Shares of Sarawak Cable Bhd (KL:SCABLE) fell to its lowest in five months on Wednesday after the loss-making cable manufacturer's so-called resuscitation exercise has been terminated.

Sarawak Cable shares fall to five-month low after losing its white knight

Shares of Kerjaya Prospek Group Bhd (KL:KERJAYA) surged to a new record high on Thursday, as investors bet on better earnings growth for its upcoming financial results for the first quarter ended March 31, 2024 (1QFY2024).

Kerjaya Prospek shares at fresh record high on expectation of better 1Q

Shares of VSTECS Bhd (KL:VSTECS) climbed to a new all-time high on Thursday as investors scrambled for a piece of the company that has been appointed the country’s first distributor of Amazon Web Services (AWS).

VSTECS shares hit new record high on Amazon Web Services partnership

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 two-year high following proposed solar project in Perak

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

Shares of Bursa Malaysia Bhd (KL:BURSA) extended gains to its highest since March 2021, following news that Malaysian stocks trading in its exchange hit a historical high of RM2 trillion in market capitalisation on Tuesday (May 7).

Bursa Malaysia shares hit fresh three-year high as local equities breach RM2 trillion market cap

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

CTOS Digital shares back away two-month high 

KUALA LUMPUR (May 7): Shares of construction crane manufacturer Favelle Favco Bhd closed at its all time high on Tuesday, after the group clinched four contracts for the supply of offshore and tower cranes.

Favelle Favco shares hit new high on RM39.2 mil contract wins

Fraser & Neave Holdings Bhd (F&N) shares surged to their highest in five years on Monday, as better-than-expected results buoyed investors' optimism, while analysts maintained their calls following a briefing.

F&N surges to five-year high on better earnings, outlook

Shares of Ajinomoto (Malaysia) Bhd surged to their highest in nearly six years after the food and seasoning company announced the ex-date for its special dividend.

Ajinomoto Malaysia surges to highest in nearly six years

Shares of Ge-Shen Corp Bhd rose as much as 14.91% to a new record high of RM4.47 on Thursday, following the emergence of Chin Hin Group’s Chiau family as its second largest shareholder.

Ge-Shen shares hit new high on emergence of new substantial shareholder

Shares of Duopharma Biotech Bhd surged more than 9% during early trade on Thursday following news of the pharmaceutical company securing supply contracts worth RM578.09 million in total.

Duopharma Biotech surges over 9% after RM578m contract news

Shares of Bursa Malaysia Bhd climbed to its highest in more than three years after the stock exchange operator reported better-than-expected results that prompted at least two analyst upgrades.

Bursa Malaysia climbs to over three-year high after above-view 1Q

Shares in Oppstar Bhd rose to a five-month high on Tuesday after the integrated circuit (IC) design service provider announced it is partnering with South Korea’s tech giant Samsung Electronics Co Ltd to produce industrial ICs.

Oppstar surges to five-month high after announcing Samsung tie-up

KUALA LUMPUR (May 10): Inter-Pacific Research Sdn Bhd said that after a two-day consolidation, the key FBM KLCI index could mount a rebound to end the week on a firmer note.

In its daily bulletin on Friday, the research house said this is despite its still overbought market conditions t...

FBM KLCI seen hovering between the 1,600- 1,610 level today 

Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:GENTING) at RM4.52 with a target price of RM7.12 and said it continues to like Genting for its well-established operational presence across diverse regions, mitigating regulatory and country risks.

HLIB says Genting is undervalued, target price RM7.12

Kenanga thinks Telekom will leverage significantly from Microsoft’s Investment.

MORNING CALL: 10/5/24

SINGAPORE (May 10): Singapore's second-largest bank Oversea-Chinese Banking Corp (OCBC) posted on Friday a better-than-expected 5% rise in first-quarter profit and forecast its net interest margin at the higher end of a 2.20% to 2.25% range for the full year.

Net interest margin, a key ...

Singapore's OCBC posts record Q1 profit, lifts margin guidance for 2024

TOKYO (May 10): Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results.

