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Daily Highlights - 11 December 2020
Market Thoughts
US stocks declined overnight as negotiations over a coronavirus relief deal dragged on. Lawmakers seek to pass a bill before lifelines expire at the end of 2020. Without fresh stimulus, millions of Americans could lose unemployment benefits in the new year. Meanwhile, weekly jobless claims jumped last week to 853,000, the highest total since Sept. 19, as new lockdown restrictions weighed on businesses amid rising coronavirus cases. Earlier, European stocks closed lower Thursday as investors tracked the parlous state of Brexit trade talks, as well as fresh stimulus measures from the European Central Bank (ECB).
On the local front, the FBM KLCI gained 7.86 points to 1654.39 points. The local bourse is expected to extend its uptrend towards resistance level of 1695 points.
Stocks to watch are:
Bermaz Auto Bhd’s (BAuto) net profit for the second quarter ended Oct 31, 2020 rose 22% year-on-year to RM24.79 million versus RM20.39 million, boosted by improvement in domestic sales, Poh Kong Holdings Bhd had a strong kick-off to its new financial year with an 81.1% jump in net profit to RM14.64 million for the first quarter ended Oct 31, 2020, from RM8.08 million a year ago, UMW Holdings Bhd’s automotive segment is on track to meet its full-year sales target, supported by strong sales in November 2020 by both subsidiary UMW Toyota and associate Perodua, Berjaya Land Bhd (BLand), controlled by tycoon Tan Sri Vincent Tan, has continued to accumulate shares in convenience store chain operator 7-Eleven Malaysia Holdings Bhd over the past three months, KUB Malaysia Bhd (KUB) said the fulfilment of the conditions under the Sale and Purchase Agreement signed between its indirect wholly-owned subsidiary KUB Agro Holdings Sdn Bhd, and Beradin Plantation Sdn Bhd, has been extended by 30 days until Jan 8, 2021, BIMB Holdings Bhd (BHB) has obtained approval from the Minister of Finance and Bank Negara Malaysia for its proposed internal reorganisation and distribution and capital repayment, which will pave the way for the transfer of its listing to its subsidiary, Bank Islam Malaysia Bhd, Cymao Holdings Bhd responded to Bursa Malaysia's unusual market activity query saying the group is in the final stage of discussion with several parties on a potential new viable business venture to reduce the plywood maker's reliance on its core business and AirAsia Group Bhd group CEO Tan Sri Tony Fernandes was quoted as saying that the company is currently in discussion with India-based conglomerate Tata Group on the future of their joint venture, AirAsia (India) Ltd.
Malaysia News & Highlights
Company Developments and Outlooks
- Wholesale, retail trade sales down 0.8% in October — DOSM
- Petronas sells shares in MISC and KLCCP Stapled Group
- Berjaya Land spends RM11m to mop up 7-Eleven shares
- KUB indirect unit gets extension for proposed disposal of oil palm estates
- UMW's automotive business on track to meet full-year target
- Top Glove chairman's turn to buy company shares
- BIMB gets approval from MoF, BNM to transfer listing to Bank Islam
- AirAsia Group in discussion with Tata on Indian JV's future, says Fernandes
- Plywood maker Cymao in final stage of discussion on new business
Company Quarterly Results
- Poh Kong’s quarterly profit jumps 81% on improved business after easing of MCO
- BAuto’s 2Q net profit climbs 22% y-o-y as Govt measures boost domestic sales
Foreign News
- Stocks close little changed as stimulus negotiations drag on, unemployment data disappoints
- European markets close lower as Brexit uncertainty weighs; ECB boosts stimulus
- Oil jumps to 9-month high, Brent settles above $50 for first time since March (Overnight Closing)
- Treasury yields fall as investors monitor stimulus talks
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