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PublicInvest Research

Author: PublicInvest   |   Latest post: Mon, 25 Jan 2021, 1:29 PM

 

PublicInvest Research Headlines - 9 Sept 2020

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Economy

EU: Eurozone GDP falls less than estimated in 2Q. The euro area economy contracted less than initially estimated in the 2Q but the pace of decline was the most since the records began in 1995 due to the coronavirus containment measures adopted by the member countries, revised data from Eurostat revealed Tuesday. GDP fell by a record 11.8% sequentially but this was revised down from -12.1% estimated initially. GDP had contracted 3.7% in the 1Q. The annual decline in GDP was revised to 14.7% from 15%. (RTT)

EU: Italy retail sales fall in July. Italy's retail sales fell for the first time in three months in July, data from the statistical office ISTAT showed on Tuesday. The retail sales value fell a seasonally adjusted 2.2% MoM in July, after 10.2% rise in June. Sales of non foods declined 3.2% monthly in July and food sales fell 1.0%. On an annual basis, retail sales fell 7.2% in July, following a 2.4% decrease in the previous month. Online sales grew 11.6% yearly in July. On a MoM basis, the retail sales volume decreased 3.1% in July, after a 10.1% rise in the preceding month. In volume terms, retail sales fell 10.2% YoY in July, following a 3.6% decrease in the prior month. (RTT)

EU: Germany exports rise in July but far below pre-crisis level. German exports rose by 4.7% in July, data published on Tuesday showed, signalling that Germany’s economic recovery from the coronavirus crisis remains on track, though shipments abroad remained far below their pre-crisis level. Imports rose by only 1.1% on the month, taking the seasonally adjusted trade surplus to 18 billion euros, the Federal Statistics Office said. (Reuters)

EU: France trade deficit narrows in July. France's trade deficit narrowed in July after widening in the previous month amid sharp declines in both exports and imports, figures from the French Customs showed on Tuesday. The trade deficit decreased to EUR6.99bn from EUR8.1bn in June. In May, the shortfall was EUR7.4bn. In July 2019, the trade gap was EUR5.1bn. Exports fell 25.4% YoY, but grew 9.6% from the previous month. Imports dropped 17.2% from a year ago, while they grew 5.1% from June. (RTT)

UK: Retail sales increase in Aug - BRC. UK retail sales increased in Aug driven by internet spending, reports said citing a monthly report from the British Retail Consortium on Tuesday. Total retail sales advanced 3.9% on yearly basis in Aug. Online food sales surged 42.4%, while in-store sales of non-food products declined 17.8%. Like-for-like sales grew 4.7% on year versus a 0.8% fall in Aug. (RTT)

Taiwan: Consumer prices fall further in Aug. Taiwan's consumer prices continued to decline in Aug, albeit at a slower pace, data from the Directorate-General of Budget, Accounting and Statistics showed on Tuesday. The consumer price index fell 0.3% YoY in Aug, following a 0.5% decrease in July. Prices of fuels and lubricants fell 15.0% as the international oil prices plummeted. Separate data showed that the wholesale prices declined 9.1% annually in Aug, following a 9.15% fall in the preceding month. On a monthly basis, wholesale prices rose 0.5% in Aug. (RTT)

Japan: GDP shrinks more than estimated in 2Q. Japan's economy contracted more than initially estimated in the 2Q, largely due to a sharp downward revision in capital investment, second estimates from the Cabinet Office showed Tuesday. Due to the restrictions imposed to contain the coronavirus spread, GDP shrank by a record 7.9% sequentially instead of the 7.8% fall estimated initially. On an annualized basis, GDP plunged 28.1% in the 2Q compared to the 27.8% decline estimated on Aug 17. The quarterly decline in capital investment was revised to 4.7% from 1.5% in the 2Q. (RTT)

India: Economy projected to contract 11.8% YoY – Fitch. India’s economy is projected to contract 11.8% on the year in the current fiscal year beginning from April, before bouncing back in the next fiscal, India Ratings and Research, a domestic arm of ratings agency Fitch, said on Tuesday. “All indicators, be it mobility or consumption, are pointing towards a much weaker economic recovery,” Sunil Kumar Sinha, its principal economist said. India’s economy shrank 23.9% in the 2Q, much more than forecast, in a sign that recovery could be longer than expected. (Reuters)

