jfapex

Daily Highlights - 8 December 2020

jfapex
Publish date: Tue, 08 Dec 2020, 08:29 AM
jfapex
0 116
JF Apex Research
Market Thoughts

 

The Dow Jones Industrial Average and S&P 500 fell on Monday following a record-setting session as traders worried about rising coronavirus cases and searched for clues on additional fiscal aid. The Nasdaq Composite, meanwhile, rose 0.5% to 12,519.95 and hit a fresh record high. On the other hand, European stocks closed lower as market focus in the region centered on a last-ditch effort between the U.K. and EU to reach a post-Brexit trade deal.

  

On the local front, the FBM KLCI was ended flat yesterday, gaining 1.04 points to 1622.89 points. Market breadth was positive with 697 gainers as compared to 664 losers. Trading volume increased to 16494.84 mil shares worth RM7229.07 mil as compared to Friday’s 14216.05 mil shares worth RM6751.00 mil. Following the mixed performances posted by the overseas markets, the local bourse is expected to trend sideways below its resistance level of 1645 points.

 

Stocks to watch are: Yong Tai Bhd has announced a private placement to raise up to RM92.02 million to be used to fund the development of its Impression City and Impression U-Thant projects, as well as for working capital. The private placement will consist of up to 20% of its total number of shares to independent third party investors to be identified later; MyEG has entered into a cooperation with Anhui Zhifei Longcom Biopharmaceutical Co Ltd (Zhifei), via a memorandum of understanding, to obtain Malaysian halal certification for the Chinese biopharma company’s Covid-19 vaccine and to exclusively distribute the vaccine in Malaysia for a three-year period; Former inspector-general of police (IGP) Tan Sri Mohamad Fuzi Harun has resigned from his role as Inix's independent and non-executive chairman, five days after his appointment. Succeeding the former IGP as Inix's chairman will be Tan Sri Syed Mohd Yusof Tun Syed Nasir; MTD ACPI Engineering has received an offer from its controlling shareholder MTD Capital Bhd to take the construction engineering firm private via a selective capital reduction and repayment exercise (SCR); Masteel has proposed a rights issue with free detachable five-year warrants to raise up to RM81.5 million, which would be used for mainly working capital requirements, and repayment of bank borrowings; Solarvest has secured a contract from Southern Cable to install a 2.7 megawatt (MW)-peak rooftop solar PV system on its cable and wires manufacturing facility in Kuala Ketil, Kedah; Tropicana Corp announced a couple of boardroom changes, including the resignation of an independent director and the redesignation of one to a senior independent director's post, while the company was asked to justify its recent acquisitions of RM78.47 million worth of shares in Top Glove Corp Bhd.

 

 

Malaysia News & Highlights

 

Company Developments and Outlooks

  • Yong Tai to raise up to RM92m via private placement
  • Masteel seeks to raise up to RM81.5m from rights issue
  • Tropicana director resigns while Bursa queries group about Top Glove share buy
  • Two more firms join the vaccine distribution club
  • EPF disposes of another 7.15m shares in Top Glove, reducing stake to 5.63%
  • MTD ACPI Engineering gets offer from controlling shareholder to take company private
  • Maybank among participating banks in newly launched Singapore Financial Data Exchange
  • Batu Kawan makes formal offer for remaining CCM shares at RM3.10 each
  • Solarvest, Satria Megajuta secure solar PV contracts
  • Inix chairman ex-IGP Mohamad Fuzi Harun quits five days after appointment
 

Foreign News

 

  • Dow falls more than 100 points as Covid-19 cases continue to rise, Nasdaq hits record
  • European markets close lower as last-ditch Brexit talks take place
  • Oil Prices Sink As OPEC+ Hype Wears Off (Overnight Closing)
  • World Economic Forum to be held in Singapore in May
  • FDA could authorize Pfizer’s Covid vaccine this week as U.S. deaths surge

 

More articles on jfapex
Pesona Metro Holdings Berhad - Building the Future

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

Daily Highlights-21 January 2021

Created by jfapex | Jan 21, 2021

Daily Highlights-20 January 2021

Created by jfapex | Jan 20, 2021

Daily Highlights-19 January 2021

Created by jfapex | Jan 19, 2021

Daily Highlights-18 January 2021

Created by jfapex | Jan 18, 2021

Daily Highlights-15 January 2021

Created by jfapex | Jan 15, 2021

Daily Highlights-14 January 2021

Created by jfapex | Jan 14, 2021

Daily Highlights-13 January 2021

Created by jfapex | Jan 13, 2021

Daily Highlights-12 January 2021

Created by jfapex | Jan 12, 2021

Daily Highlights-11 January 2021

Created by jfapex | Jan 11, 2021