MY Morning Wrap | Kerjaya Prospek's Unit Secures RM111.8 Million Residential Development Job in Kuala Lumpur
Good morning mooers! Here are things you need to know about today's market:
●U.S. stocks slip as investors weigh earnings and Fed comments
●Red Sea tensions not expected to affect Malaysia's agriculture and food sectors, says minister
●Malaysian Photovoltaic Industry Association launches solar roadshow 2024
●Stocks to watch: Kerjaya, SCIB
-moomoo News MY
Wall Street Summary
On a cold Tuesday in Manhattan, U.S. stocks traded lower as investors assessed corporate earnings and mid-day comments by the Fed's Waller. The $Dow Jones Industrial Average(.DJI.US$ fell 231 points, or 0.62%, to 37,360, while the $S&P 500 Index(.SPX.US$ dropped 17 points, or 0.37%, to 4,750. The $Nasdaq Composite Index(.IXIC.US$ lost 28 points, or 0.19%, to 14,944. During his comments, Waller referred to interest rate cuts and inflation as a "chill situation" with "no need to rush."
Breaking News
Red Sea Tensions Not Expected to Affect Malaysia's Agriculture and Food Sectors, Says Minister
Agriculture and Food Security Minister Datuk Seri Mohamad Sabu has stated that the tensions in the Red Sea are not expected to impact Malaysia's agriculture and food sectors as the route is mainly used for oil trade. He added that Malaysia does not import a significant amount of agricultural produce from the Red Sea area, unlike the Ukraine and Russia conflict that affected the import of grain and corn. The ministry will continue to monitor the impacts of the tensions, which have reportedly been caused by the Houthi militia group in Yemen targeting vessels plying the Red Sea.
Malaysian Photovoltaic Industry Association Launches Solar Roadshow 2024
The Malaysian Photovoltaic Industry Association (MPIA) has launched the MPIA Solar Roadshow 2024 to support the government's targets of achieving 40% renewable energy capacity by 2040 and 70% by 2050. The roadshow series, themed "Liberalisation of the Grid", began in Kuala Lumpur and will cover topics such as enabling energy transition and sustainable mobility. The roadshow will continue until September, covering Johor, Penang, Pahang, and Selangor, with speakers from government bodies such as the Malaysian Green Technology and Climate Change Corporation and Tenaga Nasional Bhd. Energy Commission chairman Mohammed Rashdan Mohd Yusof expressed his desire to increase solar energy usage and transform it into a primary energy source for Malaysia, which currently produces 1.6% of solar energy in Peninsular Malaysia.
Stocks to Watch
$KERJAYA(7161.MY$: Kerjaya Prospek Group Bhd's wholly-owned unit has been awarded an RM111.8 million project to develop a residential development in Mukim Setapak, Kuala Lumpur. The project includes the construction of a 52-storey main building, which comprises a 42-storey serviced apartment block and an eight-storey elevated car park, among others. The construction works are expected to be completed in 40 months from Jan 16, 2024.
$SCIB(9237.MY$: Intra-day short-selling of Sarawak Consolidated Industries Bhd (SCIB) shares has been suspended after they fell 29.83% or 35.5 sen to close at limit down on Tuesday. Just a day prior, SCIB shares had closed at RM1.19, which was their highest since June 2021. The sell-off resulted in the end of a rally that had begun in October 2023, during which the counter had risen as much as 161% in just three months to its Jan 15 peak of RM1.19. On Tuesday, 230.2 million shares exchanged hands, which was more than four times its two-month average volume of 57.32 million shares.
$KANGER(0170.MY$: Kanger International Bhd has cancelled its proposal to award a RM478 million contract to Vegetta Champion Sdn Bhd to undertake the foundation and main building works of a serviced apartment project in Genting Highlands, Pahang. The reason for the cancellation was not specified, but Kanger stated that the collaboration was mutually terminated.
$SCIB(9237.MY$: Sarawak Consolidated Bhd (SCIB) has received an unusual market activity (UMA) query from Bursa Malaysia regarding the sharp fall in its share price on Tuesday. SCIB was the day's third largest loser on Bursa Malaysia, with shares plummeting 29.83% or 35.5 sen to close limit down at 83.5 sen, valuing the company at RM534.6 million. The stock was also the day's second most actively traded, with more than 230.2 million shares changing hands, over five times SCIB's 200-day average volume of 45.7 million shares.
$MNHLDG(0245.MY$: Construction group MN Holdings Bhd is planning to raise between RM20.66 million and RM37.16 million through a private placement of 73.58 million shares or 10% of its enlarged issued share capital. The proceeds from the corporate exercise will be used for working capital. Assuming the placement shares are issued at an indicative issue price of 50.5 sen each, the group would raise RM20.66 million under the minimum scenario via the issuance of 40.9 million shares, or 10% of its existing issued share capital. It would raise up to RM37.16 million under the maximum scenario where 73.58 million shares, or 10% of its enlarged issued share capital, will be placed out.
$MSM(5202.MY$: The second extension of the garden leave of MSM Malaysia Holdings Bhd's chief financial officer (CFO), Mazatul 'Aini Shahar Abdul Malek Shahar, will have no operational or financial impact on the sugar manufacturer. According to MSM group chief operating officer (COO) Hasni Ahmad, it is a board matter, and there is an officer in charge (OIC) in place for financial matters. He also added that the company is running as normal, and there are no issues. The reason for the extension was not elaborated upon, and the decision will be made by the board.
$CHINHIN(5273.MY$: Chin Hin Group Property Bhd (CHGP) has purchased six parcels of land in Melaka for RM41.94 million in cash to develop a residential project with an expected gross development value of RM1.01 billion. The leasehold plots, measuring approximately 838,736 sq ft, were acquired at a discount of about 50% from their current market value of RM84 million as of October 2023. CHGP's unit has signed the agreement to buy the plots from MDS Developments Management Sdn Bhd, Aim Development Worldwide Sdn Bhd, and Aim Holdings Worldwide Sdn Bhd.
$BDB(6173.MY$: Bina Darulaman Bhd (BDB), the investment holding company of the Kedah state government, is planning to establish a joint venture (JV) with Enfiniti Escapes (M) Sdn Bhd, a privately-held company, to collaborate in the business of eco-tourism development or other accommodations. BDB's unit has signed a memorandum of understanding (MOU) with Enfiniti to establish a basis of cooperation and collaboration between the two parties.
$MINETEC(7219.MY$: The largest shareholder of Minetech Resources Bhd, Abang Abdillah Izzarim Abang Abdul Rahman Zohari, son of Sarawak premier Tan Sri Abang Abdul Rahman Zohari Abang Openg, has prompted boardroom changes at the civil engineering specialist and bituminous products manufacturer, which is also an emerging player in the solar energy space. The group's founder and executive director, Choy Sen @ Chin Kim Sang, 70, has resigned to spend more time with his family.
$BLDPLNT(5069.MY$: BLD Plantation Bhd has purchased two properties in Bintulu, Sarawak, for RM24 million to expand its business. The Sarawak-based plantation is acquiring a 1.4533-hectare property for RM7 million and a 3.459ha property for RM17 million from Syarikat Sebangun Sdn Bhd.
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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