MY Morning Wrap | Top Glove's 4QFY2024 Earnings Show Significant Improvement Amid Sales Boost and Property Gains
Good morning mooers! Here are things you need to know about today's market:
● Wall Street Falls Thursday
● Enhanced Regional Collaboration in Budget 2025 to Strengthen Malaysia's ASEAN Leadership Role
● Enhanced Trade Prospects Between Malaysia and UAE Following Economic Partnership Agreement
● Stocks to Watch: Top Glove, Public Bank, LPI Capital, Sunway, etc.
- Moomoo News MY
Wall Street Summary
The market fell Thursday, but not very far from Wednesday closing prices. Just three sectors of the S&P 500 were climbing at the end. CPI numbers came in slightly higher than expected, Oil futures climbed from Lebanon violence, and Chinese stocks went nowhere for the second day. Tune in live to watch $Tesla (TSLA.US)$'s Robotaxi event!
On Thursday, the $S&P 500 Index (.SPX.US)$ traded down 21 basis points, the $Dow Jones Industrial Average (.DJI.US)$ fell 14 basis points, and the $Nasdaq Composite Index (.IXIC.US)$ fell 5 bps. Investors are looking for $JPMorgan (JPM.US)$ and $Wells Fargo & Co (WFC.US)$ earnings Friday.
Breaking News
Enhanced Regional Collaboration in Budget 2025 to Strengthen Malaysia's ASEAN Leadership Role
The Malaysian Institute of Economic Research (MIER) predicts that Budget 2025 will emphasize regional collaboration, especially in areas like fintech, financial inclusion, and cross-border trade. According to the think-tank, this strategic focus will bolster Malaysia's role as it prepares to assume the ASEAN chairmanship in the coming year. MIER has also underscored the government's initiative to advance Malaysia's Islamic finance sector, emphasizing venture capital and equity-sharing financial models. Further more, the institute has indicated that the budget will focus on key sectors including semiconductors, automotive, and renewable energy. This initiative aims to generate high-value employment opportunities and promote sustainable development within these industries.
Enhanced Trade Prospects Between Malaysia and UAE Following Economic Partnership Agreement
Malaysia and the United Arab Emirates (UAE) have completed negotiations on a Comprehensive Economic Partnership Agreement (Cepa), poised to eliminate or reduce tariffs, lower trade barriers, enhance private-sector cooperation, and create new investment opportunities. Tengku Datuk Seri Zafrul Abdul Aziz, Malaysia's Minister of Investment, Trade and Industry, stated that the Cepa represents Malaysia's first free trade agreement (FTA) with a Gulf Cooperation Council (GCC) nation. He emphasized that this agreement will significantly boost trade, increase investments, and strengthen economic relations between Malaysia and the UAE.
Stocks to Watch
$PBBANK (1295.MY)$, Malaysia's third-largest bank by assets, is set to acquire a 44.15% stake in $LPI (8621.MY)$ for RM1.72 billion in cash. This purchase is from the family of the late Tan Sri Teh Hong Piow. Teh's estate includes a 1.41% direct stake and another 42.74% through Consolidated Teh Holdings Sdn Bhd. Following the acquisition, Public Bank will extend a mandatory general offer for the remaining shares at RM9.80 per share, aiming to maintain LPI's listing on Bursa Malaysia's Main Market.
$TOPGLOV (7113.MY)$ reported a significant reduction in net losses to RM3.57 million for Q4 FY2024, down from RM461.73 million in the same quarter last year. This improvement follows a 75% increase in quarterly revenue to RM835.31 million and a RM39.35 million gain from the disposal of property. No dividends were declared for the period.
$SUNWAY (5211.MY)$ subsidiary, Sunway Developments Pte Ltd, in partnership with Hoi Hup Realty Pte Ltd, won a joint tender for a leasehold land in Tampines, Singapore. The 23,512 square meter parcel will be developed into a mixed commercial and residential project valued at S$668.28 million (RM2.19 billion).
$KJTS (0293.MY)$ has secured a RM12.3 million subcontract for a data center project in Selangor from Sunway Engie DC Sdn Bhd. This project involves the supply and installation of air-conditioning and mechanical ventilation systems.
$MGB (7595.MY)$ is poised to develop mixed residential and commercial projects on 26 acres in Taman Bukit Serdang, Seri Kembangan, with a gross development value of RM861.35 million. Partnering with $TALAMT (2259.MY)$, the project will feature commercial shop lots and affordable housing under the Rumah Selangorku scheme.
$SAPRES (4596.MY)$ has issued show cause letters to its Managing Director Datuk Shahriman Shamsuddin and appointed Reza Abdul Rahim as acting MD. Shahriman's leave of absence has been extended for another month, according to sources from The Edge.
$SCABLE (5170.MY)$ trading will be suspended temporarily on Friday, as the company awaits a judicial management order hearing scheduled for October 15, 2024. Depending on the outcome, the suspension may be lifted or extended by the Kuala Lumpur High Court.
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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105134212 : Investment in the life of very very important.
Rizan65 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
10312907 : remember they always pump and dump gg
Fantastic1 : Price rise![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Top Glove ![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
WhyHow : Topglove should be able to float above water in the next Q.