<div class=newsTextDataWrapInner>KUALA LUMPUR (July 23): RHB Retail Research said Datasonic Group Bhd is showing early signs of developing a rebound following its 1-month’s correction phase, which recently reached a low of RM1.31.</div>

<div class=newsTextDataWrapInner>In a trading stocks note today, the research house said a positive bias may emerge above RM1.38 with resistance levels marked at RM1.46 and RM1.50.</div>

<div class=newsTextDataWrapInner>“A stop-loss can be placed below RM1.38,” it said.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

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KUALA LUMPUR (July 23): RHB Retail Research said Datasonic Group Bhd is showing early signs of developing a rebound following its 1-month’s correction phase, which recently reached a low of RM1.31.

In a trading stocks note today, the research house said a positive bias may emerge above ...

Datasonic showing early signs of developing a rebound, says RHB Retail Research

The emergence of digital banks in Malaysia does not significantly impact traditional banks, primarily due to their limited ability to achieve rapid growth within the initial years of operation.

S&P Global Ratings senior analyst, financial institution ratings, South and Southeast Asia (SSEA), Sue Ong said that the five digital banking licences issued by the Bank Negara Malaysia (BNM) in 2022 do not seem to be a game changer for now.

Digital banks will not affect traditional banks in Malaysia

KUALA LUMPUR (May 8): Insurer and reinsurer MNRB Holdings Bhd’s (KL:MNRB) net profit more than doubled year-on-year (y-o-y) in the fourth quarter, thanks to lower insurance expenses and higher investment income, sending its shares surging to an all-time high.

MNRB logs record profits from lower insurance expenses, higher investment income

MNRB Holdings Bhd (KL:MNRB) was Bursa Malaysia’s biggest gainer on Wednesday, after the insurer and reinsurer announced record quarterly and annual net profit for the financial year ended March 31, 2024 (FY2024).

MNRB makes biggest single-day jump after record FY2024 earnings

Financial planners need to carry out their duty to report any suspicious activities that might be linked to money laundering to the authorities, Bukit Aman Anti-Money Laundering Criminal Investigation Division assistant director ACP Foo Wei Min.

Financial planners should report suspicious activities to authorities — police

An increase in corporate demand, led by key infrastructure projects, may help push credit growth for Malaysian banks to 6% in 2024 from 5% in 2023, said S&P Global Ratings.

Its South and Southeast Asia financial institutions ratings director Nikita Anand said the agency expects corporate loan growth to revive in 2024.

Increase in corporate demand may help push Malaysian banks' credit growth to 6% — S&P Global

The Biden administration is poised to open up a new front in its effort to safeguard US AI from China with preliminary plans to place guardrails around the most advanced AI Models, the core software of artificial intelligence systems like ChatGPT, sources said.

US eyes curbs on China's access to AI software behind apps like ChatGPT 

Dufu Technology Corp Bhd’s (KL:DUFU) net profit for the first quarter ended March 31, 2024 (1QFY2024) fell by 59.3% year-on-year to RM4.43 million or 0.8 sen per share from RM10.88 million or 2.1 sen per share mainly due to a drop in revenue and higher overhead costs.

Dufu Tech 1Q net profit falls 59% mainly due to lower HDD components sales 

Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings.

FTX has billions more than needed to pay bankruptcy victims

US chip production is poised to explode in coming years, helping ease a risky dependency on East Asia, according to a projection by the Semiconductor Industry Association.

US to triple chipmaking capacity by 2032, industry group says

KUALA LUMPUR (May 8): Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Wednesday:

FBM KLCI down 0.06% to 1,604.75 on May 8, 2024 

Former prime minister Tan Sri Muhyiddin Yassin has been granted a temporary release of his passport to visit a sick family member in Australia.

Sessions Court judge Azura Alwi allowed the Bersatu chief's application and ordered the travel document to be released on Wednesday and for it to be returned to the court on May 28.

Muhyiddin gets temporary release of passport to visit sick family member abroad

Shares in low-cost aviation operators Capital A Bhd (KL:CAPITALA) and AirAsia X Bhd (KL:AAX) rose in early trade on Wednesday, tracking gains at the broader market.

Capital A and AAX active, advance in post-merger trade

Shares in Sime Darby Plantation Bhd [KL: SIMEPLT] rose to their highest in two years following its announcement to develop the Tali Ayer estate in Perak into a green industrial park.

