Rakuten Trade Sdn Bhd raised its year-end target for the benchmark FBM KLCI to 1,730 points (from 1,660 previously), driven by an influx of foreign direct investment (FDI) in data centres, improved corporate earnings and domestic liquidity.

Rakuten Trade raises year-end KLCI target to 1,730, overweight on banking, construction, tech, telco, power and utilities

Hong Leong Investment Bank (HLIB) Research maintained its 'overweight' rating of the construction sector, and said domestic contract awards jumped 41% year-on-year to RM20.7 billion in the first half of the year (1H2024), driven by data centre (DC) awards.

HLIB sees sizeable public infrastructure projects materialising in 2H

Hong Leong Investment Bank (HLIB) Research has maintained its 'neutral' rating for the glove sector, and said it expects glove makers under its coverage to deliver sequentially stronger earnings in the coming quarters.

HLIB expects glove makers to deliver sequentially stronger earnings in coming quarters

Hong Leong Investment Bank (HLIB) retained its 'overweight' call on the construction sector for the second half of the year (2H2024), anticipating the roll-out of big-ticket infrastructure contracts.

HLIB upbeat on sizeable roll-outs in 2H, names Gamuda and SunCon as favourite contractors

Kenanga Research said real estate investment trusts (REITs) are not the best alternative to holding cash, while reiterating its 'neutral' call on the sector.

REITs not great alternative to cash, says Kenanga

TA Securities maintained its 'overweight' call on the semiconductor industry, after the global market saw robust sales growth in May, hitting US$49.1 billion (RM231.26 billion), up 4.1% month-on-month (m-o-m) and 19.3% year-on-year (y-o-y).

TA stays 'overweight' on semiconductor industry, Inari the top pick

The Malaysian stock market is seen maintaining its momentum and breaching the 1,700-point level by end this year, driven mainly by a stronger ringgit and robust domestic economic growth.

Analysts stay sanguine on local stock market, see KLCI breaching 1,700 level by year end

Kenanga Research has maintained its end-calendar year 2024 (CY2024) FBM KLCI target of 1,700 points, based on 16 times CY2024 earnings (+16.2%).

In a market strategy note on Friday, the research house projected KLCI’s earnings growth to moderate to 8.1% in CY2025.

KLCI earnings growth to moderate to 8.1% in 2025, says Kenanga

Malaysia and Indonesia are expected to be the prime beneficiaries of rising demand for data centres due to artificial intelligence (AI) growth, according to CGS International.

CGS says M'sia a prime beneficiary of data centre boom, names Gamuda, YTL, SunCon as top picks

Kenanga Research has maintained its 'neutral' rating for the utilities sector, and said the sector offers earnings defensiveness backed by regulated assets.

Utilities sector offers earnings defensiveness, says Kenanga Research

RHB Investment Bank has maintained its 'overweight' rating for the healthcare facilities and services sector, with IHH Healthcare Bhd (KL:IHH) as its top pick.

RHB IB sees stronger 2H for private healthcare, IHH the top pick

Malaysian banks’ profit outperformance in 2024 will be constrained by lower provisioning charges, which may be offset by more moderate loan growth, despite steady profitability in the first quarter (1Q2024), according to RAM Ratings.

RAM Ratings sees limited upside ahead for Malaysian banks' profitability

PublicInvest Research upgraded the rubber glove sector to 'neutral', from 'underweight' previously, and said all three glove players under its coverage — Top Glove Corp Bhd (KL:TOPGLOV), Hartalega Holdings Bhd (KL:HARTA) and Kossan Rubber Industries Bhd (KL:KOSSAN) — had posted a stronger set of results for the latest quarter.

PublicInvest upgrades glove sector to 'neutral', says industry in recovery phase

Investment analysts are mixed on the banking sector’s outlook despite the bank’s loan growth remaining resilient at 6% during the three months ended March 2024.

MIDF Research, which initially expected a “tough” situation for the banking sector in 2024, has now upgraded the sector to positive, and expressed optimism on guidance in the latest results.

Mixed views on banking sector’s outlook despite steady loan growth in 1Q, Public Bank the top pick

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Premier: Sarawak expects to ink S&P on Affin Bank deal in a month

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

Treasuries rally as data points to a September rate cut

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce & Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.

Miami condo tower moves on from brokers facing rape allegations

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Deputy PM Fadillah pays courtesy visit to Vietnamese PM, strengthens bilateral cooperation

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Wall Street rebounds on tech recovery, small caps jump after benign inflation data

Malaysia has urged dialogue partners attending the Asean Post-Ministerial Conference in Laos to support a ceasefire in Gaza and end the brutal killings of Palestinians.

Foreign Minister Datuk Seri Mohamad Hasan said Malaysia, along with Indonesia and Brunei, brought forward this motion during the meeting at the National Convention Centre (NCC) here.

