US stocks rallied on Tuesday with the S&P 500 hitting a new record and the Nasdaq Composite notching a record close. Market sentiment was improved significantly after a group a lawmakers unveiled a US$908 billion stimulus plan. Likewise, European stocks closed higher underpinned by the optimism of economic recovery next year with basic resources sector led the gains.
On the local front, the FBM KLCI rebounded 39.55 points or 2.53% to 1602.26 points on bargain hunting activities. This was led by gain in the Finance Index, which increased 2.93%. Market breadth was positive with 760 gainers compared with 479 losers. Following the US markets hitting fresh high, the local bourse is expected to follow suit to test the immediate resistance level of 1615 points.
Stocks to watch are: Vizione has allocated RM30 million to capital expenditure for its recently acquired glove manufacturer, to boost its annual production capacity more than threefold to 1.6 billion pieces of gloves over the next 18 months, from 500 million pieces currently; UWC's 1Q profit nearly doubled on-year, lifted by strong demand from semiconductor, Covid-19 test equipment clients; Samaiden Group has won the bid to develop a 1.2 megawatt biogas power plant in Bachok, Kelantan — its second power plant contract for the month of November; BCorp unit has won exclusive distribution rights for Peugeot vehicles in Malaysia; Uzma has secured a one-year contract from SEA Hibiscus Sdn Bhd for the provision of integrated well services; AME Elite Consortium is looking at establishing and listing a real-estate investment trust (AME REIT) on Bursa Malaysia’s Main Market; Sime Darby is divesting its entire interest in three joint venture companies operating three river ports in Jining in the Shandong Province, China, for a net amount of RMB293.9 million (RM181.6 million), to be realised over a period of three years; Tiong Nam Logistics said there is no material financial and operational impact resulting from the halt in operations of a warehouse in Johor for the purpose of Covid-19 testing of its workers.
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Created by jfapex | Aug 26, 2024
Pesona is valued at RM0.46 based on a Sum of Parts valuation, which also corresponds to a 13.0x 1-year forward PER of the Group’s FY25F EPS of 3.5 sen. This valuation is a discount to Bursa Construc