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Daily Highlights - 9 December 2020
Market Thoughts
US stocks rose to fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. Meanwhile, European stocks closed marginally higher, amid optimism over coronavirus vaccinations and as post-Brexit trade talks between the U.K. and EU continued to yield little progress.
On the local front, the FBM KLCI rose 8.81 points or 0.54% to 1631.70 points, lifted by glove counters. However, market breadth was negative with 594 gainers as compared to 652 losers. The local bourse is expected to trend sideways today to hover below its resistance level of 1645 points.
Stocks to watch are: Inix has signed a memorandum of agreement with World Gloves International Group Sdn Bhd (WGI) to acquire a 51% stake in the latter, as part of its continuous efforts to penetrate into the lucrative rubber glove industry; G Capital said it has received approval in principle from Cambodia's central bank to set up a full-fledged commercial bank in the country with other partners; Johan said its board is in the midst of discussion on a potential new business venture involving glove-related products. However, there are no definitive terms and conditions that are firmed and agreed upon by the company at this juncture, Johan said in a filing with Bursa Malaysia in response to an unusual market activity (UMA) query by the bourse earlier; The Federal Land Development Authority (Felda) is planning to make a mandatory offer of RM1.30 per share for FGV Holdings; MAHB is extending its customised relief package to all its retailers with up to 30% rental rebates beginning January 2021; Pestech has bagged a contract worth RM104.23 million in the Philippines for a 138kV transmission line project; Public Bank has announced a bonus issue of up to 15.53 billion shares on the basis of four new shares for every one existing unit held to reward shareholders and to enhance the trading liquidity of the bank's shares; GDEX and Tasco have inked a memorandum of understanding (MoU) to enhance logistics delivery services between end consumers in Malaysia with domestic and international destinations; Gamuda is aiming for new order book of about RM10 billion for 2021, involving a combination of international and domestic infrastructure projects, according to group managing director Datuk Lin Yun Ling; AirAsia is looking to clinch the final approval for its lending business BigPay by the first quarter of next year Serba Dinamik is looking to raise about RM515.35 million from its private placement to repay bank borrowings and to partly finance its projects; G3 Global has announced a bonus issue of up to 1.86 billion shares, on the basis of three new shares for every one share held, to reward shareholders and boost trading liquidity and marketability of its shares; Hong Seng's unit and RP Integrated Bhd have mutually terminated their medical drugs and vaccines joint venture just two months after signing the deal.
Malaysia News & Highlights
Company Developments and Outlooks
- G3 Global plans three-for-one bonus issue
- Public Bank announces four-for-one bonus issue
- Hong Seng, RP Integrated call off deal to distribute medical drugs from China
- EPF continues trimming stake in Top Glove
- G Capital and partners set to establish new bank in Cambodia
- AirAsia expects to get final approval for BigPay lending business by January
- GDEX partners Tasco to improve logistics delivery services
- Felda to make mandatory offer for FGV at RM1.30 per share, but keeps mum on listing status
- Inix dives deeper into rubber glove business with new stake buy
- Johan Holdings in talks to venture into glove-related business
- Gamuda aims for RM10b new order book
- MAHB to extend relief package to all retailers from January
- Serba Dinamik to raise RM515m from private placement to repay borrowings, fund projects
- Pestech bags RM104m job in Philippines
Economy News
- Excise duty imposed on e-cigarette devices, vape gels and juices from 2021
- Fitch downgrades Petronas IDRs to 'BBB+' with stable outlook, projects RM24-26b dividends per year from 2022-2023
Foreign News
- Stocks rise to record highs, S&P 500 closes above 3,700 for the first time
- European markets close mostly higher amid vaccine optimism, Brexit uncertainty
- Oil declines amid ongoing demand concerns (Overnight Closing)
- Stock futures flat after markets reach record highs, S&P 500 tops 3,700
- Treasury yields slip as Covid-19 cases continue to rise
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