US stocks rose to record levels on Friday as investors shook off a disappointing US jobs report and looked forward to an additional fiscal stimulus. Similarly, European markets closed higher amid potential US stimulus package and a last-minute Brexit trade deal.
On the local front, the FBM KLCI lost 6.41 points or 0.39% to 1621.09 points. Market breadth was negative with 731 losers as compared to 580 gainers. Following the US markets hitting fresh high, the local bourse is expected to follow suit to test the resistance level of 1645 points.
Stocks to watch are: MyEG has secured a three-year extension for the e-government services it provides, from May 23, 2020 to May 22, 2023; Widad’s wholly-owned subsidiary Widad Builders Sdn Bhd (WBSB) has secured from the Marine Department Malaysia, a RM21.38 million contract involving the management and maintenance of the Kuala Perlis, Kuala Kedah and Langkawi’s Kuah passenger jetty and terminal for five years; Yong Tai has entered into a heads of agreement with China-based Shenzhen Kangtai Biological Products Co Ltd (SZKT) for a proposed collaboration on the development and exclusive commercialisation of the latter's inactivated Covid-19 vaccine in Malaysia; Inix has entered into a Memorandum of Agreement with L & S Gloves Sdn. Bhd (LSG) on the sale and purchase of 51% shares in the issued share capital of LSG together with the existing factory inclusive of 2 existing rubber glove production lines.
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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