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Daily Highlights - 18 November 2020
Market Thoughts
US markets declined overnight as investors took profit from record high levels amid retail sales rising less than expected. Similarly, European stocks dropped as the vaccine-fueled rally took a breather.
On the local market, the FBM KLCI gained 10.49 points to 1610.15 points. Following the negative performance in Wall Street, the FBM KLCI could hover sideways below its resistance of 1615 points.
Among stocks to watch are PetDag, FGV and MISC after their quarterly results, K-One Technology secures RM30 million AWS cloud services contract, AirAsia Group Bhd’s 33%-owned associate AirAsia Japan Co Ltd (AAJ) has filed for bankruptcy, Batu Kawan Bhd is acquiring a 56.32% stake in Chemical Company of Malaysia Bhd (CCM) from PNB for RM292.97 million, Unisem (M) Bhd is to have a private placement of 72.71 million shares to raise up to RM399.9 million to fund expansion plans in Malaysia and China, Tenaga Nasional Bhd (TNB) has sued Iskandar Waterfront City Bhd (IWCity) for RM76.56 minion for damage to its undersea cables and AT Systemization Bhd is raising RM99.31 million through another private placement, which will involve it issuing up to 750.04 million shares or 20% of its total issue price.
Malaysia News & Highlights
Quarterly Results
- PetDag's profit rebounds q-o-q as sales volume picks up with easing of movement restrictions
- FGV leaps into 3Q profit on higher CPO price, lower loss at sugar segment
- MISC 3Q net profit down year-on-year at RM258m
Company Developments and Outlooks
- AirAsia Japan files for bankruptcy
- Unisem plans RM400m private placement for expansion in Malaysia, China
- K-One Technology secures RM30 million AWS cloud services contract
- Top Glove says EMCO affects only 5,700 workers or 27% of workforce
- Batu Kawan to buy 56.32% CCM stake from PNB and Amanahraya Trustee for RM292.79 million
- TNB sues IWCity for RM77m over damage to undersea cables
- Top Glove mops up its own shares for sixth straight day, with another RM69.9m spent
- Asiabio ceases to be substantial shareholder in GPA
Foreign News
- Dow falls more than 150 points as rally to record highs takes a breather
- European markets close lower as vaccine rally stalls
- Oil rises slightly on vaccine hopes, but demand fears cap upside (Overnight Closing)
- Gold range-bound as vaccine zest offsets pandemic resurgence
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