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Daily Highlights - 5 November 2020
Market Thoughts
US markets rose overnight as investors wait for the results of the US presidential election. Similarly, European stocks climbed while markets await the outcome of the US election with Joe Biden leading the race.
On the local market, the FBM KLCI rose 3.16 points to 1464.61 points. Following the positive performance in Wall Street, the FBM KLCI could extend its rebound with support at 1455 points.
Stocks to watch are: Ipmuda Holdings is planning to diversify into the renewable energy and healthcare sectors; Ocean Vantage has won a contract worth RM29.56 million contract for works in relation to a solar farm in Manjung, Perak; Mega First Corp said its 80% subsidiary Don Sahon Power Company Ltd (DSPC) has received a certificate from the government of Laos confirming that the Don Sahong hydropower project has commenced commercial operations on Oct 1.
Malaysia News & Highlights
Economics
- Ceiling price for Covid-19 vaccine set at US$21 under COVAX
- Export unit value index up 0.7% in September 2020 — DOSM
Company Development and Outlooks
- Mega First says its hydropower project in Laos has commenced operation
- F&N: FY20 a year of resilience, FY21 to be better
- WCT’s The Maple Residences Tower A 72% taken up
- Gamuda, Crest Builder to explore business opportunities together
Quarterly Results
- MAA swings back into the black in 3Q
Contracts Secured and Awards
- Ocean Vantage clinches RM30m solar farm EPCC contract
Foreign News
- Dow gains 300 as ‘blue wave’ looks unlikely, Big Tech jumps, Uber & Lyft surge
- European markets close higher as investors watch U.S. election results
- Oil rises 4 percent after Trump falsely claims victory in tight US election (Overnight closing)
-
Singapore lender DBS Q3 profit skids 20% on lower net interest income
- Qualcomm forecasts strong Q1 as Apple ramps up 5G iPhone models
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