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PublicInvest Research

Author: PublicInvest   |   Latest post: Thu, 29 Jul 2021, 9:29 AM

 

PublicInvest Research Headlines - 21 Apr 2021

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Economy

EU: Germany producer price inflation highest since 2011 . Germany's producer prices increased in March at the fastest pace since late 2011 driven by higher energy and intermediate product prices, Destatis reported. Producer price inflation accelerated sharply to 3.7% in March from 1.9% in Feb. This was the biggest increase since Nov 2011 and faster than the expected rate of 3.3%. MoM, producer prices gained 0.9% versus a 0.7% rise in the prior month. Economists had expected a 0.6% rise. Energy prices increased 8.0% compared to March 2020 and the cost of intermediate goods gained 5.7%, which was the biggest since July 2011. (RTT)

EU: ECB survey shows Eurozone banks expect credit standards to tighten in 2Q . Eurozone banks expect credit standards to tighten and net demand for loans to firms and households in the second quarter, results of a quarterly survey by the ECB showed. The criteria for approving home loans eased slightly in the 1Q, while the credit standards for consumer credit and other lending to households tightened, the latest euro area bank lending survey showed. (RTT)

UK: Unemployment rate falls unexpectedly . Despite restrictions related to the coronavirus pandemic, the UK unemployment rate dropped unexpectedly in the three months to Feb as the government continues its job furlough scheme. The jobless rate fell to 4.9% in three months to Feb, data from the Office for National Statistics showed. Economists had forecast the rate to rise to 5.1% from 5% in three months to Jan. An estimated 1.67m people were unemployed, down 50,000 on the quarter. This was the first quarterly decrease since Oct to Dec 2019. (RTT)

Taiwan: March export orders up again, outlook strong . Taiwan’s March export orders rose for the 13th month in a row and in line with expectations, boosted by sustained demand for telecommuting products during strict lockdowns worldwide to contain the COVID-19 pandemic. Strong demand for smartphones made by the likes of Apple Inc also fuelled orders. Taiwan’s export orders, a bellwether of global technology demand, jumped 33.3% from a year earlier to USD53.66bn in March, data from the Ministry of Economic Affairs showed. (Reuters)

Indonesia: Central bank keeps rates at record lows as it trims 2021 GDP outlook . Indonesia's central bank kept its main policy rate at a record low and trimmed its 2021 growth forecast for Southeast Asia's largest economy, while pledging to strengthen measures to keep the rupiah currency stable. Bank Indonesia (BI) left the benchmark 7-day reverse repurchase rate at 3.50%, where it has been since Feb and as expected by all 27 analysts in a Reuters poll. Governor Perry Warjiyo said a global economic recovery had been stronger than initially anticipated, underpinning demand for Indonesia's exports, but warned domestic consumption remained muted due to mobility restrictions to control the coronavirus outbreak. (Reuters)

South Korea: Producer prices rise 0.9% on month in March . Producer prices in South Korea were up 0.9% on month in March, the Bank of Korea said - following the 0.8% increase in Feb. Individually, prices for agricultural, forestry and marine products fell 0.1% on month, while manufacturing products climbed 1.6%, utilities gained 0.9% and services were up 0.1%. On a yearly basis, producer prices climbed 3.9%, accelerating from 2.1% in the previous month. Individually, prices for agricultural, forestry and marine products rose 16.5% on year, while manufacturing products climbed 5.4%, utilities sank 3.3% and services were up 2.2%. (RTT)

New Zealand: Inflation accelerates, easing pressure on policy . New Zealand inflation accelerated slightly in the 1Q, adding to signs the central bank may not need to cut interest rates any further. Consumer prices rose 1.5% from a year earlier, Statistics New Zealand said in Wellington, picking up from 1.4% in the 4Q and matching economists’ estimates. Prices advanced 0.8% from three months earlier, also matching forecasts. The Reserve Bank projects inflation will temporarily accelerate into the top half of its 1-3% target range through 2021, before slowing next year. (Bloomberg)

