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Daily Highlights - 7 December 2020
Market Thoughts
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.
Malaysia News & Highlights
Company Developments and Outlooks
- Polymer Link to be delisted from Bursa Malaysia on Dec 9
- Yong Tai to collaborate with Chinese company in Covid-19 vaccine development, distribution in Malaysia
- EPF continues selling Top Glove shares, trimming stake to 5.72%
- Resorts World Casino New York City says it generated over US$3b for New York Lottery's education fund since 2011
- Gamuda Water vehicle issues SPLASH receivables-backed bonds
- Widad subsidiary secures Langkawi’s Kuah Jetty contract
- MyEG gets three-year extension to provide e-govt services
Foreign News
- Dow jumps more than 200 points to a record even after a big U.S. jobs report miss
- European markets close higher with U.S. stimulus, Brexit in focus
- Oil jumps to highest level since March after OPEC+ reaches a supply compromise (Overnight Closing)
- Britain and EU to resume talks in final push for Brexit trade deal
- Ivory Coast and Hershey kiss and make up in cocoa premium spat
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