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Daily Highlights - 6 November 2020
Market Thoughts
US markets rose overnight to extend their post-election rally while President Trump is disputing the polls in several states. Earlier, European stocks advanced while waiting for the US presidential election results and the Bank of England kept interest rates unchanged.
On the local market, the FBM KLCI jumped 36.88 points to 1501.49 points. Following the positive performance in Wall Street, the FBM KLCI could extend its rebound towards the resistance of 1515 points.
Stocks to watch are: MyEG’s JV in the Philippines, I-Pay MYEG Phillipines Inc, has teamed up with Family Vaccine Speciality Clinics Inc to develop an application for the booking and payment of COVID-19 tests, along with the issuance of a digital WR code as proof of testing; Kumpulan Powernet clinched two engineering, procurement, construction and commissioning (EPCC) contracts in Indonesia worth RM54.6 million in total; Tafi Industries is diversifying into property development and construction. This will be done through a conditional JV with E Prompt Sdn Bhd for the development of a 33-acre (13.35ha) parcel of freehold land in Cameron Highlands; Bintai Kinden’s partner Generex Biotechnology Corp has signed a framework agreement for the development and commercialisation of the Ii-Key-SARS-CoV-2 coronavirus vaccine in China with the Chinese Center for Disease Control and Prevention (China CDC), Beijing Guoxin Haixiang Equity Investment Partnership and Beijing Youfeng International Consulting Co Ltd; Solution Group will raise RM18.67 million via private placement for the establishment of a vaccine fill and finish facility; Vstecs’ 3QFY20 net profit rose 22.26% yoy, following higher demand for work from home products; Mr DIY’s 3QFY20 net profit jumped 54.11% yoy, on higher average monthly sales per store.
Malaysia News & Highlights
Economics
- Ministry drafts plans to keep Malaysia's leadership in rubber glove sector
- Western Digital pledges RM2.3b investments in meeting with PM
Company Development and Outlooks
- MYEG Philippines partners healthcare firm to develop booking, payment app for Covid-19 tests
- Bintai Kinden’s partner signs framework agreement to develop, commercialise Ii-Key vaccine in China
Quarterly Results
- Mr DIY posts 54% jump in quarterly profit, declares 0.73 sen dividend
- Vstecs' 3Q net profit rises on work from home demand
Contracts Secured and Awards
- Kumpulan Powernet bags two EPCC jobs worth RM54.6m for hydro power plants in Indonesia
Foreign News
- Dow surges more than 500 points, heads for best week since April as post-election rally continues
- European markets close higher amid U.S. election uncertainty; Commerzbank down 5%
- Oil declines, snapping three-day win streak amid European lockdown (Overnight closing)
- Alibaba, Richemont to invest US$1.1 bln in Farfetch with focus on China
- World food price index rises in Oct for fifth month running
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