The Ministry of Finance (MoF) has advised members of the public to be cautious of offers by irresponsible parties providing cash-out or peer-to peer transfers of eMADANI credit.

This is to prevent eMADANI beneficiaries from falling prey to scammers and consequently lose their eMADANI credit.

The MoF will not be responsible for any loss of eMADANI credit arising from peer-to-peer transfers or cash-out transactions.

Should there be any reports of cases involving peer-to-peer transfers and cash-outs, the Government will take stern action against the offenders by blocking their accounts and forfeiting the e-credit.

The eMADANI programme has the objectives of stimulating the economy and fostering a cashless culture. Therefore, the eMADANI credit cannot be used for certain transactions, which include peer-to-peer transfers and cash-outs. It may be used only for physical purchases via the participating e-wallets, namely MAE, Setel, ShopeePay, and Touch ‘n Go eWallet, or via DuitNow QR code, at 1.8 million retailers and businesses nationwide.

Registration for the eMADANI programme opens today until 20 February 2024, and will benefit 10 million eligible adult Malaysians, covering the B40 and M40 categories.

For more information on the eMADANI programme, visit https://manfaat.mof.gov.my/individu/eMADANI

Bursa Malaysia market has moved higher in back-to-back sessions, collecting more than 10 points or 0.7 percent along the way.

The Kuala Lumpur Composite Index now sits just above the 1,455-point plateau and it may add to its winnings on Monday.

At 9.18am, the FBM KLCI opened at 1,455.51.

RHB Retail Research Market Dateline said today (Dec 4) said the FKLI jumped 14.50 pts during Friday’s session to close at 1,461 pts as the market sentiment improved during the first trading session of December. The index began Friday’s session at 1,452.50 pts.

After setting its foothold at the 1,449.50 pts day’s low, it climbed to the 1,462 pts day’s high and closed at 1,461 pts – printing a bullish candlestick.

The latest positive price action, coupled with the RSI rounding upwards, suggests the bullish momentum is picking up pace again.

The technical indicators show the index has completed the consolidation and is resuming its upward movement.

The bulls are setting its sights to test the 1,468.50-pt immediate resistance. In a bullish setup, it is likely the FKLI will break past the resistance.

On the downside, the 50-day SMA line continues trending higher – providing support for the bullish setup. As the bullish momentum is gaining strength now, RHB make no change to the positive bias.

Malacca Securities (MSSB) said the FBM KLCI (+0.25%) closed higher from last minute buying activities in Telco counters AXIATA (+7.0 sen) & MAXIS (+6.0 sen).

On the broader market, the Healthcare sector (+1.60%) rose carried by glove counters, while the Energy sector (-1.63%) fell amid the weaker oil prices.

Global markets: Wall Street ended higher as the Fed Chair’s comments and the weaker manufacturing data further cemented expectations of the end to rate hikes.

Meanwhile, the European stock market ended higher, while Asia ended lower despite the increase in Chinese Caixin manufacturing PMI data.

The Day Ahead

Following the bullish engulfing last week on the FBM KLCI, the buying support continued within selected Telecommunication heavyweights; lifted the KLCI higher for the second session.

Meanwhile, with the Fed’s Chair Jerome Powell offered optimism on the progress that the US central bank’s 2% inflation target is well on track, the Dow & S&P500 surged to highest close in 2023, with the market looking at a peak of interest rate and looking for rate cut potential in 2024.

This week, MSSB expects traders to focus on the (i) ISM Services PMI, (ii) jobs data such as unemployment claims, unemployment rate, non-farm payroll.

On the commodity markets, the Brent oil prices traded below USD80/bbl with as traders were not convinced by the additional voluntary cuts from OPEC+ members, while the gold price surged towards all-time-high at on the back of rate cut optimism.

Sector focus: MSSB expects the investors to re-assess and trade the companies with positive growth in earnings following the November reporting season.

MSSB favours the Poultry sector, specifically the egg segment as traders could be waiting for the upliftment of egg’s ceiling price. Also, in view of the strong gold price, the gold retailing stocks could be favourable to trade.

Meanwhile, with the Brent oil prices declining, traders may be avoiding in the near term.

Oil advanced after a six-week run of losses on speculation that the Federal Reserve is done raising interest rates and the possibility that US sanctions on Venezuelan supply could be tightened up once again.

Benchmark Brent rose toward $80 a barrel after capping the worst run of weekly declines in two years, while West Texas Intermediate neared $75. Investor expectations the Fed’s next move will be a cut has gathered strength this quarter, hurting the US dollar to make commodities more attractive.

