MY Morning Wrap | MAHB's Passenger Traffic Soars 22.3% in November, Hits 9.6 Million
Good morning mooers! Here are things you need to know about today's market:
●U.S. stocks rose on rate cut hopes, with the S&P 500 nearing a peak yesterday
●Malaysian property sector sees recovery despite ongoing affordability issues
●UOB anticipates stable inflation and interest rates for malaysia in 2023-2024
●Malaysia ascends as halal pharmaceutical industry leader
●Stocks to watch: MAHB, Marine & General
-moomoo News MY
Wall Street Summary
U.S. equities saw an uptick on Tuesday, with the $S&P 500 Index(.SPX.US$ nearing record highs and closing up 0.42% at 4,774.75, as optimism about potential Federal Reserve interest rate cuts in the coming year spurred investor sentiment in the final trading week. The $Nasdaq Composite Index(.IXIC.US$ and $Dow Jones Industrial Average(.DJI.US$ also rose, gaining 0.5% and 0.43%, respectively, amid signs of inflation moving toward the Fed's target, bolstering prospects for a decrease in borrowing costs.
Breaking News
Malaysian property sector sees recovery despite ongoing affordability issues
AmInvestment Bank Research highlights a deceleration in Malaysia's House Price Index growth post-2013 boom, with housing affordability remaining a key issue due to a supply-demand imbalance and stagnant wages. Despite these challenges, the property sector is poised for recovery, fueled by factors like GDP growth, job market improvements, and government developmental initiatives. The firm maintains an optimistic 'overweight' outlook, expecting transaction volumes to rise and sentiment to brighten, particularly as easing material costs and labor issues begin to bolster developer cash flows and facilitate new project launches.
UOB anticipates stable inflation and interest rates for malaysia in 2023-2024
UOB predicts that Malaysia's inflation will be contained at 1.5-1.7% in December, averaging at 2.5% for 2023. Looking ahead to 2024, the bank expects a slight increase to 2.6%, considering a service tax hike set for March. While the forecast doesn't account for other policy changes such as the new sales tax on low-value goods and selective electricity tariff hikes, these factors, along with volatile commodity prices and policy shifts, could push inflation higher. Nonetheless, UOB foresees the overnight policy rate holding steady at 3.00% through 2024.
Malaysia ascends as halal pharmaceutical industry leader
Malaysia is advancing as a leader in the halal pharmaceutical sector, adhering to Islamic production standards and expanding through rigorous certification and industry growth. With the industry ranking just behind halal food in size, the country has seen an increase in exports and demand, supported by government initiatives and a booming Muslim population. Despite facing global certification challenges, Malaysia's strategic innovations and established standards position it as a key player in the halal pharmaceutical market.
Stocks to Watch
$AIRPORT(5014.MY$: Malaysia Airports Holdings Bhd (MAHB) experienced a notable 22.3% surge in passenger traffic across its airport networks in Malaysia and Turkey for the month of November, reaching a total of 9.6 million passengers, up from 7.86 million in the same period last year. Despite the off-peak season and slight adjustments in the domestic aviation market, Malaysia's local airports saw 3.4 million international and 3.9 million domestic passenger movements.
$M&G(5078.MY$: Marine & General Bhd has offloaded its vessel, JM Sutera 7, to Narsimhaa Shipping Inc for US$5.8 million (RM27.2 million) through its wholly-owned subsidiary, TKH Marine (L) Ltd. The sale, agreed upon by both willing buyer and seller, enables the marine support services provider to recoup its original investment in the 2018 acquisition. The proceeds will be channeled into modernizing the group's fleet, with the aim of improving service delivery to its customers.
$BPURI(5932.MY$: Bina Puri Holdings Bhd, which saw its share price more than double earlier this year, experienced a sharp decline of up to 15.79%, hitting eight sen on Tuesday. This drop came in the wake of the company's announcement to generate up to RM75.62 million through a private placement, coinciding with a share consolidation strategy that merges every five shares into one. Despite being in the red, the construction firm emerged as one of the most traded stocks on Bursa Malaysia for the day, with a high trading volume of 95.69 million shares—significantly higher than its 200-day average of 7.96 million shares.
$SSF(0287.MY$: SSF Home Group Bhd faced a RM3.64 million net loss in Q2 ending October 31, 2023, its first since the October listing, mainly because of RM3.2 million in one-off listing costs. The retailer posted RM31.23 million in revenue, with no year-on-year data as it's their first financial report. The loss follows a RM2.65 million profit and RM39.31 million revenue in the previous quarter, indicating a 20% downturn in sales.
$GPACKET(0082.MY$: Green Packet Bhd has disclosed the departure of its executive director, Leong Seng Wui, 43, effective December 29. Citing the pursuit of other interests, Leong tendered his resignation on December 1, after serving in the role since February 2022. His exit follows the disposal of his substantial shareholding in the digital solutions provider earlier in March.
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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Jay Cin : Good
善良的魔鬼 : nicely