Daily Highlights - 29 December 2020

jfapex

Publish date: Tue, 29 Dec 2020, 09:03 AM

Market Thoughts

U.S. stocks jumped to record highs yesterday following the US President Donald Trump signed a $900 billion economic relief bill. Meanwhile, the House will vote on increasing the second round of federal direct payments to $2 trillion as Democrats welcomed Trump’s calls to put more money into American’s pockets. Likewise, European markets rallied as inspired by signing of US economic relief bill into law.

On the local front, the FBM KLCI gained 2.73 points or 0.17% to settle at 1643.90 points yesterday. Market breadth was positive with 701 gainers compared to 549 losers. We expect the local bourse to trade positively today as underpinned by the overnight gains in the overseas markets with our resistance level of 1695 points.

Stocks to watch are: Kerjaya Prospek announced it has won a RM61.9 million contract from Aspen (Group) Holdings Ltd, to develop a proposed residential project in Penang; Chin Hin plans to acquire a 51.5% stake in Chin Hin Group Property for RM88.86 million from its chairman Datuk Seri Chiau Beng Teik and his family. The group also announced a bonus issue of 278.19 million shares, on the basis of one bonus share for every two ordinary shares held in Chin Hin on an entitlement date to be fixed; CN Asia, which was slapped with an unusual market activity (UMA) query by the stock exchange regulator earlier today, said it is unaware of any reason that could account for the recent sharp rises in its share price and trading volume; Kotra Industries' wholly owned unit Kotra Pharma (M) Sdn Bhd has announced voluntary product recall for Axcel Mometasone 0.05% w/w Nasal Spray as it "may not have met the Pharmacopeia microbial specifications"; A foreign worker dormitory of Lii Hen in Muar, Johor has been put under Enhanced Movement Control Order (EMCO) after seven of its employees tested positive for Covid-19; New Hoong Fatt reported that 94 of its employees tested positive for Covid-19 after a planned screening involving 314 employees at its factory in Meru, Klang; Hong Seng Consolidated is acquiring a plot of land in Kedah Rubber City (KRC) for RM45.74 million, to build and operate a plant that manufactures nitrile butadiene latex, a core material used in the making of nitrile gloves; ICT software service provider Prestariang Bhd will be traded and quoted on the main board of Bursa Malaysia under the new stock name "AWANTEC", effective Dec 29, following its name change to AwanBiru Technology (Awantec).

Malaysia News & Highlights

Economics

Malaysia imposes provisional anti-dumping duties on steel imports from Indonesia, Vietnam
November exports 4.3% higher at RM84.43b — MITI
Malaysian business sentiment remains muted for 1Q21, says Dun & Bradstreet

Company Development and Outlooks

Hong Seng to buy land in Kedah Rubber City for RM45.74m to set up nitrile butadiene latex plant
New Hoong Fatt shuts down metal parts production temporarily after 94 staff tested positive for Covid-19
Lii Hen's foreign worker dormitory under EMCO until Jan 5 after seven staff infected
Kotra recalls four batches of Axcel Mometasone Nasal Spray
Chin Hin to buy 51.5% stake in Chin Hin Group Property from Chiau family for RM88.86m; announces bonus issue

Contract Secured and Awards

Kerjaya Prospek secures RM61.9 million residential project from Aspen

Foreign News

Dow jumps 200 points to record as traders cheer stimulus bill signing
European markets close sharply higher after Trump signs Covid relief bill into law
Oil erases early gains, settles lower as demand fears weigh (Overnight Closing)
China’s economy is still months away from a full recovery, business survey finds
Novavax starts late-stage trial of Covid-19 vaccine in United States

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