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Daily Highlights - 14 October 2020
Market Thoughts
US markets dropped overnight after coronavirus stimulus talks stalled and issues in vaccine developments. Earlier, European stocks declined as the US corporate results season kicked off, concerns on coronavirus and China's export data.
On the local market, the FBM KLCI rose 6.77 points to 1525.20 points. Following the negative performance in Wall Street, the FBM KLCI could pull back from its recent gains and hover sideways below the resistance of 1550 points.
Among stocks to watch are: GuocoLand said its wholly-owned subsidiary GLM Real Estate Holdings Sdn Bhd has received a notice of assessment for 2016 of RM82.6 million, comprising income tax of RM56.3 million and a penalty of RM26.3 million; Symphony Life is planning to sell six parcels of industrial development land in Ulu Langat, Selangor to Perdana Park City Sdn Bhd for RM250 million. The disposal of the parcels is expected to result in a gain after tax of RM74.24 million for the group; Kanger International has proposed a private placement of up to 386.97 million shares or 20% of the total number of its issued shares to raise RM68.88 million to third party investors to be identified later; Reservoir Link Energy said its 60%-owned subsidiary has bagged a contract from Thailand’s national petroleum company PTT Exploration and Production Public Company Ltd (PTTEP) to provide downhole heating technology complete with equipment and services; Handal Energy has received a letter of award from Carigali Hess Operating Company Sdn Bhd for the provision of pedestal crane inspection and maintenance services.
Malaysia News & Highlights
Company Development and Outlooks
- Firm linked to MD raises stake in Ekovest via open-market share purchase
- Symphony Life to sell six parcels of land in Ulu Langat for RM250m
- IRB slaps GuocoLand unit with RM82m assessment notice
- Top Glove hires banks for potential US$1b HK listing — sources
- Kanger plans private placement to raise RM68.88m
- MoF denies approving govt financing or guarantee to AirAsia
Contracts Secured and Awards
- Handal Energy gets crane inspection, maintenance contract
- Reservoir Link bags mechanical heating equipment contract from PTTEP
Changes in Boardroom and Management
- Former AXA Affin's Rohit is new Tune Protect group CEO
Foreign News
- Dow closes more than 150 points lower and snaps 4-day winning streak
- European markets close lower as investors digest earnings, virus and China data
- Oil gains nearly 2% as robust China trade data offsets returning supply (Overnight Closing)
- Nearly 1,000 Boeing plane orders are lost or in doubt
- Car sales in China shine as rest of world reels from virus
- IMF sees shallower recession, tough path back to full recovery
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