MY Morning Wrap | Maxis and Huawei Set to Collaborate on 5G-Advanced Innovations
Good morning mooers! Here are things you need to know about today's market:
●Wall Street Makes Modest Gains as Markets Recover from Early August Sell-Off
●RHB Forecasts Johor As Malaysia's Emerging Economic Powerhouse
●Kuala Lumpur Start-Ups Create RM220 Billion Value as Malaysia Solidifies Global Innovation Standing
●Malaysian Palm Oil Exports See Nearly 40% Jump in July 2024, Outpacing Previous Month's Performance
●Stocks to watch: Maxis, Straits Energy Resources and Petronas
-moomoo News MY
Wall Street Summary
Stocks on Wall Street experienced slight gains on Monday as the market continued to recover from the significant drop prompted by disappointing U.S. jobs data earlier in the month. The $NASDAQ 100 Index (.NDX.US)$ led the charge, rising by 35.31 points to close at 16,780.61, while the $S&P 500 Index (.SPX.US)$ saw a marginal increase to 5,344.39. Meanwhile, the $Dow Jones Industrial Average (.DJI.US)$ suffered a slight loss, dropping 140.53 points to end at 39,357.01. The overall market stabilization comes after a roughly 5% decline from August 2-5 following the release of weaker-than-expected job figures by the U.S. Bureau of Labor Statistics. The initial reaction to the soft jobs report had fueled concerns of an over-slowing economy and potential recession, but since then, the major indexes have regained most of their losses, suggesting a more resilient market sentiment.
Breaking News
RHB Forecasts Johor As Malaysia's Emerging Economic Powerhouse
RHB Research has identified Johor as Malaysia's next economic dynamo, fueled by significant projects like the Johor-Singapore Special Economic Zone and the Special Financial Zone in Forest City. These initiatives are expected to spur growth across multiple sectors, such as construction, data centers, and petrochemicals, with positive knock-on effects for the property market. Johor's robust infrastructure, including major ports and a well-developed road network, positions it as an attractive destination for foreign and domestic investments. In 2023, Johor outperformed the national GDP growth, and with ongoing projects like the Rapid Transit System Link to Singapore, the state is poised to boost its real estate sector and job creation, reinforcing its status as an important market with a bright economic outlook.
Kuala Lumpur Start-Ups Create RM220 Billion Value as Malaysia Solidifies Global Innovation Standing
Prime Minister Datuk Seri Anwar Ibrahim has highlighted the significant strides made by Kuala Lumpur's start-up ecosystem, which has generated over RM220 billion in value from July 2021 to the end of 2023, thanks to various supportive initiatives and programmes facilitated by the Science, Technology and Innovation Ministry (Mosti). These measures include financing options, advisory services, and help with market access, contributing to Kuala Lumpur's ranking among the top 30 emerging ecosystems globally, according to the Global Startup Ecosystem Report (GSER) 2024. Additionally, the Global Innovation Index 2023 Report places Malaysia at 36th out of 132 economies, marking it as the second most innovative country among the upper-middle income group, and at the ASEAN level, second only to China, due in part to successful initiatives like the National Technology and Innovation Sandbox (NTIS), which has seen substantial product commercializations and the establishment of sandbox sites and innovation partners.
Malaysian Palm Oil Exports See Nearly 40% Jump in July 2024, Outpacing Previous Month's Performance
In July 2024, Malaysia's palm oil exports experienced a significant increase of 39.9% to 1.69 million tonnes, up from 1.21 million tonnes in June 2024, as reported by the Malaysian Palm Oil Board (MPOB). The uptick is accompanied by a 24.91% rise in oleochemical exports and an 18.94% increase in palm kernel oil exports. However, biodiesel exports saw a decrease of 28.86%. Despite the export growth, palm oil stocks dipped by 5.35% to 1.73 million tonnes, with a marginal drop in crude palm oil stocks and a 10.45% reduction in processed palm oil stocks. Meanwhile, production of crude palm oil and palm kernel both saw an increase, and imports of palm kernel oil more than doubled, although total processed palm oil and palm oil imports decreased.
Stocks to Watch
$MAXIS (6012.BMS)$: Maxis Bhd has teamed up with Huawei Technologies (Malaysia) Sdn Bhd to form a strategic alliance, with the goal of setting up a joint innovation centre dedicated to the advancement of 5G technology. This collaboration is poised to elevate customer experiences, enhance operational efficiencies, and facilitate the swift rollout of 5G solutions. The partnership will delve into cutting-edge developments such as gigabit-level network capacities, mobile edge computing, network slicing, and the integration of artificial intelligence/machine learning (AI/ML) to refine network performance. This initiative is set to bolster Malaysia's standing in the global telecommunications landscape.