Brent futures rose 37 cents, or 0.4%, to $84.24 a barrel, while U.S. West ...

Oil prices up on stronger Chinese data, Middle East conflict

Phillip Capital has maintained its “buy” rating on Pentamaster Corp Bhd (KL:PENTA) at RM4.44 with a higher target price of RM6.23 (from RM5.65) and said Pentamaster’s first quarter of 2024 (1Q2024) core net profit of RM24 million was in line with its and consensus forecasts.

Phillip Capital raises target price for Pentamaster to RM6.23 

TA Securities has valued ACE Market-bound Smart Asia Chemical Bhd (SAC) at 12 times calendar year 2025 (CY2025) earnings per share (EPS), arriving at a fair value of 54 sen.

TA Securities values ACE Market-bound Smart Asia Chemical at 54 sen 

(May 10): Goldman Sachs Group Inc. led major investment banks posting higher profits in Japan as bond trading boomed, offering a cushion last year in an otherwise tough environment globally.

Net income at the Wall Street firm’s local securities arm rose by a quarter last year to 39.2 bi...

Goldman tops investment banks reaping windfall in Tokyo trading

PARIS (May 10): A man shot and wounded two police officers in Paris after he got hold of one of the officer's weapons while he was being held at a police station, AFP and BFM TV reported on Thursday.

The incident occurred on Thursday evening at a police station in Paris' 13th district. ...

Man shoots and wounds two police officers in Paris, French media reports

(May 10): Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co., sold shares in an expanded initial public offering at the top of a marketed range to fetch about US$441 million, according to people familiar with the matter.

In ...

Geely’s EV maker Zeekr said to raise US$441 million in US IPO

KUALA LUMPUR (May 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Salcon Bhd (KL:SALCON) said Envitech Sdn Bhd, a 60%-owned subsidiary of Salcon Engineering Bhd, has been awarded a job by Rantau Urusan (M)...

Salcon, Supermax, MAHB, Pentamaster, Solarvest, Scientex, Globetronics, Mr DIY, MCE, Kerjaya Prospek, MAA, KNM and Annum

NEW DELHI (May 9): Malaysia's former health minister Khairy Jamaluddin Abu Bakar has been named a member of India-based Fischer Medical Ventures Ltd's board.

The company, formerly known as Fischer Chemic Ltd, announced his appointment as additional director in the capacity of independen...

Khairy Jamaluddin named member of India-based company's board

Property developer Kerjaya Prospek Property Bhd (KL:KPPROP) will jointly develop a piece of freehold land in Aspen Vision City, Batu Kawan, Penang into a mixed development that will include a hotel and serviced apartments.

Kerjaya Prospek Property to jointly develop Penang plot with Aspen group

The continued uncertainties over China's economic growth prospects and the recent geopolitical crisis have increased US dollar demand as a safe-haven asset, said Bank Negara Malaysia (BNM) deputy governor Adnan Zaylani Mohamad Zahid.

“Much has been made of the performance of the ringgit against the US dollar. Unfortunately, many see and use this as an indicator or barometer of how we are doing.

Ringgit has been unfortunately, unfairly assessed against US dollar — BNM deputy governor

SINGAPORE (May 9): Wilmar International Ltd has secured a US$100 million (S$135.7 million) sustainability-linked loan from Malayan Banking Bhd (KL:MAYBANK).

Wilmar secures US$100m sustainability-linked loan from Maybank

MAA Group Bhd (KL:MAA), a substantial shareholder of KNM Group Bhd (KL:KNM), has extended a RM13.5 million loan to address the working capital requirements of the Practice Note 17 (PN17) company.

The loan, bearing an interest rate of 12% per annum, was provided to KNM's wholly-owned subsidiary, KNM Process Systems Sdn Bhd (KNM PS) on May 8.

MAA loans RM13.5 mil to KNM for working capital

Bank Negara Malaysia (BNM) has been working to pilot a fast-track pre-approval framework for corporates who bring back foreign currency funds and convert to ringgit, to enable them to re-invest abroad when the time comes, according to deputy governor Adnan Zaylani.

