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Daily Highlights - 20 October 2020
Market Thoughts
US markets plunged overnight as the coronavirus stimulus talks stalled. Earlier, European stocks declined amid concerns over Brexit and rising coronavirus cases.
On the local market, the FBM KLCI surged 14.27 points to 1518.11 points. Following the bearish performance in Wall Street, the FBM KLCI could pull back towards the support of 1475 points.
Among stocks to watch are: Luster Industries said it is branching into rubber glove making by teaming up with Fortune Tac Sdn Bhd to set up a new firm called Glovmaster Sdn Bhd. Luster will hold a 56% stake in the firm and Fortune Tac the rest. Luster is funding RM50 million for the new joint venture; Acme Holdings said it is exploring a potential joint venture (JV) with Skymind Holdings Bhd to produce artificial intelligence (AI) devices and offer AI solutions; Vortex Consolidated is planning to raise up to RM84.18 million via a rights issue and private placement, mainly for repayment of borrowings and working capital. The group said the proposed rights issue will involve the issuance of up to 370.84 million rights shares on the basis of one rights share for every one share held on an entitlement date to be determined later; Tan Chong Motor's indirect wholly-owned subsidiary TC Motor Vietnam Co Ltd (TCMV) has inked a Memorandum of Understanding with Xiamen King Long United Automotive Industry Co Ltd to start negotiations to appoint TCMV as the sole and exclusive distributor of the King Long Kingo microbus model in Vietnam.
Malaysia News & Highlights
Economics
- Govt allocated more than RM1.7 bil to fight COVID-19, ready to add more if necessary: MOF
- September vehicle sales grow 26.3% y-o-y — fastest pace this year so far
- India imported 393,000 tonnes of palm oil from Malaysia in September
- Sarawak focusing on green tech investments, says Abang Johari
- Fitch: International tourism flows in Asia-Pacific to remain subdued through much of 2021
Company Developments and Outlooks
- Proton confirms 49 more Covid-19 cases
- Tan Chong signs MoU for exclusive distributorship in Vietnam
- GHL rolls out three offerings to combat Covid-19
- AirAsia Philippines looking to secure fresh capital — report
Foreign News
- Dow closes more than 400 points lower with one day left until Pelosi’s stimulus deadline
- European close lower as coronavirus, Brexit concerns offset U.S. stimulus hopes
- Oil price dips after OPEC+ meeting as Libyan supply boost weighs (Overnight Closing)
- Intel poised to sell NAND business to South Korea's SK Hynix for almost $10 bln
- IBM stock slips after another revenue decline, no outlook
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