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Occidental Petroleum
-- 47.130 MY Morning Wrap | Malaysia's Inflation Rate Unchanged at 2% in August 2023
Good morning mooers! Here are things you need to know about today's market:
●U.S. stock indexes edged lower last Friday
●Malaysia's inflation rate unchanged at 2% in August 2023
●SC Unveils Measures to Attract Foreign Investors
●Stocks to watch: KLK, Chin Hin, CTOS
-moomoo News MY
Wall Street Summary
U.S. stock indexes edged lower last Friday to end an ugly week after the Federal Reserve signaled it may not be done hiking rates.
The $S&P 500 Index (.SPX.US)$ fell 0.2% Friday and closed down 2.9% for the week, its worst performance since March and third straight weekly loss. The $Nasdaq Composite Index (.IXIC.US)$ dropped 0.1% Friday, and logged its third consecutive week of losses, with tech shares bearing the brunt of the recent selloff. The $Dow Jones Industrial Average (.DJI.US)$ was 0.3% lower last Friday.
Breaking News
Malaysia's inflation rate unchanged at 2% in August 2023
Malaysia's inflation remained unchanged at two per cent in August 2023, similar to the growth rate recorded in July 2023, said the Department of Statistics Malaysia (DoSM). In a statement today, DoSM said the inflation rate recorded in August was mainly due to the slower growth in restaurants and hotels, which fell to 4.7 per cent from five per cent in July 2023; food and non-alcoholic beverages (4.1 per cent against 4.4 per cent in July 2023), as well as miscellaneous goods and services which moderated to 2.4 per cent from 2.6 per cent in the previous month.
SC Unveils Measures to Attract Foreign Investors
The Securities Commission (SC) has announced several capital market initiatives in an effort to boost market vibrancy and enhance investor access to the country's capital market. This includes automatic promotion of eligible public limited companies from the ACE to the Main Market of Bursa Malaysia, stamp duty reduction, enabling fractional share trading by investors through stockbrokers and introducing the Foreign Exempt Scheme (FES) framework. According to its statement, the FES provides high-net-worth entities and institutional investors greater onshore access to foreign investment funds.
Stocks to Watch
$KLK (2445.MY)$ : The cut-off date for the proposed disposal of a 33% stake in Boustead Plantations Bhd (BPlant) by the Armed Forces Fund Board (LTAT) has been extended for the second time. Kuala Lumpur Kepong Bhd (KLK), which is acquiring the 33% stake from LTAT and Boustead Holdings Bhd, said the three parties have agreed for the cut-off date for the strategic collaboration agreement to be extended for another two weeks to Oct 6. The previous extension, announced on Sept 11, ended on Friday.
$CHINHIN (5273.MY)$ : Chin Hin Group Bhd said it will be making a mandatory general offer for the remaining shares in Ajiya Bhd at RM1.53 per share, but intends to maintain Ajiya's listing status. This comes after the building material specialist on Friday entered into share sale agreements with How Lian Yeong and Ong Hang Ping for the proposed acquisition of a 2.11% stake or 6.22 million shares in Ajiya for RM9.51 million or RM1.53 per share.
$CTOS (5301.MY)$ : CTOS Digital Bhd’s wholly-owned subsidiaries, CTOS Data Systems Sdn Bhd, CTOS Basis Sdn Bhd and CTOS IDS Sdn Bhd, have entered into recurrent related party transactions (RRPTs) of a revenue or trading nature for an aggregated value of RM4.06 million. CTOS Digital said the RRPTs were entered into with CIBI Holdings Pte Ltd, Credisense Ltd, Creador Sdn Bhd and CIBI Information Inc. According to the group, the aggregate value transacted for the RRPTs from Jan 1 to Aug 31 has exceeded the Main Market Listing Requirements percentage ratio of 1%.
$ITMAX (5309.MY)$ : ITMAX System Bhd, which is primarily involved in the business of supply, installation and provision of public space networked systems, has bagged a RM111.2 million contract from the Iskandar Puteri City Council to provide video surveillance and smart traffic light system services in Iskandar Puteri, Johor. ITMAX said its 65%-owned subsidiary Southmax Sdn Bhd has secured a letter of award for the project.
$UMCCA (2593.MY)$ : Plantation group United Malacca Bhd saw its net profit for the first financial quarter ended July 31, 2023 fall 89% to RM2.68 million from RM24.3 million a year earlier on lower contribution from its Malaysian operations. Quarterly revenue declined 19% to RM135.95 million from RM167.44 million, mainly due to lower average crude palm oil and palm kernel prices.
$LFECORP (7170.MY)$ : LFE Corp Bhd has entered into a conditional share agreement with Patrick Heng Jin Wei to buy 100,000 shares representing the remaining 40% equity of LFE Development Sdn Bhd (LDSB) for RM3.5 million cash. LFE, which currently owns a 60% stake in LDSB, said that the purchase consideration was arrived at on a willing-buyer willing-seller basis between the parties, and LDSB will be a wholly-owned subsidiary under LFE after the exercise.
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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