US markets plunged overnight following a surge in coronavirus cases and concerns over the stimulus package talks. Similarly, European stocks tumbled as more curfews are being implemented in view of higher COVID-19 infections.

On the local market, the FBM KLCI ended flat with 0.03 points lower at 1494.61 points after recovering from intraday losses. Following the bearish performances in the US and Europe, the FBM KLCI could trend lower towards the support of 1475 points. 

Among stocks to watch are: Econframe makes its listing debut today on the ACE market of Bursa Malaysia; GDB has executed a letter of intent concerning the receipt of a RM1.25 billion contract for the 8 Conlay luxury integrated development at the heart of Kuala Lumpur; JF Technology, via its wholly-owned unit JF International Sdn Bhd, is partnering with Huawei Investment & Holding Co Ltd’s unit Hubble Technology Investment Co Ltd (HTI) to set up a plant for the manufacture and supply of high-performance test contactors in China; Kanger International has roped in Zuellig Pharma Sdn Bhd and K-Star Sport Ltd to collaborate on the distribution of Covid-19 vaccines in Malaysia; Pharmaniaga has said it is partnering with Serum Institute of India Pte Ltd, the world's largest vaccine manufacturer by number of doses produced, to further strengthen its vaccine business. The group said its wholly-owned subsidiary Pharmaniaga Lifescience Sdn Bhd (PLS) today signed a memorandum of understanding (MoU) with Serum to enable PLS to purchase the pneumococcal vaccine from Serum and subsequently manufacture products using the technology and know-how licensed by Serum for filling and finishing; Paragon Union, which received an unusual market activity (UMA) query from Bursa Malaysia after its share price jumped over 60% to an intraday high of 61 sen today, said the group has been approached by certain interested parties who had expressed interest in acquiring its shares; Cabnet has been appointed as a subcontractor by Kinetics Systems Malaysia Sdn Bhd for a job valued at RM17.16 million.  

Malaysia News & Highlights

Economics

• MIER revises down real GDP growth projection to -5.5% for 2020

• MCMC freezes new courier service licences for two years

Quarterly Results

• Econframe records RM5.34 mil net profit in FY2020

• IGB REIT sees slight drop in 3Q net property income, to distribute 2.11 sen per unit

Company Outlook and Developments

• AAX confirms BOC intervention application relating to debt restructuring scheme

• Kanger ropes in more collaborators to help distribute Covid-19 vaccines

• Pharmaniaga partners with India's Serum to boost vaccine business

• Cabnet lands RM17m electrical package job in Kedah

• JF Technology partners with Huawei unit to set up plant in China, confirms The Edge report

• Glomac’s earnings visibility growth supported by higher sales momentum — MD

• GDB executes LoI for RM1.25b job to complete 8 Conlay luxury project in KL

• In response to UMA query, Paragon Union says approached by parties interested in buying its shares

• Ambank launches new cash rebate credit card