MY Morning Wrap | Yinson, State IT Corporation Ink Partnership to Develop Selangor's Sustainable Initiatives
Good morning mooers! Here are things you need to know about today's market:
●US stocks end mixed as Treasury yields ease; focus shifts to earnings
●Bursa Malaysia records net foreign selling of RM613mil
●Bank Negara to ensure ringgit adjusts in orderly manner - governor
●Bank Negara expects at least half of new financing to be 'green' by 2026
●Stocks to watch: Yinson
-moomoo News MY
Wall Street Summary
A monthslong bond selloff helped push the 10-year U.S. Treasury yield above 5% on Monday morning for the first time since 2007. Some investors saw the milestone as a buying opportunity, quickly pushing yields back to 4.836%. Yields rise as prices fall.
The stock market's response to Monday's reversal was mixed. The $Dow Jones Industrial Average (.DJI.US)$fell 0.6%, or 191 points. The $S&P 500 Index (.SPX.US)$ ticked down 0.2%, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ rose 0.3%.
Breaking News
Bursa Malaysia records net foreign selling of RM613mil
The foreign selling of equities on Bursa Malaysia amounted to RM613mil in the week ended Oct 20, 2023, after having registered net purchases of RM10.2mil in the prior week. Over the course of the week, the highest net outflows were recorded in financial services (RM337.1mil), consumer products and services (RM100.6mil) and telecommunications and media (RM51.4mil). Only three sectors recorded net inflows, namely utilities (RM28.5mil), property (RM20.8mil) and REITs (RM5.4mil).
Bank Negara to ensure ringgit adjusts in orderly manner - governor
Bank Negara Malaysia (BNM) will do whatever is necessary to ensure the ringgit continues to adjust in an orderly manner, which allows businesses to be facilitated as well. Governor Datuk Abdul Rasheed Abdul Ghaffour said the central bank has a number of market measures that can be deployed to boost the ringgit if needed. Abdul Rasheed stressed that while the ringgit's level versus the US dollar has touched the Asian financial crisis level, the country is not in a crisis based on its strong fundamentals reflected by its economic growth and well-capitalised banking system, among others.
Bank Negara expects at least half of new financing to be 'green' by 2026
Bank Negara Malaysia (BNM) expects at least half of new financing by banks to be aligned with climate-supporting or energy transitioning activities, as set in the Malaysia Financial Sector Blueprint (FSB) 2022-2026, said governor Datuk Abdul Rasheed Abdul Ghaffour.
Stocks to Watch
$YINSON (7293.MY)$ : Yinson Holdings Bhd has inked a strategic partnership agreement with Selangor Information Technology and Digital Economy Corporation (Sidec) to implement and expand sustainable initiatives in Selangor. Yinson and Sidec said the collaboration will begin with the promotion of electric bikes and battery-swapping solutions offered through Yinson’s green technologies business unit, Yinson GreenTech.
$DAYANG (5141.MY)$ : Dayang Enterprise Holdings Bhd said the scope of its contract to provide Petronas Carigali Sdn Bhd offshore maintenance, construction and modification (MCM) services has been expanded to cover the Sarawak Gas Area. The duration for the scope expansion is from June 22, 2023 till Dec 31, 2023. The value of the contract is based on work orders issued by Petroliam Nasional Bhd (Petronas), which wholly owns Petronas Carigali, throughout the contract duration.
$DNEX (4456.MY)$ : Dagang NeXchange Bhd (DNeX) is partnering with Zhongheguoji Construction Group Co Ltd (CSI) to access high tech IT solutions from China as well as to expand its geographical footprint into the Middle East and North Africa region. DNeX said it has entered into a joint venture agreement with CSI for the establishment of a joint venture enterprise to source for state-of-the-art technology and solutions from China.
$MGB (7595.MY)$ : MGB Bhd, a construction and property development arm of LBS Bina Group Bhd, has signed a tripartite Memorandum of Understanding (MOU) with Saudi Arabia-based parties to explore cooperation and investment opportunities in Almadina Almonawara (Madinah). MGB said it signed the MOU with Almqr Development Co and Saudi Arabia developer Alameriah Real Estate Development Company.
$CRG (03016.MY)$ : Fashion group Carlo Rino Group Bhd (CRG), which is in the process of transferring its listing from the Leading Entrepreneur Accelerator Platform (LEAP) Market to the ACE Market on Bursa Malaysia, has adjusted its exit offer price from 23 sen to 22.5 sen.
$REVENUE (0200.MY)$ : Revenue Group Bhd said its unit has received approval from the Local Government Development Ministry for an online money lending licence. With this newly acquired licence, its wholly-owned Revenue Harvest Sdn Bhd is poised to provide innovative e-lending services customised to meet the evolving needs of Malaysian businesses.The new licence is effective Oct 12, 2023 until March 31, 2025 and is renewable every two years.
$CATCHA (0173.MY)$ : Catcha Digital Bhd has appointed Tan Guan Sheng, the founder of its recently-acquired company Ittify Sdn Bhd, as its head of innovation. The appointment is in line with the group’s efforts to spearhead its artificial intelligence initiatives related to digital media.
$MUH (9539.MY)$ : Multi-Usage Holdings Bhd (MUH) has once again received a qualified opinion from its external auditor for its latest financial statement, with regards to the group’s debt restructuring exercise in 2009. Messrs UHY said that except for the matter related to the debt restructuring, MUH’s financial statement for the year ended June 30, 2023 (FY2023) gives a “true and fair” view of its financial position, performance and cash flow.
$ITRONIC (9393.MY)$ : Industronics Bhd was Bursa Malaysia's 10th most briskly-traded stock on Monday, following news that it has inked a Memorandum of Agreement (MOA) with Echo Asia (Hong Kong) Ltd and CHEC Construction (M) Sdn Bhd to negotiate a proposed collaboration to construct an international duty-free city on Pulau Langkawi.
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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