Poh Kong Holdings Bhd is regarded as one of the largest distributor and supplier of jewelry, precious stones, semi-precious stones and gold ornament in Malaysia. Apart from being appointed as a sole distributor for international jewellery brands such as Schoeffel, Luca Carati and Moraglione 1922, POH KONG also develop their in-house brands such as Tranz, Happy Love, Anggun and The Art of Auspicious Jewellery.

The FBM KLCI bounced higher along with the regional markets amid a relief rally in view of a rescue plan for the US banking sector. Although the volatility may persist on the local bourse following Wall Street’s retreat amid lingering concern over the US banking turmoil and Credit Suisse crises, we expect the market to stay calmer as UBS announced to take over Credit Suisse just this morning. Meanwhile, traders will monitor on the US Federal Reserve interest rate decision this week.

Slow recovery of occupancy rate. With the overall occupancy rate of purpose-built office space in KL City improved slightly to record at 67.5% during 2H22 (1H22: 67.2%) (Knight Frank), the office rental market may begin to experience some stability moving into FY23. However, UOAR may see slow and gradual improvement in rental activities towards pre-pandemic level as market is likely to remain cautious amid challenging operating environments.

Resurfaced fears over global banking crisis has once again sent the FBM KLCI below the key 1,400 mark, but we expect a broad-based rebound on the local bourse amid increased optimism on Wall Street over banking industry following a joint rescue on First Republic by several big US banks. Nevertheless, the rebound could be short-lived as investors are likely to trade in a cautious mode while keeping an eye on the US Fed’s interest rate decision next week.

The FBM KLCI bounced higher to close above the key 1,400 level as investors picked up beaten down stocks on the broader market. However, global uncertainties may not abate with the Wall Street turning mixed once again on the back of revived fears of a banking crisis; Credit Suisse is making the headlines after Saudi National Bank mentioned it will not provide further financial help for the bank. Thus, the local bourse may trade in consolidation mode prior to the US interest rate decision next week. Commodities wise, the Brent crude oil fell steeply below the USD75 zone, while the CPO price declined below the RM3,900 level.

Nova Wellness Group Bhd (NOVA) engages in the development and production of nutraceutical products under its house brand and for its OEM customers. To-date, NOVA offers approximately 180 house brand products and their products are sold to more than 900 retail distributors across Malaysia and targets to 1,200 distributors by FY25.

Lingering fears over the collapse of the US banks rippled through markets, dragging the FBM KLCI below the key 1,400 level. Following a five-session rout, the local bourse is likely to see some rebound along with the regional markets as the largely-in line inflation data in the US could ease investors’ concern on aggressive interest rate hikes next week. Economic indicators wise, the European Central Bank’s interest rate decision and Eurozone’s inflation rate will be the next focus.

The FBM KLCI declined for the fourth straight session as the turmoil in the US banks weighed on broader market sentiment. We expect investors will be focusing on the consumer price index that will be released later today. While investors may start pricing in the possibility of pausing rate hikes following the banking crisis in the US, volatility may remain in place on fears over potential slowdown in the economic activity going forward. On the local bourse, defensive sectors with solid fundamentals may be set for a rebound.