Markets

Ekovest: In exclusive talks to buy IWH’s stake in Bandar Malaysia project. Ekovest is in an exclusive talk to acquire Tan Sri Lim Kang Hoo's stake in a JV company that is a partner in the Bandar Malaysia development project. Ekovest said it has received a letter from Iskandar Waterfront Holdings SB (IWH) to explore the participation of the company as a strategic investor in Bandar Malaysia. This is through the acquisition of IWH's 40% stake in IWH CREC SB. Lim holds a 63% stake in IWH, while Kumpulan Prasarana Rakyat Johor SB owns 37%. (StarBiz)

Mudajaya: Terminates USD19.5m agreement to sell stake in Indian power producer. Mudajaya, which announced over two years ago that it was disposing part of a stake it owns in Indian independent power producer RKM Powergen Lte Ltd to Apollo Ventures Co Ltd, said today that the USD19.5m (RM76.6m) deal has been called off. It was supposed to sell 7.07% interest in RKM Powergen to Apollo Ventures, which would have reduced Mudajaya's holdings in RKM Powergen to 18.93% from 26%. (The Edge)

Gets Global: Ventures into glove-making, proposes private placement to raise RM87m. Gets Global is jumping on the glove-making bandwagon, following the emergence of Teong Lian Aik as a new substantial shareholder. It plans to venture into the manufacturing, sale and marketing of gloves and other related activities. To fund this new venture, the group has proposed a private placement of 158m new shares at 55 sen per share. The group intends to use RM38.9m of the proceeds for the construction of glove manufacturing facilities and capex for the glove business, RM20.9m for working capital for the glove business, and RM7.75m for working capital of the existing operations. Another RM19.1m will be used for the repayment borrowings. (The Edge)

Yi-Lai: Teams up with new ED Au Yee Boon in blockchain venture. Yi-Lai is venturing into the information technology (IT) business in partnership with a company controlled by its new ED and major shareholder Au Yee Boon. It has entered into a JV agreement with Au's TechBase Solution SB to pursue new business in the field of blockchain and system integration. Yi-Lai would take a 49% stake in the proposed JV, with Techbase holding the remaining 51% stake. "The Group intends to diversify its existing businesses to include the provision of IT Solutions, namely in the provision of blockchain technology and system integration services," it said. (StarBiz)

PUC: Inks agreement with Smuzcity to strengthen synergistic ties. PUC has inked an agreement with Smuzcity Smuzcity Solution SB to strengthen the synergetic relationship between them. This follows a MoU entered into by both firms last year that paved the way for PUC’s digital lifestyle platform known as Presto (formerly 11street Malaysia) to market and sell Smuzcity’s JDX-branded products. Smuzcity Solutions is the official partner of JD Logistics Group assigned for the region of Malaysia to conduct the “Jingdong X Unmanned Business” project business development, business negotiation and business landing work. (The Edge)

Market Update

US markets tumbled again after reopening from its one-day break with technology stocks leading the rout. The Nasdaq Composite slumped 4.1% on the day to enter correction territory while the S&P 500 fell 2.8% for its worst 3-day stretch in months. The Dow Jones Industrial Average fell 2.3% meanwhile. Shares of Tesla slumped 21.1%, its largest single-day drop, following failure to be included as an S&P 500 component member. Semiconductor stocks also came under pressure amid simmering US-China tensions. European markets were also lower though not as pronounced. Revised GDP numbers showed Eurozone output slumping 14.7% YoY in 2Q, not as bad as initially thought though still the worst quarterly decline on record. US-China tensions also weighed, with President Trump again raising the possibility of an economic decoupling from China. On a separt note, the UK is preparing to leave the European Union without a deal if no free trade agreement can be reached this week. France’s CAC 40 and Germany’s DAX fell 1.6% and 1.0%. UK’s FTSE 100 slipped 0.1%. Asian markets were mostly higher earlier in the day however, even as Japan’s 2Q GDP was revised lower. Geopolitical tensions are less of an issue on this part of the world, for now. The Nikkei 225 rose 0.8%. Elsewhere, the Shanghai Composite and Hang Seng indices inched 0.7% and 0.1% higher.

HeiTech Padu confirmed it is one of the bidders for the government's National Integrated Immigration System project. Gets Global is jumping on the glove-making bandwagon, venturing into the manufacturing, sale and marketing of gloves and other related activities. AT Systematization has become a substantial shareholder of AE Multi Holdings Bhd after acquiring an 18.18% stake in the latter in an off-market transaction for RM15.7m.

Source: PublicInvest Research - 9 Sept 2020

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