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Daily Highlights - 2 October 2020
Market Thoughts
US markets rose overnight led by gains in technology counters despite lawmakers failing to agree on the US$2.2 trillion stimulus package. Earlier, European stocks climbed after manufacturing PMI came within expectations.
On the local market, the FBM KLCI lost 8.05 points to 1496.77 points. Following the positive performances in the US and Europe, the FBM KLCI could stay buoyed above the support of 1475 points.
Among stocks to watch are: GFM Services has clinched a three-year contract to provide operations and maintenance services at Villages 1 and 2 and their associated facilities located at the Pengerang Integrated Complex (PIC) in Johor from Petroliam Nasional Bhd (Petronas); MyEG will be offering online renewal of motorcycle road tax and competent driving licence (CDL) in an expansion of services provided for the Road Transport Department (JPJ); Metronic Global has entered into a collaborative project with Singapore's JF Strategic Management Pte Ltd (JFSM) to develop what it termed "smart factories" and "space optimisation"; NTPM said it is disposing of its toilet rolls and tissue manufacturing subsidiary, as the firm has continuously incurred losses with little prospects of a turnaround in the near future. The group is selling its entire 100% interest in NTMP Paper Mill (Bentong) Sdn Bhd) to XSD International Paper Sdn Bhd for RM27.5 million cash; Kossan said it will be paying an estimated total remediation fee of RM50 million to its migrant workers. The rubber glove maker said it has finalised its remediation plan after extensively investigating the situation and consulting multiple stakeholders; Plantation counters as the Ministry of Human Resources said he received information that another large company in Malaysia will face similar action by the US following earlier alleged use of forced labour by FGV Holdings Berhad in its production process; Tan Chong Motor has teamed up with PT SGMW Motor Indonesia to explore opportunities in introducing PT SGMW's vehicle products to Malaysia and Thailand.
Malaysia News & Highlights
Economic
- Malaysia ready to assist Nigeria in expanding halal industry, says minister
- Penang recorded RM9.12b manufacturing investments in 1H — MIDA
Quarterly Results
- Cypark 3Q net profit falls as work progress slows from movement restrictions
Company Development and Outlooks
- MyEG to offer online renewal of motorcycle road tax, competent driving licence
- NTPM sells loss-making toilet rolls manufacturer for RM27.5 mil
- Kossan to pay RM50 mil remediation fee to migrant workers
- PLUS suffers RM400 mil loss over three months of MCO — MD
- Matrix Concepts eyes RM1.04b new launches in FY21
- Tan Chong explores business opportunities with Indonesia’s SGMW Motor in Malaysia and Thailand
- Aneka Jaringan aims to raise RM46.16 mil from ACE market IPO
- Mr DIY's IPO draws AIA, BlackRock as cornerstone investors
- Fernandes: AirAsia examining options for Japan venture, including closure
- Metronic Global partners Singapore's JFSM to develop 'smart factories'
- Pertama Digital's unit eyes 80% of bail payment volume next year
Contracts Secured and Awards
- GFM bags facilities maintenance job at PIC from Petronas
Foreign News
- Dow ekes out small gain amid lingering uncertainty on stimulus, tech rises
- European stocks close slightly higher, tracking gains on Wall Street; Bayer slides 12%
- Oil dips nearly 4% on weak demand outlook and higher OPEC output (Overnight Closing)
- September job growth should be less than August as final report before the election hits
- Playboy in deal to return to stock market after nine years
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