jfapex
Daily Highlights - 22 October 2020
Market Thoughts
US markets declined overnight amid uncertainty in the coronavirus stimulus talks. Earlier, European stocks tumbled on worries over new infections.
On the local market, the FBM KLCI slid 18.57 points or 1.23% to 1492.40 points on selldown of glove stocks. We expect the local benchmark to trend sideways today with our support level of 1475 points as impacted by tepid market sentiment.
Among stocks to watch are: Kerjaya Prospek has bagged an RM64 million contract to build a sewerage plant for the Seri Tanjung Pinang (Phase 2A) development (STP2) in Penang; Mah Sing is set to commence glove production in April 2021. The group said it has commenced additional piling works to accommodate 12 units of new, high-speed glove dipping machines in its glove manufacturing factory in Kapar, Klang, to meet its targeted production date; Kumpulan Powernet is seeking to venture into the logistics business by acquiring a 51% stake in chemical and gas transportation firm Chemtrax Sdn Bhd for RM10 million; Gadang reported a lower 1QFY21 net profit on y-o-y basis as dragged down its construction division; Axis REIT’s net property income for its 3QFY20 results rose 4.98% to RM50.26 million from RM47.87 million a year ago on higher overall trust income; Ekovest has secured more time to consider a proposal to acquire a 40% stake in IWH-CREC Sdn Bhd; Hua Yang slipped into the red in its 2Q results on lower sales and because its Meritus Residence development had been completed at the end of the previous financial year; GD Express is proposing a bonus issue of 705.18 million Warrants C on the basis of one warrant for every eight existing ordinary shares.
Malaysia News & Highlights
Economics
- Petronas retrenches workers in Myanmar as the national oil firm reviews its operations
- Malaysia records eighth consecutive month of deflation, Sept CPI down 1.4%
Quarterly Results
- Riverview 3Q net profit jumps on higher oil palm prices
- Axis-REIT 3Q NPI up 5% on higher overall trust income
- Gadang net profit rises 35.6% in 1QFY21
- Hua Yang reports quarterly loss on lower house sales
Company Outlook and Developments
- Bintai Kinden to settle subsidiary's RM23.39 mil debt with Handal Jayabina
- PetGas subsidiary issues RM1.7 bil Sukuk Murabahah
- Ekovest buys more time to mull over stake buy in Bandar Malaysia developer
- MyEG says employers can book Socso subsidised COVID-19 tests through its platform
- Kumpulan Powernet to buy 51% stake in transportation firm, hopes to help fight Covid-19
- Public Bank remains committed to provide targeted repayment assistance
- GDex proposes bonus issue of one-for-eight warrants
- Dataprep inks collaboration with S5 Systems for tech partnership
- US lawmakers approve Genting Malaysia unit’s interim contract for estimated US$600m Miami monorail — report
- Mah Sing to start glove production in April 2021
Contracts Secured and Awards
- Kerjaya Prospek secures fifth contract in Penang’s STP2 project
Foreign News
- Stocks close slightly lower as coronavirus stimulus talks continue
- European stocks close lower as U.S. stimulus talks continue
- Oil drops 4% on weak U.S. gasoline demand (Overnight Closing)
- Copper moves above US$7,000 for the first time since June 2018
- Ant Group gets green light for Shanghai listing from China regulator
More articles on jfapex
Pesona Metro Holdings Berhad - Building the Future
Created by jfapex | Aug 26, 2024
Pesona is valued at RM0.46 based on a Sum of Parts valuation, which also corresponds to a 13.0x 1-year forward PER of the Group’s FY25F EPS of 3.5 sen. This valuation is a discount to Bursa Construc
Featured Posts
Introducing MY's First IPO Fund for Sophisticated Investors!
New Update. Discover investment communities that resonate with your ideas
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
.png)
Apps
Top Articles
1
Stock Market Enthusiast
PBBANK: Technical Outlook Suggest Target of RM5 (Uptrend but Overbought) - KingKKK
3
4
save malaysia!
5
6
M+ Online Research Articles
7
TA Sector Research
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