Malaysia urges Asean dialogue partners to support ceasefire in Gaza

US authorities filed criminal and civil charges against prominent activist short seller Andrew Left for an alleged long-running market manipulation scheme involving bets on stocks including Nvidia and Tesla, they said on Friday.

US charges Citron's Andrew Left over alleged multi-million fraud scheme

Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.

He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.

Malaysia steps up efforts to finalise South China Sea code of conduct

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

AirAsia X, Capital A, Hibiscus, Dagang NeXchange, ViTrox, Ekovest, Knusford, Alam Maritim, Datasonic, Kumpulan Kitacon, DXN, Homeritz, Westport, MGRC 

VIENTIANE (July 26): The Asean Post Ministerial Conference kicked off in the Laos capital here on Friday, as Asean foreign ministers engaged with top diplomats from dialogue partners to discuss various regional and international issues of common interest.

Asean Post Ministerial Conference kicks off in Laos; regional, global issues in focus

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

Ekovest Bhd (KL:EKOVEST) said it has agreed to a further extension of time to discuss a merger between its wholly owned subsidiary Ekovest Construction Sdn Bhd (ECSB) and Knusford Bhd (KL:KNUSFOR).

Ekovest agrees to six-month extension for merger discussion between subsidiary and Knusford

US prices increased moderately in June as the declining cost of goods tempered a rise in the cost of services, underscoring an improving inflation environment that could position the Federal Reserve to begin cutting interest rates in September.

US inflation rises moderately, consumer spending cools

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

The prestigious five-star Lexis Hibiscus 2 luxury resort is currently under construction by the KL Metro Group and is expected to be completed by 2029, said Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun.

Construction of RM1.6 bil GDV Lexis Hibiscus 2 resort will be completed in 2029

Practice Note 17 (PN17) company Alam Maritim Resources Bhd (KL:ALAM) has announced its regularisation plan, which includes a share capital reduction of RM440 million, 10-to-one share consolidation, an issuance of renounceable rights shares with warrants and a scheme of arrangement with its creditors.

Alam Maritim submits regularisation plan to exit PN17 status

Health and wellness direct selling company DXN Holdings Bhd (KL:DXN) said on Friday its net profit rose 10.26% in the first quarter from a year earlier due to higher revenue recognised from overall operating segments.&nbsp;

DXN Holdings 1Q net profit up 10.26%, targets market presence in Zambia, Ghana  

Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.

Upholstery furniture products manufacturer Homeritz Corp Bhd’s (KL:HOMERIZ) net profit surged 46.37% in the third quarter from a year earlier, thanks to higher sales volume and stronger US dollar. &nbsp;

Net profit for three months ended May 31, 2024 (3QFY2024) climbed to RM9.09 million or earnings per share of 1.96 sen, from RM6.21 million or 1.34 sen per share recorded in 3QFY2023. &nbsp;

Homeritz’s 3Q net profit soars 46.37% on higher sales and strong greenback

Cyberview Sdn Bhd has signed three Memoranda of Understanding (MOUs) with three companies to make Cyberjaya a global technology hub.

Chief executive officer Kamarul Ariffin Abdul Samad said the companies involved were Permodalan Negeri Selangor Bhd (PNSB), Selangor Information Technology &amp; Digital Economy Corporation (SIDEC) and digital infrastructure company Equinix Malaysia.

Cyberview signs three MOUs to make Cyberjaya a global technology hub

The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.

One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce &amp; Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.&nbsp;

KUCHING (July 26): Türkiye is committed to expanding&nbsp;its bilateral partnership with Malaysia and&nbsp;seeking to explore collaborations in high-tech and green energy industries in Sarawak, said Turkish Ambassador to&nbsp;Malaysia Emir&nbsp;Salim Yuksel.&nbsp;

Türkiye seeks collab with Sarawak on high-tech, green energy — Turkish Ambassador

Biopharmaceutical company Malaysian Genomics Resource Centre Bhd (KL:MGRC) has proposed to undertake a private placement that is expected to raise up to RM4.98 million.

MGRC plans private placement to raise up to RM4.98 mil

SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.

In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.

"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.

Kumpulan Kitacon Bhd (KL:KITACON) has secured a RM54.5 million contract to undertake the construction of 186 terrace houses in Rawang, Selangor.

Kumpulan Kitacon bags RM54.5m job to build houses in Rawang

Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.

The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.

KOTA TINGGI (July 26): The Ministry of Rural and Regional Development has rebranded the hardcore poor housing programme (PPRT) to&nbsp;Program Perumahan Rakyat Sejahtera&nbsp;(PPRS), aimed at changing the perception and mindset of its&nbsp;community.

Zahid: Hardcore poor housing programme rebranded as Program Perumahan Rakyat Sejahtera

Penang Port Sdn Bhd (Penang Port) on Friday announced the acquisition of five Kalmar container handling machines to optimise operations and improve service levels.

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