Padini Holdings Bhd (PADINI) engages in the distribution and retail of garments, ladies’ shoes, bags, belts and other accessories through the multi-brand Padini Concept Stores and Brands Outlet stores under several household brands such as Vincci, Vincci+, Vincci Accessories, Tizio, Padini Authentics, PDI, Padini, Seed, Miki and P&Co. To-date, Padini operates more than 100 retail stores, covering 1.5m sqf of gross floor area.

The FBM KLCI was in line with the regional markets’ slump after Bank of Japan widened the allowable band for long-term yields to 50 basis points from 25 basis points previously. Nevertheless, we believe the key index is poised for a rebound amid reducing selldown from foreign investors, as well as the rebound move on Wall Street overnight. Also, window dressing activities may kick in towards year end.

The FBM KLCI closed lower in tandem with the regional bourses as lingering recession fears continued to weigh on sentiment due to the rising interest rates environment throughout the globe. While bearish sentiment persisted on the global front, we believe the passing of the motion of confidence for the 10th Prime Minister will strengthen the confidence of investors on the local bourse moving forward.

Malaysian Bulk Carriers Bhd (MAYBULK) is regarded as the largest drybulk shipowner in Malaysia that engages in international shipping. MAYBULK presently owns and operates a fleet of vessels which includes dry bulk carriers ranging from 36,000 DWT (Handysize) to 85,000 DWT (Post-Panamaxes) and product tankers ranging from 47,000-48,000 DWT.

The FBM KLCI ended the trading week of on a positive note as buying momentum in the plantation stocks led the key index higher amid the FTSE rebalancing activities. Meanwhile, the selling pressure on the US stock markets could have overdone after falling from 34,700 to 32,600 zone and may be due for a technical rebound, despite mounting fears over recession risks. On the local front, the reconvening of the Parliament session, coupled with the vote of confidence will be a formality process to build investors’ confidence, hence the downside risk could be limited with the ongoing window dressing activities.

The FBM KLCI tumbled more than 1% as the telco and banking heavyweights succumbed to selling activities yesterday, while the foreign funds have turned net seller for the session. Meanwhile, the ECB maintained its interest rate hike decision to 2% and warns of more increases to fight inflation going forward. With the rising recession fear amid the global interest rate hike environment, we believe the regional and local bourses are likely to trend in the negative tone at least over the near term.

The FBM KLCI ended on a positive note along with most of the regional peers as investors cheered positively after the cooler US inflation data, while foreign funds turned net buyer after 9-day of selling activities. However, cautious sentiment may return following the negative performance on Wall Street overnight as the US Fed Chair’s remarks on further tightening of monetary policy in 2023, coupled with the expected terminal rate of 5.1% going forward to fight inflation. Investors may watch for UK and Europe’s interest rate decision moving forward.

Ranhill Utilities Bhd (RANHILL) is regarded as a sustainable environment and energy solutions specialist that involves in the environment, energy and engineering services sectors. Their water services sector serves 3.8m of population, through 23,628.5km of pipelines and provided electricity services to 1.2m of population in Malaysia.