MY Morning Wrap | UUE Holdings Secures Two Contracts Worth RM26.93 Million
Good morning mooers! Here are things you need to know about today's market:
●Dow Jones Hits Fresh Closing High Above 40,211 After Breaking Intraday Trading Records
●Malaysia's Economic Growth Likely Picked Up in Q2 2024, Driven by Export-Oriented Industries
●Foreign Investors Show Continued Interest in Malaysian Equities with US$598 Million Inflow in 1Q 2024
●Stocks to watch: UUE Holdings
-moomoo News MY
Wall Street Summary
On Monday, the market climbed and the Dow Jones hit a fresh closing high above 40,211 after breaking intraday trading records. Investors were watching for volatility on Monday morning after shocking campaign violence over the weekend. Shortly after the close on Monday at 4 pm EST, the $S&P 500 Index(.SPX.US$ climbed 0.28%, the $Dow Jones Industrial Average(.DJI.US$ climbed 0.53%, and the $Nasdaq Composite Index(.IXIC.US$ climbed 0.40%.
Breaking News
Malaysia Secures Over RM230 Million in Palm Oil Trade Deals from Visit to China
Malaysia has secured over RM230 million in palm oil trade deals from Deputy Plantation and Commodities Minister Datuk Chan Foong Hin's recent working visit to China. The visit resulted in the signing of four memoranda of understanding (MOUs) between Malaysian palm oil companies and businesses in China. The MOUs involve expanding the trade of palm oil products into new sectors, including leveraging the e-commerce platform of Taobao to develop online business-to-business and business-to-consumer sales channels, and entering the health product market with tocotrienols, a potent form of vitamin E derived from palm oil. The overall value of the trade deals is expected to increase in the coming years. These initiatives will further deepen bilateral cooperation in the palm oil sector, promoting mutual economic prosperity and win-win outcomes for Malaysia and China.
Foreign Investors Show Continued Interest in Malaysian Equities with US$598 Million Inflow in 1Q 2024
Foreign investors continued to show interest in Malaysian equities with a cumulative inflow of US$598 million in the first quarter of 2024, up from US$170.7 million in the fourth quarter of 2023. North American investors added Malaysian equities to their portfolios with an inflow amounting to US$413.5 million during the quarter. The financial industry saw significant foreign inflows, driven primarily by The Vanguard Group and T Rowe Price Hong Kong Ltd. Technology remained the preferred sector, with GLICs increasing their purchase momentum to US$547.5 million worth of technology stocks. The report is based on S&P Global Market Intelligence's database.
Stocks to Watch
$UUE(0310.MY$: UUE Holdings Bhd, an underground utilities engineering company, has secured two contracts worth RM26.93 million. Both contracts involve the installation, testing, and commissioning of 11-kilovolt underground cables and accessories. The company will have 730 days from the starting date, which will be informed later, to complete the contracts, with an option to extend the contract period for another 365 days.
$SMI(4375.MY$, $TECHBASE(8966.MY$, $YB(5048.MY$: Mah Sau Cheong, a substantial shareholder of South Malaysia Industries Bhd (SMI), is suing Techbase Industries Bhd and YB Ventures Bhd over alleged share manipulation at SMI. Both companies were served with a writ of summons and a statement of claim accusing them of conspiring to violate Sections 176 and 202 of the Capital Markets and Services Act 2007, which allegedly adversely affected all SMI shareholders. Mah holds a 7.65% stake in SMI.
$EKOVEST(8877.MY$: Ekovest Bhd clarified that it had officially concluded its contractual role as the project delivery partner (PDP) for the River of Life project in January 2015. The company stated that its role was mainly to provide horizontal coordination with up to 42 agencies, while the respective agencies under multiple ministries spearheaded the project. Under the PDP contract, Ekovest was authorised by the government solely to tender for/participate in beautification works under the project (via Swiss Challenge).
$CITAGLB(7245.MY$: Citaglobal Bhd has entered into a joint development framework agreement (JDFA) with Shanghai SUS Environment Co Ltd to develop waste-to-energy projects in Pahang. The collaboration will focus on converting municipal waste into green energy and developing agricultural waste, such as empty fruit bunches and palm oil sludge, into biomass energy. The JDFA is legally binding and will be used for the incorporation of a joint special purpose vehicle, with Citaglobal holding a 49% stake while SUS Environment holds the remaining 51% stake.
$ADVCON(5281.MY$: Advancecon Holdings Bhd is partnering with the Perak government to develop, construct, operate, manage and maintain centralised labour quarters (CLQs) in the state to address the increasing demand from industrial manufacturers for workers' accommodation. Under the agreement, Advancecon Ventures Sdn Bhd, a wholly-owned subsidiary of Advancecon, will hold a 70% stake in the joint venture company, CLQ Silvervalley Sdn Bhd, while Perak Equity will hold the remaining 30% stake.
$WCT(9679.MY$: WCT Holdings Bhd has secured a contract worth RM214 million from Kwasa Land Sdn Bhd to undertake construction works at the Kwasa Damansara township development in Sungai Buloh. Kwasa Land is a wholly-owned subsidiary of the Employees Provident Fund and master developer of Kwasa Damansara. The contract was awarded to WCT Holdings' wholly-owned unit, WCT Bhd, under work package contract two, which involves the construction and completion of common infrastructure works phase one and a new vehicular underpass at Kwasa Damansara.
$MGRC(0155.MY$: Malaysian Genomics Resource Centre Bhd has signed agreements with Kumpulan Perubatan Penawar Sdn Bhd and Hospital Penawar Sdn Bhd to explore offering genetic screening services. The collaborations will focus on the "Origene All-in-One Report" product and its derivative, the "Childhood-Onset Disease Profile" for cell-gene therapies. Malaysian Genomics Resource Centre will provide consultancy and technical support for the collaboration, including genetic screen-testing services.
$EFRAME(0227.MY$: Econframe Bhd has announced that it will not proceed with its plan to acquire a 70% stake in ETA World Sdn Bhd, a company involved in industrial property development and construction activities. The decision was made because the conditions precedent in the agreement between Econframe and ETA Industries Sdn Bhd, the seller of the stake, had not been fulfilled within the specified timeframe.
$PMBTECH(7172.MY$: PMB Technology Bhd has announced that it will sell a parcel of leasehold land in Klang for RM79.3 million, primarily to fund its working capital. The 113,312 sq metre-land will be sold to Knauf Sdn Bhd and is expected to result in a one-time gain of RM51 million, boosting the group's earnings for the financial year ending Dec 31, 2024. The land had a net book value of RM15.4 million as of end-December 2023.
$PTT(7010.MY$: PTT Synergy Group Bhd, an integrated construction and property company whose share price has surged 120.49% year to date, has proposed a one-for-one bonus issue. The proposal involves the issuance of up to 216.08 million new bonus shares. Based on the three-month volume-weighted average price of the shares up to June 25, which was RM1.16, the theoretical ex-bonus share price would be 57.8 sen.
$BIMB(5258.MY$: Bank Islam Malaysia Bhd has announced the issuance of RM1 billion in senior sukuk murabahah under its RM10 billion sukuk murabahah programme, which was lodged with Securities Commission Malaysia in 2018. The issuance received an "overwhelming response" from investors, with a bid-to-cover ratio of over 3.2 times the issuance size after being upsized from RM500 million.
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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MuhammadHairullah : good
MuhammadHairullah : $Cipher Mining (CIFR.US)$
103677010 : noted
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103328873 Yoe :
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muhamad Hazairudin s : Muhammad Hazairudin Shadan