Venezuelan supply was also in focus after the White House said it was evaluating possible consequences after President Nicolás Maduro missed an end-November deadline to release detained Americans. The US struck a deal with Venezuela in October to lift some sanctions, including on oil, and there’s concern the six-month transaction license may not be renewed.

Oil just capped a back-to-back monthly decline as supplies from non-OPEC countries including the US ballooned, while the outlook for demand growth softened, Bloomberg reported.

The retreat came despite a move last week by the Organization of Petroleum Exporting Countries and its allies to deepen production cuts.

In the Middle East, meanwhile, Iranian-backed Houthi rebels claimed they targeted two Israeli ships in the Red Sea, part of a series of attacks against commercial vessels in international waters amid the war in Gaza. The US said one of its destroyers shot down three drones.

AMMB is poised to extend the positive price action after staging a bullish breakout during Friday’s session.

RHB Retail Research Market Dateline said today (Dec 4) said the stock has crossed above the MYR4.05 resistance with a “higher high” bullish candlestick.

The latest breakout suggests the momentum is picking up pace and may propel the stock towards the next resistance at MYR4.20, followed by MYR4.40.

On the other hand, falling below the MYR3.90 support will negate the bullish setup.

Dufu Technology is resuming the upside movement after breaking past the resistance with a bullish candlestick.

On Friday, the stock climbed above the MYR1.80 resistance and charted a long bullish candlestick.

The price action suggests the correction is over and the bulls are having the upper hand now. The renewed momentum should lift the stock towards MYR1.90, followed by the MYR2 mark.

On the other hand, falling below the MYR1.72 support will resume the bearish phase.

The HSIF continued to see negative sentiment on Friday, with the index falling below the 17,000-pt support level to close at 16,895 pts.

RHB Retail Research Market Dateline said today (Dec 4) said it started at 17,051 pts and touched the high of 17,137 pts before declining for the rest of the session.

The index hit a low of 16,865 pts before closing in negative territory. In the evening, it recouped 47 pts and was last traded at 16,942 pts.

The negative price action showed that the bears have trumped the bulls, and are eyeing the next support level at 16,500 pts.

The RSI is also trending below the 50% threshold and pointing downwards, reflecting the pick-up in negative momentum.

While RHB do not discount the possibility of a counter-trend rebound, the immediate resistance at 17,600 pts will be tough to breach.

The 50-day and 20-day SMA lines are trending lower, adding downward pressure on the index.

As the stop-loss was breached, RHB shifts to a negative trading bias.

An attack on an American warship and commercial vessels in the Red Sea on Sunday risks reigniting investor worries about a widening of the war between Israel and Hamas, potentially complicating the outlook for a rally that saw U.S. stocks crest a fresh closing high for the year last week.

The Pentagon said it was aware of reports regarding attacks on an American warship and commercial vessels in the Red Sea on Sunday, while Yemen’s Houthi group claimed drone and missile attacks on two Israeli vessels in the area.

Also on Sunday, a U.S. military official told Reuters the United States carried out a self-defense strike in Iraq against an “imminent threat” at a drone staging site.

The developments risk inflaming fears that the Israel-Hamas war could widen into a broader conflict encompassing the U.S. and regional players like Iran. Such worries flared after Hamas’ Oct. 7 attack into southern Israel but subsided in recent weeks.

Quincy Krosby, chief global strategist at LPL Financial, said a widening conflict could push some investors to take profits on the recent rally in stocks. The S&P 500 rose nearly 9% in November on signs of easing inflation and hopes the Federal Reserve is done raising interest rates. The index is up almost 20% on the year after notching a 2023 closing high on Friday at 4594.63.

“The market is sensitive to any expansion of this conflict,” she said. “I think active managers in any event are more likely to lock in their gains if this is a harbinger of a deeper military conflict that involves the US.”

Past spikes in geopolitical tensions have made investors head for popular havens such as gold, Treasuries and the U.S. dollar. Signs of an intensifying Middle East conflict could also boost oil prices, which have slumped in recent weeks, Reuters reported.

Phil Orlando, chief equity market strategist at Federated Hermes, said rising tensions in the region could send West Texas Intermediate crude prices up to between $80 and $90 per barrel. Prices on Friday stood at $74.07.

The developments come as investors eye factors that could sway stocks in coming weeks. A U.S. employment report due on Friday could bolster the case for those arguing that a cooling economy will keep the Fed from raising interest rates further and possibly loosen monetary policy sooner than expected.

Other potential catalysts include the Fed’s monetary policy meeting on Dec. 12-13, as well as seasonal factors such as tax-loss selling and the so-called Santa Claus rally.

