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Strategy
-- 239.270 MY Morning Wrap | MKH Oil Palm Plans to Raise RM136.4 Million Through IPO
Good morning mooers! Here are things you need to know about today's market:
●Dow Falls More Than 400 Points Following Stronger-Than-Expected March Inflation Report
●Analysts Not Worried About Malaysia's Growing Year-to-Date Net Foreign Outflow
●Stocks to watch: Capital A, AAX
-moomoo News MY
Wall Street Summary
On Wednesday, the $Dow Jones Industrial Average (.DJI.US)$ fell more than 400 points, while the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ also experienced losses of nearly 1%, after a stronger-than-expected March inflation report dampened hopes for Federal Reserve interest-rate cuts. The Dow shed 422.16 points (1.1%) to close at 38,461.51, while the S&P 500 gave up 49.27 points (1%) to close at 5,160.61 and the Nasdaq Composite dropped 136.28 points (0.9%) to close at 16,170.36.
Breaking News
Analysts Not Worried About Malaysia's Growing Year-to-Date Net Foreign Outflow
The year-to-date net foreign outflow of Malaysia, which has grown to RM1.21 billion, is not a cause for concern, according to analysts. The trend of net selling by foreign investors on Bursa Malaysia has now stretched into its sixth consecutive week, with RM336 million for the week ended April 5. However, Rakuten Trade's head of equity sales, Vincent Lau, believes the situation will recover in the second half of the year, which is only three months away. He stated that foreign portfolios have been slower due to the robust US market, resulting in a possible delay of rate cuts by the Federal Reserve. Analysts expect net outflows for the time being but remain confident that foreign funds will return to the market, with the expectations of a strengthened ringgit being among the catalysts.
Stocks to Watch
$MKH (6114.MY)$: MKH Oil Palm (East Kalimantan) Bhd (MKHOP) has announced its plans to raise RM136.4 million through an upcoming IPO, with a listing scheduled on the Main Market of Bursa Malaysia by April 30, 2024. The plantation firm disclosed that RM42 million from the IPO proceeds will be used to acquire lands for oil palm plantation within the East Kalimantan province, while RM9 million will be allocated for establishing a palm kernel crushing facility. The remaining proceeds will be used for loan repayment, working capital, and listing expenses. MKHOP anticipates achieving a market capitalization of RM634.6 million upon listing, with an enlarged share capital of 1.02 billion shares. The company aims to uphold a dividend policy of distributing at least 50% of its annual net profit.
$CAPITALA (5099.MY)$& $AAX (5238.MY)$: Capital A Bhd's negotiation period for the sale of AirAsia's aviation business to AirAsia X Bhd (AAX) has been extended for the second time until April 30, 2024. Both companies have mutually agreed to the extension, which was initially set for two months and previously extended to April 15. The sale of aviation subsidiaries, AirAsia Bhd (AAB) and AirAsia Aviation Group Ltd (AAAGL), is crucial for Capital A to present a regularisation plan to Bursa Securities by June 30. The company aims to exit Practice Note 17 status due to its negative total equity position.
$TWL (7079.MY)$: Low Swee Foong is no longer a substantial shareholder of TWL Holdings Bhd after selling 76.83 million shares in the property development and construction firm on April 4. The transaction amounted to approximately RM2.3 million based on the closing price of three sen per share. Prior to the sale, Low held a 6.09% stake in TWL Holdings, but her shareholding has decreased to 3.32%.
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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