jfapex
Daily Highlights - 10 December 2020
Market Thoughts
US stocks declined overnight and came off record high levels as investors assess progress on the coronavirus fiscal stimulus. Meanwhile, European stocks closed higher amid optimism over coronavirus vaccinations and progress in the post-Brexit trade talks between the U.K. and EU.
On the local front, the FBM KLCI surged 14.83 points to 1646.53 points following gains in banking counters. The local bourse is expected to take a breather and trend sideways below its resistance level of 1650 points.
Stocks to watch are:
Top Glove Corp Bhd's first-quarter (1QFY21) net profit surged to RM2.38 billion from RM111.43 million a year earlier, as revenue rose to RM4.76 billion from RM1.21 billion, Kumpulan Powernet Bhd (KPower) has bagged a contract worth RM296 million for a mini-hydropower plant in Perak, My EG Services Bhd (MyEG) is planning to raise up to RM407 million via placement to fund the development of hostels for foreign workers under an ongoing project, develop healthcare-related services, and to buy fixed assets like kiosks for the online renewal of car and motorcycle road tax under its e-government concession business, Public Bank Bhd has denied any involvement in a joint venture with G Capital Bhd to set up a new full-fledged commercial bank in Cambodia, Cymao Holdings Bhd has been slapped with an unusual market activity (UMA) query on the sharp rise in its share price and volume recently, AWC Bhd has secured a hospital support services contract from the Health Ministry worth RM107.89 million, India-based conglomerate Tata Group will stop dues payment by AirAsia (India) Ltd to AirAsia Group Bhd, if the latter does not provide funding to their low-cost airline joint venture before Dec 31, 2020 and the government has decided to withdraw the approval of indirect property acquisition by Tamaco Plantation Sdn Bhd from TH Plantations Bhd.
Malaysia News & Highlights
Company Developments and Outlooks
- Top Glove 1Q net profit surges to RM2.38b, declares 16.5 sen dividend
- Top Glove expects Klang factories to be fully operational in next two to three weeks
- MyEG plans RM407m placement to develop healthcare-related services, fund foreign workers hostels
- Moody’s completes rating review of Axiata, says BCA constrained by shareholder returns commitment, high capital spending
- Tata to stop paying dues to AirAsia Group if latter fails to invest in Indian JV by Dec 31 — report
- Govt withdraws approval of indirect property acquisition by Tamaco
- Petronas Gas extends steam supply to Japan-owned Polyplastics
- AWC secures RM108m hospital support services contract
- KPower bags RM296m hydropower project in Perak
Foreign News
- Dow falls more than 100 points as tech drop pushes stocks off record highs
- European markets close higher as investors monitor Brexit talks; STMicro falls 12%
- Oil Plunges After EIA Reports Huge Crude Build (Overnight Closing)
- UK-EU leaders set Sunday deadline for Brexit talks, after meeting fails to break the deadlock
- China’s Covid vaccine from Sinopharm is 86% effective, UAE says
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