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-- 17.620 MY Morning Wrap | Sunway Construction Resolves Dispute with NHAI, Secures RM20.96 Million Settlement
Good morning mooers! Here are things you need to know about today's market:
●Mixed results for US stock indexes and a drop in bond yields
●Malaysia records a positive foreign investment shift in 2023
●Malaysia eyes a green investment boost with its energy transition plan
●Malaysian furniture exports dip amid weak US demand
●Stocks to watch: Sunway
-moomoo News MY
Wall Street Summary
US benchmark stock indexes ended mixed in Tuesday's volatile trading session, with the $Dow Jones Industrial Average (.DJI.US)$ falling 0.42% to 37,525 and $S&P 500 Index (.SPX.US)$ dipping 0.15% to 4,756 after both recovered from larger drops earlier. The $Nasdaq Composite Index (.IXIC.US)$, however, managed a slight gain of 0.09% to 14,867. Energy and basic materials sectors led losses, while communication services saw gains. Additionally, government bond yields fell in the afternoon.
Breaking News
Malaysia Records Positive Foreign Investment Shift in 2023
In 2023, Malaysia witnessed a remarkable rebound in foreign-portfolio flows with a net inflow of RM21.3 billion, a stark contrast to the RM5.5 billion outflow of the previous year. This resurgence was largely propelled by the debt market's RM23.6 billion influx, overshadowing the equity market's RM2.3 billion outflow. Although December saw a RM1.9 billion reversal, the annual figures remained robust. Bank Negara's foreign reserves also rose to a reassuring US$113.5 billion. Amidst potential volatility due to global economic shifts, UOB Research maintains a positive outlook for Malaysia, supported by strong economic indicators and prospective policy reforms.
Malaysia Eyes Green Investment Boost with Energy Transition Plan
Malaysia's Prime Minister Anwar Ibrahim announced the country's commitment to energy transition, which is expected to generate green investment opportunities through the newly launched National Energy Transition Roadmap (NETR). During a visit from ConocoPhilips executives, Anwar highlighted Malaysia's attractive investment climate, bolstered by strong governance practices, especially in collaboration with national petroleum company Petronas. The discussions with ConocoPhilips underscored both the investment potential in Malaysia and the global focus on energy transition.
Malaysian Furniture Exports Dip Amid Weak US Demand
Malaysian furniture exports continue to decline, with the US market's demand weakening due to housing market issues. Despite potential interest rate cuts, high interest rates have led to reduced housing affordability and a supply-side crunch. Malaysian companies under scrutiny, like Evergreen Fibreboard and HeveaBoard, are lessening their reliance on the US by targeting other markets. Furniture exports fell to RM7.4 billion over ten months in 2023, a 22.9% drop year-on-year. The sector's future in the US looks dim unless housing affordability improves. The stance remains 'Neutral' as companies diversify their export strategies.
Stocks to Watch
$SUNWAY (5211.MY)$: Sunway Construction Group Bhd (SunCon) has settled its disputes with the National Highway Authority of India (NHAI) over the East West Corridor highway project. NHAI has agreed to a settlement payment of 375.32 million rupees (approximately RM20.96 million) to SunCon's fully-owned subsidiary, Sunway Construction Sdn Bhd (SCSB). This agreement concludes all claims and disputes concerning the project, specifically Package EW-II (RJ-9), which included the rehabilitation and upgrading of a section of NH-76 in Rajasthan. The settlement amount is scheduled for disbursement within a month following the execution of the agreement according to the terms stated.
$GDB (0198.MY)$: Grand Dynamics Builders Sdn Bhd (GDBSB), a subsidiary of GDB Holdings Bhd, has initiated a winding-up petition against KSK Land Sdn Bhd at the Kuala Lumpur High Court. The petition requests the court to order the dissolution of KSK Land, appoint a private liquidator nominated by GDBSB to oversee the liquidation process, and require KSK Land to cover the costs related to the petition. This legal action comes in the wake of the High Court's ruling that revoked KSK Land's restraining order, which previously prevented its creditors from pursuing claims, and also set aside an ex parte order that allowed KSK Land to call for a meeting with its creditors as part of a suggested scheme of arrangement.
$KPS (5843.MY)$: Kumpulan Perangsang Selangor Bhd (KPS), which is under the Selangor state government's control, is set to sell a 50% share in Kaiserkorp Corp Sdn Bhd to AI Dream (HK) Ltd for RM265.48 million in cash. KPS owns a 60% interest in Kaiserkorp, the company behind the ownership of the US-based King Koil mattress brand. This stake was originally acquired by KPS in May 2016 for US$28.8 million, equivalent to RM116.66 million at the time. AI Dream is a subsidiary of AI Dream 3 (Cayman) Ltd.
$ROHAS (9741.MY)$: Rohas Tecnic Bhd announced that its consortium has been awarded a RM199.84 million contract for the facade construction of Bukit Chagar station, part of the Johor Bahru-Singapore Rapid Transit System Link project. The award was granted by Malaysia Rapid Transit System Sdn Bhd, a Mass Rapid Transit Corp subsidiary. The consortium includes Rohas Tecnic's wholly-owned Rohas-Euco Industries Bhd (REI) and Sediabena Builders Sdn Bhd (SBSB), specializing in steel structure design and fabrication. REI will hold a 70% stake in the joint venture, with SBSB owning the remaining 30%.
$DSONIC (5216.MY)$: Datasonic Group Bhd has been granted a letter of award (LOA) and four contract extensions by the Ministry of Home Affairs (MOHA), totaling RM175 million in value. The LOA, given to Datasonic Technologies Sdn Bhd (DTSB), a wholly-owned subsidiary, is for the supply of MyKad, MyTentera, MyPOCA raw cards, and related consumables to the National Registration Department (JPN). This contract, worth RM28.69 million, will run for six months from December 1, 2023, to May 31, 2024. Concurrently, MOHA has extended four other contracts with DTSB, each for an additional six months within the same timeframe.
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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