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The Week Ahead (27/05/2024)
Following stronger than anticipated U.S. business activity data, cautious sentiment prevailed as Malaysia’s KLCI ended 0.6% lower at 1619.40, wiping out gains over the previous three days.
Read More: Bursa CFD Weekly
Global Economy
Strong U.S. economic data released overnight increased the likelihood that interest rates would remain higher for an extended period of time, which reduced risk appetite.
European stocks ended the day flat on Thursday as investors reduced their expectations for interest rate cuts this year due to improving economic activity.
The Nasdaq reached a record closing high and a fifth consecutive week of gains on Friday as U.S. stocks recovered from steep losses the previous day on reports of an improving consumer outlook on inflation.
Company in Focus
Scientex Bhd announced on Friday that it is expanding its land bank for future development by purchasing land in Seberang Perai, Penang, for RM462.50 million.
Maybank posts record RM2.49 bil net profit for 1Q on higher interest income, accounting gain.
Gamuda Bhd declared on Friday that it had obtained contracts totaling RM1.74 billion for Sime Darby Property Bhd to construct a hyperscale data center at the latter’s Elmina Business Park.
IOI Corp 3Q net profit falls 38% to RM123.1mil on paper losses.
Inari Amertron a company that offers semiconductor packaging services like back-end wafer processing, assembly, and testing, revealed a 29% YoY increase in quarterly net profit.
TRC Synergy Bhd announced that it has won a RM142.34 million subcontract for theproposed transformation of a state legislature building.
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