MY Morning Wrap | Steel Hawk Eyes Expansion in Renewable Energy and Petronas Contracts
Good morning mooers! Here are things you need to know about today's market:
● U.S. Stock Market Falls Thursday, But Tech Climbs
● Malaysia to Continue South China Sea Exploration, Despite Chinese Objections, Asserts Anwar
● BNM Maintains Overnight Policy Rate at 3%
● Stocks to Watch: HAWK, SYSTECH, INTA, BNASTRA, etc.
- Moomoo News MY
Wall Street Summary
The market was trying its best to rebound Wednesday, but mid day strength gave way to a decline by later afternoon. Still, top decliners on the Dow reversed their falls and pushed the index higher just before the close.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded down just 0.16%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.09%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.30%.
Breaking News
Malaysia to Continue South China Sea Exploration, Despite Chinese Objections, Asserts Anwar
Malaysian Prime Minister Anwar Ibrahim, speaking on Thursday, asserted that Malaysia will persist with its oil and gas exploration activities in the South China Sea, despite objections from China regarding territorial infringements.
Speaking from Russia on an official visit, Anwar emphasized that the exploration is conducted within Malaysian territory and is not meant to provoke or show hostility towards China, with which Malaysia maintains amicable relations.
BNM Maintains Overnight Policy Rate at 3%
Bank Negara Malaysia (BNM) announced on Thursday that it has decided to keep the overnight policy rate (OPR) steady at 3%, aligning with widespread expectations. This decision, made during the Monetary Policy Committee’s two-day meeting, reflects confidence in the ongoing economic growth and controlled inflation levels.
In the first half of 2024, both headline and core inflation rates averaged 1.8%, moderated by the effects of controlled diesel price fluctuations and strategic measures to alleviate business costs.
For the entire year, BNM anticipates that both headline and core inflation will stay within previously forecasted limits, with neither expected to surpass 3%. Predictions set headline inflation at an average of 2.0% to 3.5%, and core inflation at 2.0% to 3.0%.
Stocks to Watch
$INTA (0192.BMS)$ has won a RM96.55 million contract from $SIMEPROP (5288.BMS)$ to carry out the main building and construction works for a 37-storey serviced apartment project in Putra Heights. The contract was secured by its wholly-owned subsidiary, Inta Bina Sdn Bhd, awarded by Sime Darby Property (Bukit Raja) Sdn Bhd. This project will include 246 business serviced apartments, 62 affordable business units, five levels of parking, and additional resident facilities.
$SNTORIA (5213.BMS)$ has reported that Messrs Grant Thornton Malaysia PLT (GTM) has voluntarily resigned as its external auditor, though no specific reasons were provided for this decision. The company is currently in the process of appointing new external auditors. This announcement comes amidst a recent dispute involving the company's former chief executive, Datuk Loh Yuen Tuck.
$SYSTECH (0050.BMS)$ has entered into a partnership with Pinetop Technology Venture Sdn Bhd through its wholly-owned subsidiary, SysAIU Sdn Bhd. The collaboration aims to establish and operate data centres and explore other related business activities. Details about the scale or capacity of the data centre project were not disclosed in the announcement.
Joanne Lee Sor Phaik, the CEO of $KPPROP (7077.BMS)$, has resigned from her position after just over a year to "pursue personal interest". Lee, aged 54, had been appointed CEO on July 13, 2023, according to the latest annual report from the company.
$PPB (4065.BMS)$'s outlook for the second half of 2024 is positive, driven by the strengthening of the ringgit against the US dollar. Lim Soon Huat, the group's managing director, expressed confidence in improved consumer spending and reduced costs for raw materials, which are predominantly imported. He anticipates that all segments will perform better than in the first half of the year.
Following its transfer to the ACE Market of Bursa Malaysia through an initial public offering (IPO), $HAWK (0320.BMS)$ is actively pursuing long-term contracts with Petroliam Nasional Bhd (Petronas) and expanding into the renewable energy sector. Datuk Sharman K Michael, deputy chairman and executive director, revealed that the company is bidding for multiple long-term call-out agreement contracts with durations ranging from three to ten years. Steel Hawk currently holds 12 such contracts with Petronas, extending through 2027.
$BNASTRA (7195.BMS)$ has been awarded a RM283.33 million contract for a new apartment project in Kuala Lumpur by Kaisar Maxim Sdn Bhd, owned by Maxim Global Bhd (KL:MAXIM). The contract involves the construction of three blocks of 31-floor apartments, totaling 624 units, located in Taman Desa. This project is expected to contribute to Binastra's income over the next four financial years, from FY2025 to FY2028.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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CHOKSK : BNM keep the OPR unchanged