Markets

Inta Bina, Mitraland: Bags RM106m contract from Mitraland. Inta Bina Group has secured a RM106m contract from a unit of Mitraland Holding (M) SB for the construction of a serviced apartment in Klang, Selangor. The project, to start on April 26, is expected to be completed in 28 months. (StarBiz)

HIL Industries: In four JV to undertake residential development in Selangor. HIL Industries has entered into four conditional joint venture agreements (JVAs) to undertake residential development on five parcels of land in Sungai Buloh, Klang and Jugra in Selangor. HIL said the JVAs were entered with Unik Sejati SB, Pembinaan Kesentosaan SB and Amverton Carey Golf & Island Resort SB, involving a total of 41.60 hectares”. (The Edge)

M3 Tech, AT Systematization: Disinfection chamber deal with AT Systematization terminated. M3 Technologies’ memorandum of collaboration with AT Systematization to provide digital signage hardware and software enhancements for large scale Covid-19 disinfection chambers has fallen through. M3 Tech said the decision was mutually agreed upon by both groups as they had not entered into a more definitive agreement. (The Edge)

KIP REIT: 3Q net property income falls 5.9% to RM13.69m, declares 1.6sen DPU. KIP REIT net property income (NPI) for 3QFY21 fell 5.9% YoY to RM13.69m, on the back of lower revenue. Its quarterly revenue slipped 7.33% YoY to RM17.99m. The group proposed a third distribution per unit (DPU) of 1.6 sen. The group said the drop in revenue was attributed to lower revenue from both the Southern and Central regions but partially cushioned by higher revenue from AEON Mall Kinta City in the Northern region. (The Edge)

Ajiya: 1Q net profit more than doubles on lower operating expenses. Ajiya’s net profit more than doubled to RM6.48m for 1QFY21, from RM3.11m, a year ago, thanks to lower operating costs. Ajiya said quarterly revenue dropped 5% YoY to RM73.65m, due to lower demand for the group’s products. On its prospects, Ajiya said the shortage and delay in raw materials supplies will post a challenge to the group in the coming quarters. (The Edge)

Petgas: Allocates capex up RM1.3bn in FY21. Petronas Gas (PGB) is allocating a capex of between RM1.2bn and RM1.3bn for FY21. CFO Shariza Sharis M. Yusof said the higher level of capex in FY21 was in line with all the planned activities in the current year that include a 42km lateral gas pipeline, which will supply gas to the proposed Pulau Indah Power Plant in Selangor. (Bernama)

Transocean: Unaware of any reasons for spike in share price. Transocean Holdings has said it is unaware of any reasons that could account for the spikes in its share price and trading volume in recent days. In response to an unusual market activity (UMA) query from Bursa Malaysia, the company said it is not aware of any corporate developments that have not been previously announced that could account for the higher trading activity. (The Edge)

Market Update

The FBM KLCI might open lower today after a gauge of stock prices across the world fell on Tuesday and oil prices also slipped as concern lingered over rising global COVID-19 cases and their effect on the global economic rebound. India reported 1,761 deaths from COVID-19 overnight, its highest daily toll, while Canada and the United States extended a land-border closure for non-essential travelers. On Wall Street, travel stocks weighed on sentiment, with airline and cruise operators falling sharply. The Dow Jones Industrial Average fell 256.33 points, or 0.75%, to 33,821.3, the S&P 500 lost 28.32 points, or 0.68%, at 4,134.94 and the Nasdaq Composite dropped 128.50 points, or 0.92%, to 13,786.27. The pan-European STOXX 600 index lost 1.90% and MSCI’s gauge of stocks across the globe shed 0.85%.

Back home, the FBM KLCI closed up at the day's high of 1,607.57 despite market sentiments remaining jittery against the backdrop of mixed regional markets after Wall Street retreated overnight. Emerging market stocks lost 0.07%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.08% lower, while Japan’s Nikkei lost 1.97%.

Source: PublicInvest Research - 21 Apr 2021

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