MY Morning Wrap | Malaysia's economy set to grow 4-5% in 2024, says central bank governor
Good morning mooers! Here are things you need to know about today's market:
●Investors cautious but optimistic following Powell's comments on rate cuts and inflation
●Malaysia's economy set to grow 4-5% in 2024, says central bank governor
●Stocks to watch: LSH Capital, Ekovest
-moomoo News MY
Wall Street Summary
Investors closely watched Federal Reserve President Jerome Powell Tuesday as he spoke before the Senate Banking Committee, the first of a two-day stint before Senators and House Representatives. Fielding questions about mergers and monetary policy, Powell said there would likely be rate cuts this year and that service inflation would have to come down, but no recession was coming.Markets climbed cautiously while watching Powell after pulling back from Friday's all-time high for the S&P and the Nasdaq. The $Dow Jones Industrial Average (.DJI.US)$ climbed 0.20%, the $S&P 500 Index (.SPX.US)$ climbed 0.58%, and the $Nasdaq Composite Index (.IXIC.US)$ claimed 0.58%.
Breaking News
Malaysia's economy set to grow 4-5% in 2024, says central bank governor
Malaysia's economy is expected to grow by 4% to 5% in 2024, due to a robust domestic demand and an improvement in the external sector, according to the governor of the Bank Negara Malaysia, Datuk Abdul Rasheed Ghaffour. Export growth has been driven by the tech upcycle and the global economic recovery, with Malaysia being a leader in the semiconductor industry. Abdul Rasheed added that the government's fiscal reform initiatives, including the Public Finance and Fiscal Responsibility Act and the Medium Term Fiscal Framework, will help reduce the fiscal deficit to between -3.0% and -3.5% of gross domestic product by 2025.
Stocks to Watch
$LSH (03047.BMS)$: Lim Seong Hai Capital Bhd (LSH Capital), a construction company, is considering a public offering that could raise up to RM168.08 million as part of its listing transfer to the ACE Market from the LEAP Market. The proposed share sale includes the issuance of 132 million new shares and an offer for sale of up to 59 million existing shares. If sold at an illustrative price of 88 sen per share, LSH Capital will raise RM116.16 million for construction projects and debt repayment.
$GTRONIC (7022.BMS)$: Globetronics Technology Bhd has been awarded a contract worth US$7.59 million (RM35.9 million) to provide technical services for outsourced semiconductor assembly and testing to Kaynes Semicon Private Ltd. As part of the deal, ISO Technology will reinvest US$5.28 million (net of taxes) back into Kaynes Semicon's securities.
$ECONBHD (5253.BMS)$: Econpile Holdings Bhd, a piling and foundation specialist, has secured a contract worth RM65.5 million from Ahmad Zaki Resources Bhd to undertake road upgrade works for a project in the Cameron Highlands, Pahang. The contract was awarded to Econpile (M) Sdn Bhd, a subsidiary of Econpile Holdings. The project is expected to be completed within 33 months, starting from January 2, 2024.
$PERDANA (7108.BMS)$: Perdana Petroleum Bhd's subsidiary, Perdana Nautika Sdn Bhd, has been awarded a new contract and extensions for four vessel charter contracts by Petronas Carigali Sdn Bhd, worth a total of RM68 million. The extensions are for three anchor handling tug and supply (AHTS) contracts and one accommodation work barge (AWB) contract. The new contract is worth RM17.1 million and involves the provision of AHTS for up to 238 days, starting from the vessel's on-hire certificate date.
$AWANTEC (5204.BMS)$: Awantec, a subsidiary of Awanbiru Technology Bhd, has been awarded a contract worth RM4.96 million from the National Water Research Institute of Malaysia (Nahrim). The contract is for the provision of computing solutions and services to support climate change research and development. The project will focus on the implementation of high-performance computing solutions to run Weather Research and Forecasting (WRF) models in a cloud computing environment. The contract will run for 30 months, from March 8, 2021, to September 7, 2023.
$MMAG (0034.BMS)$: A subsidiary of MMAG Aviation Consortium Sdn Bhd (MAC), called the aviation division of MMAG Holdings Bhd, has formed a strategic joint venture with Asia Express Ltd from Macau and Suniao Supply Chain Sdn Bhd for a seafood transhipment hub at the Cainiao Aeropolis eWTP Hub in KLIA. The joint venture partners are expected to enhance the hub's capacity to meet the growing demand for seafood in Asia, especially in China.
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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