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Rigetti Computing
-- 17.0000 MY Morning Wrap | Sunway Construction Secures RM747.8 Million Data Centre Construction Job
Good morning mooers! Here are things you need to know about today's market:
●Markets Climb to All-Time Highs on Predictable Federal Funds Rate Announcement
●Record-high open interest in Bursa Malaysia Derivatives
●Stocks to watch: SunCon, EcoWorld,Top Glove
-moomoo News MY
Wall Street Summary
The markets climbed to all-time highs after Federal Reserve President Jerome Powell unveiled the median target Federal Funds rate of 4.6% by year-end. A day later, stocks continued to hit all-time highs as the market loves predictability. The $S&P 500 Index (.SPX.US)$ climbed past a record by 0.32% to mark its 20th record close this year, while the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.67% to a record close. The $Nasdaq Composite Index (.IXIC.US)$ also climbed 0.20%, moving toward an all-time high.
Breaking News
Record-high open interest in Bursa Malaysia Derivatives
Bursa Malaysia Derivatives Bhd's benchmark price-setting crude palm oil futures (FCPO) reached an all-time high of 299,190 contracts on March 14, 2024, surpassing the previous high of 287,859 on Sept 10, 2014. The exchange noted that this record demonstrated the strength behind bullish sentiment in the crude palm oil market. It also coincided with a new peak in combined open interest for all products, totalling 360,132 contracts, exceeding the previous highest of 346,403 contracts on Feb 26, 2020. Bursa Malaysia Derivatives director Mohd Saleem Kader Bakas said that this surge, particularly in the FCPO market, demonstrates the market's capability to adapt and serve as a critical hub for effective price risk management.
Stocks to Watch
$SUNCON (5263.MY)$: Sunway Construction Group Bhd's wholly-owned subsidiary, Sunway Construction Sdn Bhd, has secured a RM747.8 million job to construct a data centre in Selangor for a US-headquartered multinational technology corporation. The group did not provide the name and other details of the corporation. Works are scheduled to commence not later than May 15 and expected to be completed by the second quarter of 2027.
$ECOWLD (8206.MY)$: Eco World Development Group Bhd (EcoWorld) has reported a 22.15% rise in net profit for its first quarter ended Jan 31, 2024 (1QFY2023), mainly due to higher interest income from the placement of excess funds by the group's Malaysian operations. Net profit rose to RM69.63 million from RM57 million a year earlier, while revenue grew 10.95% to RM537.79 million from RM484.73 million on higher contributions from active phases as well as newly launched ones.
$TOPGLOV (7113.MY)$: Top Glove Corp Bhd, the world's biggest glovemaker by volume, is expected to stay in the red for the year ending Aug 31, 2024 (FY2024), and analysts are advising investors to avoid buying into the stock for now. The company reported a net loss of RM51.19 million for the December 2023-February 2024 quarter (2QFY2024), bringing the total net loss to RM108.91 million for the first six months of the year. This was worse than the consensus estimates, which called for a full-year net loss of RM69 million, due to lower-than-expected margins.
$ASTRO (6399.MY)$: Astro Malaysia Holdings Bhd has reported an 18.95% year-on-year drop in net profit for its fourth quarter ended Jan 31, 2024 (4QFY2024), due to lower revenue and higher net financing costs. Earnings fell to RM44.38 million from RM54.75 million in 4QFY2023, with earnings per share sliding to 0.85 sen from 1.05 sen. Quarterly revenue fell 13.63% to RM819.85 million from RM949.26 million, mainly due to lower subscription revenue, advertising revenue, sales of programming rights, rental income, and the ceasing of its Go Shop operations. For the full FY2024, net profit fell 85.76% to RM36.88 million from RM259.04 million a year ago, mainly due to lower Ebitda.
$MAG (0095.MY)$: For the first time since 2014, Malaysia Aviation Group (MAG) has reported an annual net profit. Earnings stood at RM766 million in 2023, compared to a net loss of RM344 million in 2022, driven by robust traffic in the premium segment, active capacity management, and stronger yield for the group's passenger segment. MAG also attributed the improved performance to its intensified international network flow and deep partnership collaborations.
$PTT (7010.MY)$: PTT Synergy Group Bhd's wholly-owned Pembinaan Tetap Teguh Sdn Bhd has secured a RM299 million contract to build the Palekbang-Kota Bharu bridge and connecting roads in Jajahan Tumpat and Jajahan Kota Bharu, Kelantan. Works are scheduled to start next Monday and should be completed by Sept 15, 2026. Additionally, PTT Synergy Group has entered into a collaboration agreement with Prima Wahyu to explore the possibility of collaborating to secure construction works in Peninsula Malaysia's East Coast region.
$MGB (7595.MY)$: Construction firm MGB Bhd has been awarded a contract worth RM207.03 million to develop two blocks of service apartments in Sepang, Selangor. The project was accepted by MGB from Anuar Aziz Architect on behalf of Astana Modal Sdn Bhd, an indirect subsidiary of LBS Bina Group Bhd, which is a major shareholder of MGB with a 58.65% stake, making it a related party transaction. MGB's current outstanding order book, including the latest win, stands at about RM1.27 billion.
$T7GLOBAL (7228.MY)$: Energy services firm T7 Global Bhd is planning to raise up to RM41.56 million via a private placement of a maximum of 90.5 million shares or 10% of its enlarged share base. The proceeds will mainly go towards funding working capital for contracts awarded by Carigali Hess Operating Company Sdn Bhd and Hibiscus Oil & Gas Malaysia Ltd to its wholly-owned unit Tanjung Offshore Services Sdn Bhd. The issue price is assumed to be at 45.92 sen for illustrative purposes, which is a 10% discount to the five-day volume-weighted average price of T7 Global shares up to March 8, which was 51.02 sen.
$EPICON (4847.MY)$: Epicon Bhd's outstanding order book has increased to RM929 million from RM840 million as at March 18, 2024, following the company's receipt of a letter of award (LOA) for a construction contract worth RM89.1 million. The LOA was awarded to Epicon's unit, Transnational Builder Sdn Bhd, by Syarikat Majuperak Bhd for the main building works of 601 units of single-storey terrace houses and four units of electrical substations in Sungai Terap, Perak. The contract period is for thirty months from March 27, 2014 until Sept 26, 2026.
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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CikV : thanks
再就业兄弟 : Suncon price hike after contract rewarded but MGB ? Hidden gem or trap![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
leekc5223 : good job sun con
Bullish Law : good