jfapex
Daily Highlights - 4 December 2020
Market Thoughts
US markets were flat with the S&P coming off its record high while the Dow and Nasdaq eked out small gains. Earlier, European stocks ended mixed amid Brexit uncertainty.
On the local market, the FBM KLCI surged 29.54 points to 1628.26 points. Following the bullish momentum that broke the stubborn resistance of 1615 points, the FBM KLCI could face immediate profit taking before extending its uptrend towards the next resistance of 1645 points.
Among stocks to watch are Menang Corp after two shareholders are seeking the removal of Dr Christopher Shun Kong Leng from the board at its next AGM, Serba Dinamik secured RM466m worth of contracts, Supermax has been added to the FTSE Bursa Malaysia KLCI, following the semi-annual review while KLCC Property and KLCC REIT (KLCCP Stapled) will be removed from the index, UWC Bhd is proposing to undertake a one-for-one bonus issue, Astro 's net profit for the third quarter ended Oct 31, 2020 rose 23.11% to RM164.53 million, and SCIB has bagged two contracts for an estimated total value of RM271.1 million.
Malaysia News & Highlights
Quarterly Results
- Astro's 3Q net profit rises 23% q-o-q on improved margin and lower net finance costs
Company Developments and Outlooks
- Sarawak Consolidated Industries bags two contracts worth RM271m
- Tropicana buys RM78.47m worth of Top Glove shares
- UWC proposes 1-for-1 bonus issue
- Supermax in, KLCCP Stapled Group out of FBM KLCI
- FGV reaffirms commitment to addressing WRO issued by CBP
- JF Technology mulls listing migration to Main Market in 2021
- Menang Corp shareholders seeking removal of director from board
- Sumatec fails to submit 3QFY20 financial statements, share trade suspension continues
Foreign News
- S&P 500 falls slightly from a record on coronavirus vaccine concerns
- European markets close mixed amid Brexit uncertainty
- OPEC and allies agree to gradually increase production
- Gold firms on stimulus bets, weak dollar
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