Orlando said a spike in geopolitical tensions could drop the S&P 500 by “one or two hundred points.”

“There’s no question this represents an opportunity for investors to take profits,” he said. “However I’m still convinced the index ends the year at 4,600.”

UEM Edgenta Berhad (UEM Edgenta), a leading provider of Asset Management and Infrastructure Solutions across the region, proudly announces its strategic  partnership of a 60% stake in KAIZEN Group at the Conference of the Parties of the UNFCCC (COP28)  in Dubai.

KAIZEN Group is a tech-enabled property management services company headquartered in the  UAE. 

With a remarkable 16-year track record, KAIZEN Group is a pioneer in tech-driven end-to-end property  management services in Dubai. The group’s comprehensive offerings span across the real estate services  value chain, from Handover Services, Property Management, Investment Advisory, Lease Management  to Owners Association management.

It currently manages a portfolio of over 130 projects for some of the  notable real-estate landlords and developers in the UAE.

Notably, KAIZEN Group clinched awards in various categories including ‘Property Management Company  of the Year,’ ‘Sustainable Community Award,’ and ‘Partnership Award-PropTech’ at Smart Built  Environment 2023, alongside the ‘Happiest Residential Community of the Year’ at Customer Happiness  Awards 2023.

In 2022, the company was honoured with the ‘Best Property Management Company of the  Year,’ ‘Most Customer-Centric Company of the Year,’ and ‘Best Digital Transformation of the Year’ at  IRECMS. Moreover, it was recognized as the winner of ‘Property Management Company of the Year’ and  ‘Partnership Award – PropTech’ at Smart Built Awards 2022. Additionally, KAIZEN Group achieved a  milestone in 2022 by being among the first management companies to obtain the WELL Health-Safety  Rating for its portfolio from the International WELL Building Institute (IWBI).

The immediate synergy between UEM Edgenta and KAIZEN Group’s property management and facility  management capabilities is fast-tracking UEM Edgenta’s vision to curate an integrated real estate services  platform.

Further value will be unlocked by bringing UEM Edgenta’s smart buildings and sustainability  solutions to meet the increasing sustainability focus in Dubai and the wider Middle East market.

“The principal goal of this partnership is to establish a comprehensive and integrated real estate services  platform. Through the combined capabilities and brand franchise of UEM Edgenta, and KAIZEN Group,  this strategic alliance is designed to adapt to the rapidly changing demand for end-to-end services and  quality lifestyle experience by property owners and users, embedded with tech-driven and sustainability  solutions”, said Syahrunizam Samsudin, Managing Director/Chief Executive Officer of UEM Edgenta.

“A focal point of this partnership is to integrate smart building technologies and sustainability solutions into  KAIZEN Group’s operations, leveraging our Asseto, a Software as a Service (“SaaS”) asset management  platform; and sustainability solutions expertise such as Energy Efficiency and Energy Performance  Contracts.

This augurs well with the real estate sector’s commitment to digitalisation and environmentally  conscious practices”, he added.

“As a purpose driven organisation, KAIZEN has always pioneered the industry in delivering unique  solutions to our clients and customers. The partnership with UEM Edgenta is a continuation of our  commitment to deliver unique value to our customers by leveraging on UEM Edgenta’s leading  technologies to transform our buildings to smart buildings, thus further reduce carbon footprint. Our  strategic partnership is poised to redefine customer satisfaction by seamlessly integrating wellness, health,  and happiness into every facet of our services.

“With a dedicated focus on our customers’ well-being, we  are committed to delivering unparalleled, holistic experiences that resonate at the core of our mission. The partnership will also enable us to expand regionally and deliver more memorable experiences to a wider  market. The team at Kaizen and I look forward to unleashing the possibilities together with UEM Edgenta  to propel our ability to achieve Kaizen’s 2040 vision”, said Fadi Marwan Alnwilati Almasri,  Chief Executive Officer of KAIZEN Group.

UEM Edgenta’s vision to build an integrated real estate services platform is aligned with Dubai Master  Urban Plan 2040 vision to enhance Dubai’s reputation as the best city for living, as a role model for  overall-well-being. This partnership firmly establishes UEM Edgenta as a key player in shaping the urban  landscape in line with Dubai’s forward-looking development goals; while at the same time reinforces the  ‘Edgenta of the Future 2025’ vision to fortify its presence and influence in high-growth markets,  simultaneously enhancing its services delivery and technology propositions. 

UEM Edgenta Group is excited about the myriad of new opportunities and synergies this partnership  brings, solidifying its position as a key player in delivering innovative and sustainable real estate solutions  in Dubai and the broader Middle East.