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Author: PublicInvest   |   Latest post: Tue, 20 Oct 2020, 10:04 AM

 

PublicInvest Research Headlines - 11 Feb 2020

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Economy

EU: Investor confidence weakens on coronavirus uncertainty - Sentix. Eurozone investor sentiment eroded in Feb, after rising in the previous three months, as investor grew concerned about the economic outlook amid the uncertainty created by the coronavirus outbreak in China, results of a closely watched survey showed. The investor confidence index dropped to 5.2 from 7.6 in Dec, the behavioral research institute Sentix said. The current situation index of the survey fell to 4.0 from 5.5 and the expectations measure eased to 6.5 from 9.8. The latest Sentix survey was conducted between February 6 and 8 among 1086 investors. (RTT)

EU: Greece industrial production declines for third month. Greece industrial production fell for the third month in a row in Dec, data from the Hellenic Statistical Authority showed. Industrial production fell a working-day adjusted 4.5% annually in Dec, following a 9% drop in Nov. Manufacturing output rose 0.3% yearly in Dec. Electricity supply declined by 20% and mining and quarrying production fell 5%. Meanwhile, production rose 0.6% in water supply. Among the industrial sectors, production of intermediate goods, capital goods, consumer non-durable goods declined, while that of energy and consumer goods increased. On a monthly basis, industrial production fell a seasonally adjusted 2.6% in Oct, after a 1.2% rise in the preceding month. In 2019, industrial production decreased 0.6% from the last year. (RTT)

China: 2019 fiscal spending up 8.1%, faster than economic growth. China’s fiscal spending climbed 8.1% in 2019 from the previous year, the finance ministry said, outpacing economic growth as policymakers sought to ward off a sharper slowdown. Fiscal revenues increased an annual 3.8% last year, dragged by a 1.0% rise in tax receipts due to huge tax cuts. Fiscal expenditures were CNY23.89trn in 2019, while revenues were CNY19.04trn. Tax and fee cuts exceeded CNY2.3trn (USD329.5bn) in 2019, the ministry said, adding that it would continue to implement tax and fee reductions this year. The ministry said it would closely watch changes in tax burdens on firms in various sectors, especially in light of the impact from the coronavirus outbreak. (Reuters)

China: Producer prices break deflation spell but coronavirus risks grow. China’s factory-gate prices snapped six months of YoY declines in Jan, although prolonged business closures from the coronavirus outbreak mean positive momentum is unlikely to persist. The virus has killed more than 900 in China and has also added to price pressures with consumer inflation hitting a more than eight-year high as government restrictions on movement drove residents to stock up on essentials. China’s producer price index rose 0.1% from a year earlier, according to data released by the National Bureau of Statistics, in line with analysts’ expectation, reversing a 0.5% drop in Dec. The rise to improving activity in the industrial sector at the end of last year, buoyed by a trade truce with the US and government stimulus, which finally appeared to gain traction. (Reuters)

China: Inflation jumps 5.4% on year in Jan. Consumer prices in China were up 5.4% on year in January, the National Bureau of Statistics said on Monday. That exceeded forecasts for an increase of 4.9% following the 4.5% gain in December. The bureau also said that producer prices sank 0.5% on year versus expectations for a flat reading following the 0.5% decline in the previous month. (RTT)

Japan: Eco watchers current condition increases, outlook falls. A measure of the public assessment of the Japanese economy improved for the third month in a row in January, survey data from the Cabinet Office showed on Monday. The current conditions index of the Economy Watchers' Survey, which measures the current situation of the economy, increased to 41.9 in January from 39.7 in December. Economists had forecast a reading of 39.1. However, the outlook index that signals future activity fell to a four-month low of 41.8 in January from 45.5 in the previous month. Economists had expected a score of 43.8. (RTT)

Japan: Has JPY524.0bn current account surplus. Japan posted a current account surplus of JPY524.0bn in December, the Ministry of Finance said on Monday - up 12.8% on year. That exceeded expectations for a surplus of JPY464.7bn following the JPY1,436.8bn surplus in November. The trade balance reflected a surplus of JPY120.7bn, also topping expectations for JPY28.0bn following the JPY2.5bn deficit a month earlier. The adjusted current account balance showed a surplus of JPY1,714.7bn - beating forecasts for JPY1,677.2bn and down from JPY1,794.9bn in the previous month. (RTT)

