jfapex
Daily Highlights - 14 December 2020
Market Thoughts
US stocks ended lower on Friday as the outlook for additional fiscal stimulus remained uncertain. Meanwhile, European stocks closed lower amid stalling US fiscal stimulus and the deadlock over Brexit talks.
On the local front, the FBM KLCI soared 30.19 points or 1.82% to 1684.58 points on Friday following gains in banking stocks led by Public Bank. However, market breadth was negative with 626 gainers as compared to 690 losers. We expect profit taking activities to weigh on the local bourse today with our support level of 1615 points and resistance level of 1695 points.
Stocks to watch are: IHH Healthcare said it is ready to administer the coronavirus vaccine, once they are rolled out in the 10 countries it operates in. Its managing director and CEO Dr Kelvin Loh Chi-Keon said the company has a trained staff count of 55,000 across 80 hospitals it runs from Turkey to Singapore, as well as cold-storage facilities required to store the shots; JHM is acquiring a 5.59ha vacant leasehold land in Penang for RM27.06 million, cash, to expand its business into the manufacturing of telecommunication equipment; Ipmuda, which was slapped with an unusual market activity query by the bourse earlier, highlighted recent changes in its board of directors, substantial shareholders’ shareholdings, as well as contract wins in its response to stock exchange.
Malaysia News & Highlights
Economics
- DOSM: Malaysia unemployment rate up at 4.7% in October
- Malaysia's three-month IPI growth streak snapped in October on mining slump — DOSM
Company Developments and Outlooks
- Bursa Derivatives to relaunch FM70 futures contract from Dec 14
- Genting-backed biotech firm completes first assessment of Covid-19 treatment trial
- Overwhelming response to MGO, Ekovest now holds 91.24% stake in PLS Plantation
- Ipmuda highlights substantial shareholding changes in UMA reply
- IHH girds for Singapore-to-Turkey vaccine push
- JHM buys land in Penang for RM27.06m to expand into telecommunication equipment manufacturing
Change in Boardroom and Management
- Guocoland MD Edmund Kong resigns to pursue other opportunities
Foreign News
- S&P 500 falls for a third straight day to close out losing week as stimulus uncertainty remains
- European markets close lower as Brexit and U.S. stimulus doubts weigh
- Oil pulls back amid Covid restrictions, but still posts sixth straight week of gains (Overnight Closing)
- China’s iron ore prices spike 10% to a record high on supply concerns
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