MY Morning Wrap | UBS Ceases to be Substantial Shareholder of YTL
Good morning mooers! Here are things you need to know about today's market:
●US Stocks Rise on Weakening Labor Market, Fed Rate Cut Hopes
●Malaysia Records Net Foreign Equity Inflows Exceeding RM1 Billion in May 2024
●Stocks to watch: YTL, AMMB
-moomoo News MY
Wall Street Summary
Most sectors gained as signs of weakening labor market fueled hopes that the US Federal Reserve could start cutting interest rates in the next few months. Advancers totaled 8,769 stocks, while decliners reached 4,596. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose almost 2% to 17187.90 while the$S&P 500 Index(.SPX.US)$ closed 1.2% higher at 5454.03. The $Dow Jones Industrial Average(.DJI.US)$ gained 0.3% to 38807.33.
Breaking News
Malaysia Records Net Foreign Equity Inflows Exceeding RM1 Billion in May 2024
Malaysia was the only ASEAN country in May 2024 to achieve net foreign equity inflows exceeding RM1 billion, according to AmInvestment Bank Bhd. The ASEAN region posted a net foreign equity outflow of RM635 million, compared to RM8.8 billion in April 2024, leading to a year-to-date outflow of RM12.6 billion. The bank said that with support from foreign institutional buying activities, which exceeded local selling, the FBM KLCI posted a year-to-date rise of 9.8%. However, it warned of downside risks from slowing global economic growth prospects, less-optimistic expectations of the timing of US Federal Reserve cuts, and moderating domestic consumption amid rising domestic inflation.
Stocks to Watch
$YTL(4677.MY$: UBS Group AG has ceased to be a substantial shareholder of YTL Corp Bhd after a series of share disposals since February, which eventually led to its shareholding in the company going below the 5% threshold. UBS disposed of about 14.9 million shares in the company last Friday, after which it crossed below the 5% line. The block of shares could be worth RM53.40 million based on May 31's closing price of RM3.59. Prior to that, UBS' shareholding in YTL stood at 5.25% as of April 18.
$AMBANK(1015.MY$: The Australia & New Zealand Banking Group Ltd (ANZ) has sold its remaining 5.17% stake in AMMB Holdings Bhd for RM701.16 million. ANZ sold the stake comprising 171.02 million shares through its wholly-owned subsidiary ANZ Fund Pty Ltd via a block trade at RM4.10 per share. The offer price represents a 2.84% discount to AMMB's closing price on May 30. This confirms a report by The Edge last week that the Australian group was planning to exit Malaysia's sixth-largest lender by assets.
$XOX(0165.MY$: XOX Bhd has announced plans to consolidate every 30 of its shares into one share a month after its proposed share capital reduction to set off its accumulated losses. The mobile network operator said the share consolidation is part of its plan to improve its capital structure and is not expected to alter the total value of shares held by shareholders. The theoretical share price is set to increase by 30 times, and the total number of issued shares will be reduced by the corresponding ratio.
$AVALAND(5182.MY$: Avaland Bhd has topped out the Sanderling condominium, which has a 90% take-up rate. Sanderling is the third phase of the developer's 23-acre freehold Lakefront Residence development in Cyberjaya. It has a gross development value of RM327 million and features a two-tower condominium with 606 units in total. The units, featuring three bedrooms and 3+1 bedroom configurations, have built-ups ranging from 958 sq ft to 1,711 sq ft, with a selling price starting from RM499,000. Sanderling is targeted for completion by 3Q2025.
$NESTCON(0235.MY$: Nestcon Bhd has announced that its 51%-owned unit, Nestcon Sustainable Solutions Sdn Bhd, has secured a RM3.6 million contract to develop and install a solar photovoltaic system. The contract is with Subang Safety Glass Sdn Bhd to develop, design, install, construct, and commission a solar PV system on the rooftop of its premises. This news comes after Nestcon's share price rose over 20% two weeks ago.
$SCABLE(5170.MY$: Sarawak Cable Bhd has confirmed that it is being sued by Serendib Capital Ltd over the termination of their memorandum of agreement to revive the loss-making manufacturer. The UK-based company is seeking declaratory reliefs, specific performance, a permanent injunction, and damages in the lawsuit. Several individuals related to the group, including the chairman and directors, have also been named as defendants. Sarawak Cable has appointed the legal firm of Dinesh Ratnarajah Partnership to defend the group and other defendants. The company added that the legal proceedings would not have an impact on its regularisation plan.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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