US markets ended flat on Friday amid uncertainty on the coronavirus stimulus package and corporate earnings. Earlier, European stocks advanced following optimism on the US stimulus talks and a raft of quarterly results. 

On the local market, the FBM KLCI lost 4.16 points to 1494.64 points. Following the mixed performance in Wall Street, the FBM KLCI could hover sideways above the support of 1475 points. 

Among stocks to watch are: Mr DIY makes its listing debut today on the Main market of Bursa Malaysia; Careplus returned to the black in its 3QFY20 with a net profit of RM42.86 million, from a net loss of RM4.94 million a year ago, thanks to higher glove sales, higher utilisation rate and higher selling prices as a result of a surge in demand due to Covid-19; Unisem's 3QFY20 net profit from continuing operations rose 98.67%, while revenue improved as the semiconductor manufacturer registered higher sales volume and better average selling prices for its products; Mi Technovation posted a 29.24% decline in its 3QFY20 net profit, despite a 35.88% increase in revenue. The fall in net earnings was mainly due to higher fixed costs at its new Batu Kawan factory in Penang, higher commissions payable to external sales agents, as well as foreign exchange losses; Tasco's net profit for its 2QFY21 jumped 160.34% underpinned by its international business solutions and domestic business solutions segments; UEM Sunrise will be disposing of a 20% stake in a firm developing 2,500 acres of land in Kulai, Johor, which will result in Kuala Lumpur Kepong Bhd (KLK) taking over as the firm's majority shareholder, for RM182.6 million; AirAsia confirmed that it has secured a RM300 million loan from Sabah Development Bank Bhd as part of the group's fundraising exercise and to pivot the airline into the digital business. The airline clarified that the loan is not backed by any government guarantee; AirAsia X has acknowledged that it is being sued by MAHB for aeronautical charges totalling RM78.16 million allegedly owed by the airline; Key Alliance is teaming up with clinical diagnostics laboratory firm Dunia Wellness Laboratories Sdn Bhd to offer onsite testing services for Covid-19 within Peninsular Malaysia; Vsolar has entered into a memorandum of understanding to instal rooftop solar panels at a plant belonging to AT Systematization Bhd's glove manufacturing subsidiary in Perak, with a 15-year tenure lease.

Malaysia News & Highlights

Economics

• Cagamas issues RM450m Islamic bonds for affordable housing

Quarterly Results

• Careplus returns to the black in 3Q on higher glove sales

• Tasco 2Q net profit surges as revenue rises to historic high

• Maxis 3Q net profit up at RM365m, declares four sen dividend

• Unisem 3Q net profit from continuing operations up 99% at RM49m

• Mi Technovation 3Q net profit falls 29% to RM12m

Company Outlook and Developments

• AirAsia X confirms MAHB suit for RM78m aeronautical charges

• MAHB files to be excluded from AirAsia X’s debt restructuring scheme

• MAHB: Legal action will not derail AirAsia X debt restructuring scheme

• Top Glove 'making improvements' in effort to reverse import ban, says US customs

• JF Technology to partner with a Chinese smartphone giant to set up plant in China, sources say

• AirAsia secures RM300m loan to fund development projects in Sabah

• Vsolar to develop rooftop solar power system at AT Sytematization's glove plant

• Key Alliance teams up with diagnostics lab to offer onsite Covid-19 testing

• UEM Sunrise to sell part of stake in Johor land development unit to partner KLK

• Padini expects challenging economic outlook for 2020, 2021 amid pandemic uncertainties