Sime Darby Plantation shares surge to a two-year high following proposed solar project in Perak

Shell said on Wednesday it has agreed to sell its refinery and petrochemical assets in Singapore, Asia's main oil hub, to a joint venture between Indonesian chemicals firm Chandra Asri and Swiss miner and commodities trader Glencore.

Shell to sell Singapore refinery, petchem assets to Chandra Asri and Glencore

China has extended the visa-free policy for short-term visits to China for Malaysia and 11 other countries until the end of 2025, Xinhua reported, citing Chinese Foreign Ministry spokesperson Lin Jian.

China extends visa-free travel policy for Malaysia until end of 2025

Interim liquidators appointed by the Shah Alam High Court pursuant to a petition by Hitachi Ltd to look into the affairs of its wholly-owned Fusiotech Holdings Sdn Bhd are investigating claims of potential diversion of business by Fusionex Malaysia to third parties.

Fusionex liquidators probing alleged diversion of business to third parties

KUALA LUMPUR (May 8): Petronas Dagangan Bhd (KL:PETDAG) faces a threat from Saudi Aramco’s possible entry into Malaysia’s fuel retailing market, on top of the impending withdrawal of fuel subsidies, CGS International warned.

Petronas Dagangan faces twin share de-rating threats — CGS

KUALA LUMPUR (May 8): Insurer and reinsurer MNRB Holdings Bhd’s (KL:MNRB) net profit more than doubled year-on-year (y-o-y) in the fourth quarter, thanks to lower insurance expenses and higher investment income, sending its shares surging to an all-time high.

The US has revoked licences that allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies, three people familiar with the matter said.

US revokes Intel, Qualcomm's export licences to sell to China's Huawei — Reuters

United Overseas Bank (M) Bhd (UOB Malaysia) has launched a programme to assist businesses in understanding and preparing for the European Union's (EU) carbon border adjustment mechanism (CBAM), a carbon border tax that is set to take effect in 2026 and affect some 75% of Malaysian exports to the region.

UOB Malaysia introduces masterclass to prepare businesses for EU’s carbon border tax

Shares of CTOS Digital Bhd (KL:CTOS) tested their highest in nearly two months as analysts flagged a pickup in earnings ahead&nbsp;following the seasonally weaker first-quarter results.

CTOS Digital shares back away two-month high 

A Singapore Air Force F-16 jet crashed during takeoff at a military airbase, the Ministry of Defence said on Wednesday.

Singapore Air Force F-16 fighter jet crashes after takeoff

Former National and Johor Darul Ta’zim (JDT) skipper Safiq Rahim became the third National footballer to be attacked within a week, although the JDT player’s attack seemed more of a warning than personal harm.

Two suspects on motorcycles break Safiq Rahim's car windscreen in third attack on footballers 

Communications Minister Fahmi Fadzil said the government is prepared to engage with the US counterparts to understand the details regarding possible sanctions against Malaysian companies.

Govt prepared to engage with US counterparts over possible sanctions — Fahmi

KUALA LUMPUR (May 8): Shares of Bursa Malaysia Bhd (KL:BURSA) extended their gain on Wednesday, after MIDF said it foresees a good prospect for trading activities on Bursa Malaysia Securities Bhd&nbsp;this year, as Malaysian stocks hit a historical high of RM2 trillion in market capitalisation on Tuesday (May 7).

Bursa Malaysia shares rise as MIDF sees better prospects on local trading

The FBM KLCI was little changed in early trade on Wednesday although it held firm above the 1,600-point level.

KLCI little changed in early trade, hovers above 1,600 resistance level

KUALA LUMPUR (May 8): Go Hub Capital Bhd (KL:GOHUB), a provider of information technology (IT) services catering to the transportation sector, said on Wednesday that it has received approval for its listing on the ACE Market of Bursa Malaysia.&nbsp;

IT services firm Go Hub Capital gets Bursa Malaysia nod for ACE Market listing

Offshore drilling firm Velesto Energy Bhd (KL:VELESTO) is expected to report that its net profit may more than tripled in the first quarter (1Q) from a year earlier with all of its rigs utilised, Maybank Investment Bank said.

Velesto may report strong 1Q results with rigs fully occupied — Maybank IB

Hospital operator IHH Healthcare Bhd (KL: IHH) on Wednesday said it has invested in Belun Technology Company Ltd that makes devices tackling sleep apnea and other sleep disorders.

IHH Healthcare invests in Belun Technology for devices to tackle sleep disorders

The head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence (AI) technology said the country would divest from China if it were asked to do so by the US.