MY Morning Wrap | MyNews Holdings Posts Second Consecutive Profitable Quarter, Aims to Expand Retail Brands
Good morning mooers! Here are things you need to know about today's market:
●US Stocks Pull Back, Treasuries Climb
●Three Mega Projects Can Propel Perak as a Major State in Economic Terms, Says Prime Minister Anwar Ibrahim
●CPO Futures End Higher as Indonesia Mulls Change in DMO Policy
●Stocks to watch: MyNews, Sapura Energy
-moomoo News MY
Wall Street Summary
On preliminary closing data, the $S&P 500 Index(.SPX.US$ pulled back by 0.31%, while the $Dow Jones Industrial Average(.DJI.US$ fell by 0.41%, and the $Nasdaq Composite Index(.IXIC.US$ fell by 0.27%. Treasuries climbed, and the US 10-Year Treasury Notes yield rose to 4.24%. The market hit all-time highs last week after the FOMC said that rates would not change and provided clarity on this year's rate cuts. The S&P 500 Index climbed by 2.29% last week and added three all-time high closes. The Dow Jones Industrial Average climbed by 2.25%, and the Nasdaq Composite Index fell by 2.99% last week.
Breaking News
Three Mega Projects Can Propel Perak as a Major State in Economic Terms, Says Prime Minister Anwar Ibrahim
Prime Minister Datuk Seri Anwar Ibrahim has expressed his confidence that three mega projects in Perak – the Automotive High Tech Valley (AHTV) in Tanjung Malim, Lumut Maritime Industrial City (Lumic), and the Kerian Integrated Green Industrial Park – have the capacity to elevate Perak to be among the major states buttressing national economic growth. He believes that with the programmes and emphasis taken by Perak Menteri Besar Datuk Seri Saarani Mohamad, Perak will emerge as a major state in the country. Anwar also handed over contributions totalling RM291,000 to 34 mosques and 35 surau within the Tambun parliamentary constituency to assist the mosque and surau committees in implementing planned Ramadan activities.
CPO Futures End Higher as Indonesia Mulls Change in DMO Policy
The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher due to robust export estimates for Malaysia, while Indonesia is mulling a change in its domestic market obligation (DMO) policy, which could limit exports and increase the desirability of Malaysian palm oil. At the close, the spot month April 2024 contract rose to RM4,352 a tonne, May 2024 added to RM4,314 a tonne, and June 2024 climbed to RM4,247 a tonne. Total volume narrowed to 69,993 lots, while open interest improved to 289,030 contracts. The physical CPO price for April South perked up to RM4,380 a tonne.
Stocks to Watch
$MYNEWS(5275.MY$: MyNews Holdings Bhd has reported its second consecutive profitable quarter for 1QFY2024 on the back of higher sales, with a net profit of RM1.27 million compared to a net loss of RM3.21 million in the previous year's corresponding quarter. Quarterly revenue increased year-on-year by 6% to RM195.52 million. The convenience store operator aims to expand its five retail brands, including myNEWS, CU, WHSmith, SUPERVALUE minimart, and MARU Coffee, "at a faster rate" and currently operates 619 outlets.
$SAPNRG(5218.MY$: Sapura Energy Bhd's net loss narrowed to RM728.44 million in 4QFY2024 from RM3.26 billion a year earlier, but the company cautioned that it is "not out of the woods" yet. Quarterly revenue dropped to RM1.06 billion from RM1.22 billion in 4QFY2023, with lower revenue from the engineering and construction, and drilling business segments. For the full year FY2024, its net loss also narrowed to RM508.66 million from RM3.16 billion in FY2023, while its annual revenue fell to RM4.36 billion from RM4.55 billion previously.
$BNASTRA(7195.MY$: Binastra Corp Bhd has posted a record-high net profit of RM15.38 million for 4QFY2024, a jump of 176.32% compared to RM5.57 million a year earlier, driven by higher revenue from its construction segment. Revenue more than doubled to RM155.37 million from RM73.78 million in 4QFY2023. For the full year, the group's net profit surged to a record of RM40.77 million from RM16.52 million in the previous year, with revenue rising 130.03% to RM425.2 million from RM184.85 million in FY2023.
$TCS(0221.MY$: TCS Group Holdings Bhd's wholly-owned subsidiary, TCS Construction Sdn Bhd, has secured a RM140.27 million contract to undertake building works for a proposed commercial complex called Bandar Seri Coalfields Retail Park in Sungai Buloh, Selangor. The contract was awarded by KLK Retail Centres Sdn Bhd, a wholly-owned subsidiary of Kuala Lumpur Kepong Bhd, and is expected to be completed by October 2025, with a contract period of 19 months starting from March 2024.
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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