jfapex
Daily Highlights - 7 October 2020
Market Thoughts
US market plunged overnight after President Trump called off negotiations for a second coronavirus stimulus package until after November elections. Earlier, European stocks advanced following Trump's improved health.
On the local market, the FBM KLCI closed 2.96 points lower at 1509.47 points after surrendering intraday gains. Following the negative performance in Wall Street, the FBM KLCI could decline with support at 1475 points.
Among stocks to watch are AirAsia X after announcing a restructuring plan, Top Glove will be compensating RM136m to its migrant workers, SCGM hopes to export its face masks to the US, Bintai Kinden signed an agreement to distribute Covid-19 vaccine in Malaysia while Focus Dynamics will partner Oversea Enterprise to expand the Oversea restaurant brand to the global market.
Malaysia News & Highlights
Economics
- Fitch cuts CPO price forecast as La Nina seen boosting output
- Six telcos compounded RM700,000 — MCMC
Company Development and Outlooks
- Bintai Kinden to be distributor, licensee for Covid-19 vaccine in Malaysia
- Mr DIY aims to open 307 new stores by end-2021 to drive earnings and market share growth
- Top Glove to pay RM166m to migrant workers, US media says
- Mr DIY IPO to raise RM1.5b, including RM1.2b for promoters
- AirAsia is said to cease funding Indian venture as cash dwindles
- Duopharma to partner with OEM in Indonesia, Singapore
- Maybank sues Dolomite over RM152m outstanding payment
- SCGM seeks to export face masks to US
- PUC inks MOU with Pan Malaysian Pools for potential payment collaboration
Change in Boardroom and Management
- AirAsia X redesignates Lim Kian Onn as deputy chairman
- Tycoon Danny Tan's son Dickson resigns as Tropicana’s deputy CEO
Foreign News
- Dow closes more than 300 points lower after Trump calls off stimulus, causing sudden drop in stocks
- European markets close slightly higher after Trump returns to the White House
- Oil prices drop as Trump calls off stimulus negotiations; Asia-Pacific stocks mixed
- Southeast Asia’s classifieds start-up Carousell aims for profitability in 4 years, potential exit thereafter
- Apple announces 'speed' event next week, new iPhones expected
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