MY Morning Wrap | Bursa Malaysia Opens Slightly Lower but Rebounds Thereafter on Wednesday
Good morning mooers! Here are things you need to know about today's market:
●Dow's Winning Streak Extends to 12 Sessions
●Bursa Malaysia opens 0.09 of-a-point lower at 1,436.70 but rebounds thereafter
●Philippine president visits Malaysia to identify new areas of synergies
●DOSM: Leading index up to 110.3 points in May 2023
●Stocks to watch: CapitaLand Malaysia Trust, PLS Plantations, InNature, Globetronics Technology, Jerasia Capital, Serba Dinamik
-moomoo News MY
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Wall Street Summary
U.S. stocks climbed Tuesday, with a rally in 3M shares helping lift the Dow Jones Industrial Average to its 12th consecutive day of gains.
On a busy day of earnings, the $道琼斯指数 (.DJI.US)$ rose roughly 27 points, or 0.1%, to 35438.07, its highest close since February 2022. The $标普500指数 (.SPX.US)$ gained 0.3%, while the tech-heavy $纳斯达克综合指数 (.IXIC.US)$ climbed 0.6%.
MY Market Trend
Bursa Malaysia opened marginally lower but rebounded thereafter on Wednesday. At 9:14 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.32 points to 1,446.11 from 1,436.79 at Tuesday's close.
The index opened 0.09 of-a-point lower at 1,436.70.
The broader market was positive as gainers beat losers 211 to 154, while 252 counters were unchanged.
Breaking News
Philippine president visits Malaysia to identify new areas of synergies
Philippine President Ferdinand Romualdez Marcos Jr left for Malaysia on Tuesday (July 25) for a three-day visit to identify new areas of economic cooperation between the two countries, reported Xinhua. "I believe this is an opportune time to harness the potential of a revitalised relationship between the Philippines and Malaysia," Marcos said in his departure speech at an airbase in Manila. The Philippines and Malaysia, two major economies in Southeast Asia, have long enjoyed close economic ties, supported by strong bilateral ties stretching back for decades.
DOSM: Leading index up to 110.3 points in May 2023
Malaysia's leading index (LI) recorded a better negative growth of 1.1% to 110.3 points in May 2023, from 108.4 points in April 2023, said the Department of Statistics Malaysia (DOSM). The LI is a predictive tool used to anticipate economic upturns and downturns at an average of four to six months ahead. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the negative performance was pulled down by real imports of semiconductors and real imports of other basic precious and other non-ferrous metals.
Stocks to Watch
$CLMT (5180.BMS)$: CapitaLand Malaysia Trust (CLMT) expects its earnings momentum to sustain in the second half of this year, bolstered by strong consumer spending and positive rental reversion coupled with contributions from newly acquired assets. The real estate investment trust (REIT) said it had initially expected last year's strong recovery to taper off this year considering that there were no more special Employees Provident Fund (EPF) withdrawals, and due to a higher cost of living which may dent consumers' spending power.
$PLS (9695.BMS)$: In a filing to the exchange on Tuesday (July 25), the company said its associate PLS LESB Sdn Bhd, signed the agreement with Guangzhou — the largest fruit and vegetable wholesale market in southern China and the largest fruit and vegetable distribution centre in South East Asia. As of 2022, the Jiangnan group has achieved a total annual sales transaction volume of up to RM32 billion. PLS said the collaboration of the two parties will be focused on durian farming and other cash crops, aquaculture, animal farming, downstream projects such as crop harvesting and collection, development of factory and processing facilities, and offtake services.
$INNATURE (5295.BMS)$: The Body Shop retailer InNature Bhd is planning to enter the beauty and retail business in Taiwan. In a statement, InNature said it signed a memorandum of understanding (MOU) with Taiwan-based Top Wisdom Investment Co Ltd on Tuesday (July 25), for a potential acquisition of an equity interest of Mayfair House Co Ltd from Top Wisdom. Mayfair has been in the Taiwan beauty market for more than three decades, with a sizeable network of retail points of sale as well as having a robust presence in online retail channels.
$GTRONIC (7022.BMS)$: Globetronics Technology Bhd saw its net profit for the second quarter ended 30 June, 2023 (2QFY2023) fall 37% to RM7.08 million from RM11.19 million reported in the corresponding quarter in the previous year owing to lower volume loadings and higher tax expenses. Earnings per share (EPS) consequently also slipped to 1.06 sen from 1.67 sen posted the year before. Based on a bourse filing on Tuesday (July 25), the group’s revenue dropped 34% to RM31.51 million in 2QFY2023 compared with RM47.85 million in 2QFY2022.
$JERASIA (8931.BMS)$: Jerasia Capital Bhd has managed to stay its July 26 delisting from Bursa Malaysia at the eleventh hour after appealing to the local stock exchange's operator. Bursa Securities said the removal of the company's securities from the local bourse will be deferred pending a decision on the appeal. On July 13, Bursa announced that it would commence delisting procedures against Jerasia starting Wednesday (July 26) as the apparel manufacturer and fashion retailer had failed to submit its regularisation plan to Bursa for approval within the extended timeframe of July 12.
$SERBADK (5279.BMS)$: A subsidiary of Serba Dinamik Holdings Bhd failed to auction off a plot of "project land" it was ordered to put on sale by the court to settle a loan from MBSB Bank Bhd that it had defaulted on. The sale was undertaken by the group's wholly-owned Serba Dinamik Group Bhd between March 30 and July this year. No other details of the land were provided. The court granted the order for the sale to MBSB on Oct 13, 2022, after Serba Dinamik and its wholly-owned units identified assets for immediate sale to generate cash flows required to meet the group’s liabilities and restructure its debt obligations.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
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