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Daily Highlights - 25 September 2020
Market Thoughts
US markets posted slight gains overnight as lawmakers prepare to debate a $2.4 trillion coronavirus relief package. Earlier, European stocks declined as rising cases of coronavirus dampened hopes of an economic recovery
On the local market, the FBM KLCI gained 4.32 points to 1500.80 points. 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: Axiata has been granted approval from the Bangladesh Securities and Exchange Commission to list its 68.69% unit Robi Axiata Ltd on the Dhaka and Chittagong stock exchanges. It would be raising RM255.2 million from the listing; Sapura Energy has refuted allegations over any form of corruption over its Brazilian business or elsewhere, in response to investigations involving Sapura Energy and Seadrill Ltd in Brazil, where bribery was alleged to have taken place for Petrobas contracts; Poh Kong’s 4QFY20 saw a net profit of RM8.01 million, from a net loss of RM2.31 million in 3QFY20. Q-o-q, revenue grew 59% to RM179.3 million from RM112.46 million. Y-o-y, the group’s net profit was down 24.2% from RM10.57 million, and revenue fell 22.67% from RM231.86 million; Eco World Development saw its net profit for 3QFY20 decline to RM13.8 million y-o-y, from RM50.48 million, due to the decision to write down inventories by RM65 million.
Malaysia News & Highlights
Economics
- Malaysia to be retained on Watch List of FTSE World Government Bond Index
- Natural rubber production to decline until early 2021 — ITRC
- MPOB develops monitoring system to track movement of vehicles transporting palm oil
Quarterly Results
- United Malacca reports RM3.55m net profit for 1Q
- EcoWorld records RM1.25b property sales in four months
- Poh Kong returns to profit in 4Q as business picks up post-MCO, plans 1.2 sen dividend
Company Development and Outlooks
- AirAsia seeks to raise capital for rebranded digital business arm
- Axiata gets nod to list subsidiary Robi in Bangladesh
- Main Market-bound Mr DIY to issue 941.49 million IPO shares
Foreign News
- Stocks post modest gains, home sales jump, tech turnaround?
- European markets close lower on concerns for the global economy
- Oil price steady as rising European COVID-19 cases offset US oil stock draw
- UK Covid-19 policy threatens hundreds of thousands of jobs
- China’s retail recovery still rests on richer consumers
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