Daily Highlights - 22 October 2020

jfapex

Publish date: Thu, 22 Oct 2020, 08:51 AM

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

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