MY Morning Wrap | YTL Power Responds to MACC Inquiry on 1BestariNet Project
Good morning mooers! Here are things you need to know about today's market:
● U.S. Stock Markets Climb, Fall, Finish Flat Wednesday
● Malaysia Likely to Continue Interest Rate Freeze Amid Positive Economic Forecasts
● Anwar Commits to Strengthening Malaysia-Russia Relations, Invites Putin to 2025 ASEAN Summit
● Stocks to watch: YTLPOWER, IHH, CGB, etc.
- Moomoo News MY
![MY Morning Wrap | YTL Power Responds to MACC Inquiry on 1BestariNet Project](https://sgsnsimg.moomoo.com/feed_image/101000104/0fa6e671576b35f190115b51be5b52cd.webp/bigmoojpg)
Wall Street Summary
The market was trying its best to rebound Wednesday, but mid day strength gave way to a decline by later afternoon. Still, top decliners on the Dow reversed their falls and pushed the index higher just before the close.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded down just 0.16%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.09%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.30%.
Breaking News
Malaysia Likely to Continue Interest Rate Freeze Amid Positive Economic Forecasts
Malaysia is expected to keep its benchmark interest rate steady this Thursday, buoyed by rising confidence in its economic growth and inflation projections, as the ringgit outperforms other regional currencies.
According to a Bloomberg News survey of 21 economists, Bank Negara Malaysia is anticipated to maintain the overnight policy rate at 3%. The last modification in borrowing rates occurred in May 2023, concluding a year-long series of increases that elevated rates by a total of 125 basis points.
Current indicators suggest that the central bank will maintain its current policy stance in this week's meeting and possibly longer, with predictions from Bloomberg analysts suggesting a continued pause potentially extending into 2025. This policy meeting precedes the Federal Reserve's anticipated initiation of a rate-cutting phase by two weeks.
Anwar Commits to Strengthening Malaysia-Russia Relations, Invites Putin to 2025 ASEAN Summit
During his two-day visit to Russia for the 9th Eastern Economic Forum (EEF), Prime Minister Datuk Seri Anwar Ibrahim acknowledged the untapped potential of Malaysia-Russia relations and expressed Malaysia's dedication to deepening ties in various sectors. Anwar, who is set to speak at the EEF's plenary session on Thursday, confirmed his commitment to enhancing ASEAN's cooperation with Russia when Malaysia assumes the ASEAN chairmanship next year. He extended an invitation to President Putin to attend the 2025 ASEAN summit, aiming to foster stronger regional collaboration.
Stocks to Watch
$IHH (5225.BMS)$ announced its acquisition of the 600-bed Island Hospital in Penang, purchasing it for RM3.92 billion in cash from Comprehensive Care Sdn Bhd. The deal also includes adjacent vacant land, valued at RM223 million, with approvals already in place for future development. The purchase, funded through internal resources and external borrowings, is anticipated to positively impact earnings and return on equity starting in 2026. IHH Group CFO Dilip Kadambi expects the hospital to boost the group's total annual revenue by "upwards of 15%", potentially adding over RM3.13 billion annually based on FY2023's revenue figures.
$YTLPOWR (6742.BMS)$ confirmed that its subsidiary, YTL Communications Sdn Bhd (YTL Comms), is under scrutiny by the Malaysian Anti-Corruption Commission (MACC) regarding the Ministry of Education's 1BestariNet project, valued at RM4 billion. "We wish to confirm that MACC has recently requested information from YTL Comms in respect of the 1Bestarinet project," stated YTL Power. Bernama reports that MACC is investigating alleged false details in RM2.7 billion worth of payment claims and other potential criminal activities under the MACC Act 2009.
$CGB (8052.BMS)$ secured a RM616.4 million contract to upgrade a section of the Pan Borneo Highway in Sabah. The contract, awarded to its subsidiary RYRT International Sdn Bhd by Pembinaan Urusmesra Sdn Bhd, covers improvements from the Lahad Datu Bypass to Kampung Sandau under Work Package 22. Set to commence on September 30, 2024, and complete by March 29, 2028, this project is expected to significantly bolster the company's order book and ensure steady revenue for the next three and a half years.
$JSB (5673.BMS)$ has received official notification from the Energy Commission of Sabah (ECOS) concerning Project Oriole, a 162MW run-of-river hydropower plant. The notification details commercial and technical terms, including deadlines for a 40-year power purchase agreement and financial commitments. "The project is scheduled to reach its commercial operation date no later than Dec 31, 2028," according to Jentayu.
$OVH (0220.BMS)$ reported a significant change in its shareholder structure following the sale of a 23.32% collective stake by executive directors Martin Philip King Ik Piau, Yau Kah Tak, and another party. The new major shareholders, all based in Kuching, include Majuco Motor Sdn Bhd, Pertanian Teguh Jaya Sdn Bhd, and Resources Hub Logistics Sdn Bhd, now among the largest stakeholders in the company.
$VTC (0319.BMS)$, a newly listed enterprise software company, saw volatile trading with its stock peaking at 63.5 sen and dipping to 53 sen before settling at 58.5 sen. This closing price gives the company a market capitalization of RM229.3 million, with trading volume reaching an impressive 111.42 million shares. This activity reflects a significant interest in Vetece, with its share price already surpassing the initial fair value estimates provided by financial analysts.
Shares of $UWC (5292.BMS)$ tumbled over 15%, leading Bursa Malaysia to halt the counter's intraday short-selling. The share price fell from RM2.43 to RM2.04, marking a significant drop and bringing its market capitalisation down to RM2.25 billion. The exact reasons for the decline remain unclear, though the company has underperformed compared to the previous financial year.
$TCHONG (4405.BMS)$ saw its shares drop to a 20-year low of 70.5 sen due to larger-than-expected quarterly losses and continued weak sales. At this price, the market capitalization stood at RM473.76 million, with minimal trading activity. Analysts, including those from Hong Leong Investment Bank Research,
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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liquidgold : Why is this article truncated?