholders into one share on an date to be determined later.
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.
Read more
Comment
Sign in to post a comment
