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Daily Highlights - 24 September 2020

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Publish date: Thu, 24 Sep 2020, 08:34 AM
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Market Thoughts
 

US markets declined overnight following selldown in technology counters and concerns over the coronavirus. Earlier, European stocks rose after slower economic data increased the possibility of further stimulus measures. 

 

On the local market, the FBM KLCI tumbled 9.30 points to 1496.48 points following political uncertainty. Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways above the support of 1475 points.

 

Among stocks to watch are: Sapura Energy and its JV partner Seadrill Ltd are said to be targeted in Brazil’s ‘Car Wash’ corruption probe based on a foreign media report; Solution has inked an agreement to market and distribute Covid-19 vaccine by CanSino in Malaysia. The group said it will establish a fill and finish facility for the filling, finishing and final quality control of the CanSino vaccine; Favelle Favco said three subsidiaries have bagged RM56.1 million in purchase orders for the group's cranes since Aug 27. The orders were received from ExxonMobile Exploration and Production Malaysia Inc, TES Inc and Noronha Holdings Pty Ltd (trading as Rhemza Cranes Pty Ltd). ExxonMobile made an offshore crane order with the rest making tower crane orders; Encorp plans to raise RM5.51 million via a private placement to fund its business expansion activities and working capital requirements, as well as to address its public shareholding spread. The property developer said it will be placing 30.61 million shares — representing 10% of its share capital — to selected third-party investors; WZ Satu has filed a RM59.21 million lawsuit over the failure by its subsidiary to achieve the profit guarantee and shareholders' fund guarantee given in 2014 when the subsidiary was acquired.

 

Malaysia News & Highlights

 

Economics

  • Prihatin Special Grant to reopen for applications with allocation of RM600m — PM
  • Bank Negara's international reserves rise to US$104.8b as at Sept 15
  • Malaysia's August 2020 CPI down 1.4% year-on-year
  • MAS defers RM1.5bil Islamic bonds payments

Quarterly Results

  • Glomac achieves RM50mil new sales in May-July quarter
  • Higher CPO prices cushion JKG Land profit in Q2 

Company Development and Outlooks

  • Sapura Energy, Seadrill latest firms to be targeted in Brazil's 'Car Wash' corruption probe
  • WZ Satu files RM59m suit after subsidiary fails to meet profit guarantee
  • Land & General to launch two projects in 2021 with RM677 mil GDV
  • Genting Malaysia says full extent of Covid-19 impact remains uncertain
  • Smart Glove picks banks for US$242m IPO

Contracts Secured and Awards

  • Favelle Favco clinches purchase orders totalling RM56.1m

Foreign News

  • Dow Jones Industrial Average drops 525 points
  • European stocks close higher with euro zone data in focus; Adidas and Puma shares rise
  • Oil edges higher after US crude, fuel stockpiles draw down
  • U.S. crude oil inventories decrease last week: EIA
  • China threatens to kill TikTok deal over ‘dirty’ Trump tactics

 

 

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