Markets

Serba Dinamik (Outperform, TP: RM3.33): Not in talks with Sarawak government to take over state-owned fabrication yard. Serba Dinamik Holdings has clarified that it is not in talks with the Sarawak government to take over Brooke Dockyard and Engineering Works Corporation. (The Edge)

Compugates: Gets MPSp nod to jointly develop RM900m-GDV project in Dengkil. Compugates Holdings has finally received approval from the Sepang Municipal Council (MPSp) to jointly develop Phase 1 of a 25.09ha agriculture land in Dengkil, Selangor. It said MPSp has vide its letter dated Feb 6, 2020, approved Phase 1 of Jade Classic’s application for planning permission (development order) of the land, which is 70%-owned by its unit Compugates Development and Mining SB (CDMSB). (The Edge)

Omesti: Unit bags hardware, software orders worth RM35m. Omesti Group said that its indirect subsidiary has secured orders worth RM35.7m for the provision of hardware and software operated by the Inland Revenue Board (LHDN). The order was received by Applied Business Systems SB (ABS) from Strateq SB. ABS is indirectly wholly owned by Microlink Solutions, which in turn is a 61.53%-owned subsidiary of Omesti. The contract, said Omesti, is scheduled to run from end-Feb 2020 for a three-year period. (The Edge)

T7 Global: To raise RM22.13m via private placement. T7 Global proposes to undertake a private placement to raise RM22.13m to be utilised as working capital for its ongoing projects. It said that the private placement will entail the issuance of up to 55.17m new shares, representing 10% of its existing issued shares, at an indicative issue price of 40.1 sen per share. (SunBiz)

Eversendai: Founder to inject Vahana Offshore into company. Eversendai Corp founder and group MD Tan Sri A.K. Nathan is proposing to inject its private entity Vahana Offshore SB which is involved in the liftboat business into the group. Eversendai has received a letter of offer from Vahana Holdings for the proposes merger exercise. (SunBiz)

MAHB: Airports post 6.5% growth in passenger numbers in Jan. Malaysia Airports Holdings’ (MAHB) network of airports (including Istanbul SGIA) saw a 6.5% increase in total passenger traffic to 11.9m in Jan, from 11.2m passenger movements at the same time last year. “Jan 2020 overall passenger movements growth of 6.5% was mainly driven by the Lunar New Year festive season in Malaysia and buoyant international growth of Istanbul SGIA,” it said. (SunBiz)

Carimin: Bags job from Petronas Carigali to provide work boat. Carimin Petroleum has secured a work order to provide an accommodation work boat for Petronas Carigali SB. It said the work order, awarded to its wholly-owned Carimin Marine Services SB on Jan 21, is for up to 716 days, with no extension option. (The Edge)

NWP: Group CEO suspended as group probes potential breach of fiduciary duty. NWP Holdings’ group CEO has been suspended from his duties with immediate effect, as the group investigates a potential breach of fiduciary duty in the past transactions involving a subsidiary of the group. However, the name of the individual was not revealed yesterday, while the group had announced on Jan 21 that its then CEO, 46-year-old Datuk Seri Kee Soon Ling had retired. No replacements have been announced since. (The Edge)

Market Update

The FBM KLCI might open higher today after the Nasdaq Composite and S&P 500 clinched closing records on Monday as investors took heart in mostly solid US fourth-quarter corporate earnings and looked beyond concerns about the coronavirus outbreak’s potential disruption to global supply chains. The Dow Jones Industrial Average rose 174.31 points to end at 29,276.82, a gain of 0.6%. The S&P 500 index advanced 24.38 points, or 0.7%, ending at 3,352.09. The Nasdaq Composite Index added 107.88 points, or 1.1%, to finish at 9,628.39. In Europe, stocks were mixed Monday, with the Stoxx Europe 600 up less than 0.1%.

Back home, the FBM KLCI retreated 11.69 points to 1542.80 amid renewed fears on the Wuhan coronavirus outbreak, as death toll climbed. Elsewhere, markets were mixed as sentiment remained jittery due to the virus outbreak. Hong Kong’s Hang Seng Index slid 0.59%, South Korea’s KOSPI retreated 0.49%, whereas Japan’s Nikkei 225 fell 0.6%.

Source: PublicInvest Research - 11 Feb 2020

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