$STRAITS (0080.BMS)$: Straits Energy Resources Bhd has outlined plans to take its major subsidiary, TMD Energy Ltd (TMDEL), public on the NYSE American, a stock exchange tailored for growing companies, by the fourth quarter of 2024. Initially considering a Nasdaq listing, the firm has now shifted its focus to the NYSE American. Through the initial public offering (IPO), TMDEL aims to raise between US$5.69 million and US$15 million, with the shares priced between US$3.25 and US$3.75.
$PCHEM (5183.BMS)$: Petroliam Nasional Bhd (Petronas) has launched the Petronas Supplier Support Programme (PSSP), aimed at incentivizing suppliers in the oil and gas services and equipment (OGSE) sector to integrate sustainability practices into their operations. The PSSP, created in partnership with the Joint Committee for Climate Change (JC3), Bursa Malaysia, and the UN Global Compact Network Malaysia & Brunei, is designed to equip suppliers with the necessary resources, including training and financial support, to advance their sustainability efforts. This move aligns with Malaysia's National Energy Transition Roadmap, highlighting Petronas's commitment to fostering a greener supply chain within the energy sector.
$ICON (5255.BMS)$: Icon Offshore Bhd has confirmed a tragic incident involving an explosion on its platform supply vessel, the Icon Amara, which occurred off the coast of Sarawak on August 2. The explosion happened near the Sapar Alpha platform, close to Bintulu, and led to the death of two individuals, with a third person sustaining serious injuries. The company is likely to conduct an investigation into the cause of the incident and take appropriate measures to prevent future occurrences.
$CRG (03016.BMS)$: Carlo Rino Group Bhd has been approved to transfer from the LEAP Market to the ACE Market on Bursa Malaysia. The move includes an IPO with 171.87 million new shares and an offer for sale of 87.98 million existing shares, equating to a 26.58% stake for investors.
$SMRT (0117.BMS)$: The Employees Provident Fund (EPF), Malaysia's premier retirement savings fund, has emerged as a substantial shareholder in SMRT Holdings Bhd, as it increased its stake to cross the 5% threshold, holding 5.017% or 22.73 million shares in the company. This development comes after the EPF acquired an additional 250,000 shares in SMRT Holdings on August 7, executed through Citigroup Nominees (Tempatan) Sdn Bhd. Despite the significant transaction, the details regarding the price at which the shares were bought were not disclosed. This move marks the EPF's first substantial shareholding in SMRT Holdings Bhd, reflecting its strategic investment decisions in the local equity market.
$WELLCHIP (5325.BMS)$: In the recently released financial results for the second quarter ended June 30, 2024 (2QFY2024), the newly-listed Well Chip Group Bhd saw a noteworthy 20% rise in net profit, hitting RM14.28 million, up from RM11.9 million in the preceding quarter. The company's revenue also witnessed a healthy growth of 16.6%, climbing to RM63.92 million from RM54.82 million in the first quarter. Despite the profit increase, Well Chip Group chose not to declare a dividend for the period. A significant portion of the revenue, amounting to RM22.48 million or 35.2%, was generated from the company's pawnbroking services, while retail sales and trading of jewellery and gold contributed RM41.44 million, accounting for 64.8% of the total revenue.
$CENSOF (5195.BMS)$: Censof Holdings Bhd has clinched a RM14.6 million contract awarded by the Penang Development Corporation (PDC) to deliver an enterprise-wide financial management information system. The contract is divided into two phases: an initial development phase valued at RM7.34 million, which is set to begin on September 1 and will run for a year, and a subsequent five-year maintenance phase with a value of RM7.3 million, culminating on August 31, 2031. This project signifies Censof's commitment to providing robust financial management solutions to enhance the operational efficiency of the PDC.
$KITACON (5310.BMS)$: Kumpulan Kitacon Bhd has been awarded a lucrative RM111.23 million contract through its subsidiary, Kitacon Sdn Bhd, by Sime Darby Property (Bukit Raja) Sdn Bhd. The contract entails the construction of 27 detached factories, each accompanied by a two-storey office block, an additional larger factory with its own two-storey office, and a pair of TNB substations, complete with necessary infrastructure at Bandar Bukit Raja III in Klang, Selangor. This industrial project is scheduled to commence on September 2, with a 23-month timeline set for completion.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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104955197 : clim all announcements change Malaysia bnk
Ernestine : k
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