BNM aims to pre-approve oversea reinvestments to encourage repatriation of foreign proceeds

Hong Leong Investment Bank (HLIB) Research has a “trading buy” rating on Genting Bhd (KL:GENTING) at RM4.52 with a target price of RM7.12 and said it continues to like Genting for its well-established operational presence across diverse regions, mitigating regulatory and country risks.

The Dow Jones Industrial Average closed higher on Thursday, the seventh straight daily advance for the benchmark, as all three major US indexes gained after weekly jobless claims data offered fresh hope for interest-rate cuts.

Dow closes up to make it seven in a row, as jobs data boosts rate-cut hopes

The graph of people's support for Pakatan Harapan (PH) candidate shows an encouraging uptrend from the results of the face-to-face campaign conducted by the party machinery ahead of the last days of the Kuala Kubu Baharu state by-election campaign.

KKB by-electon: Graph of voter support for PH candidate rising, encouraging — Amirudin

Farm Price Holdings Bhd, which will be listed on the ACE Market next Tuesday (May 14), announced net profit of RM2.67 million on revenue of RM30.71 million for the first quarter ended March 31, 2024 (1QFY2024).

Vegetable wholesaler Farm Price posts RM2.67 mil net profit in 1QFY2024 ahead of listing

The federal government is determined to eradicate hardcore poverty in Terengganu within the next two months, said Prime Minister Datuk Seri Anwar Ibrahim.

He said as of May 2, there were 1,663 families in the state still in the hardcore poor group.

Hardcore poverty in Terengganu to be eradicated in two months

TA Securities has valued ACE Market-bound Smart Asia Chemical Bhd (SAC) at 12 times calendar year 2025 (CY2025) earnings per share (EPS), arriving at a fair value of 54 sen.

China Eastern Airlines has announced the launch of a daily passenger flight service starting June 30, connecting Nanjing, capital of east China's Jiangsu Province, with Kuala Lumpur, capital of Malaysia, reported Xinhua.

New passenger air route to link Nanjing and Kuala Lumpur

Phillip Capital has maintained its “buy” rating on Pentamaster Corp Bhd (KL:PENTA) at RM4.44 with a higher target price of RM6.23 (from RM5.65) and said Pentamaster’s first quarter of 2024 (1Q2024) core net profit of RM24 million was in line with its and consensus forecasts.

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives extended its decline on Thursday, weighed down by weaker edible soft oils and cautious trading ahead of April’s palm oil data on Friday.

Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said the decline reflects cautious positioning ahead of the industry data due on May 10, focusing on the extent of April’s production rise.

CPO futures extend decline amid weaker edible soft oils

China's largest contract chipmaker SMIC reported a first-quarter revenue rise of 19.7% on Thursday, as its global customers rebuilt their inventories.

Chinese chipmaker SMIC says revenue up 20% as clients restock

Annum Bhd (KL:ANNUM), formerly known as Cymao Holdings Bhd, says it is going to hire a new audit firm to conduct a special audit on its revenue, after its external auditor Messrs SBY Partners PLT said it cannot verify the figures Annum reported despite performing additional audit procedures.

Annum, which is involved in the manufacturing of wood-based products, just hired SBY in March this year after approaching 31 other auditors who turned down the job. Most had cited resource constraints, according to the group.

Annum plans special audit after newly hired auditor declines to vouch for its financials

World stocks rallied on Thursday, led by surging European shares and a larger-than-expected rise in US weekly jobless claims that buoyed interest rate cut hopes, while the dollar eased as the market awaits key inflation data next week.

Stocks rally as European shares scale new highs, dollar slips

(May 10): Apple Inc. issued a rare apology for an advertisement touting its latest iPad Pro that upset many creatives and other customers. The company also said it won’t air the ad on television as planned.

The ad, which depicted musical instruments, TVs, paint cans and other creative t...

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