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Daily Highlights-4 January 2021
Market Thoughts
US markets surged on Thursday with the Dow hitting a record high following better-than-expected unemployment data. Earlier, European stocks declined following concerns on the coronavirus and Brexit uncertainty.
On the local market, the FBM KLCI plunged 17.20 points to 1627.21 points on the last trading day of the year. Following the mixed performances in the US and Europe, the FBM KLCI could trend sideways below the resistance of 1650 points.
Stocks to watch are: Mudajaya said its 76%-owned indirect subsidiary Bera Hydropower Sdn Bhd has been selected as one of the successful bidders in a competitive Feed-in Tariff e-bidding small hydro tender exercise by the government; Hong Seng said it is acquiring a 60% stake in Neogenix Laboratoire Sdn Bhd for RM6.5 million. Neogenix is a medical diagnostic and research laboratory and provides more than 76 tests ranging from infectious diseases, oncology, precision medicine, generic tests and et cetera. Separately, the group also said it is acquiring a 32% stake in eMedAsia Sdn Bhd for RM3 million. eMedAsia currently runs a medical digital platform, which provides online clinic appointments and an e-commerce marketplace for clinics to purchase pharmaceutical, medical and healthcare supplies; The Roundtable on Sustainable Palm Oil (RSPO) has launched an immediate investigation into new violations by Sime Darby Plantation as alleged by the US Customs and Border Protection (CBP) following the issuance of a withhold release order against the company's palm oil at all US ports of entry; Top Builders Capital has obtained court orders to restrain its creditors from taking action against the group and its assets, as well as to summon them to attend meetings for the purpose of discussing restructuring arrangements; Construction counters following the news of Malaysia and Singapore have decided to terminate the Kuala Lumpur-Singapore High Speed Rail (HSR) project as both countries could not reach an agreement on several changes that the Malaysian government proposed.
Malaysia News & Highlights
Economics
- China remained Malaysia's largest trading partner for 11th year — DOSM
- BNM rolls out policy document on licensing for digital banks, sets June 30 deadline for application submission
Quarterly Results
- Cypark sees earnings recovery in 4Q as movement restrictions ease
Company Development and Outlooks
- RSPO probes US ban on Sime Darby Plantation palm oil, claims no red flags from earlier audit
- Public Mutual declares distributions of RM79m for 11 funds
- Top Builders gets court orders to restrain creditors from taking action pending discussion
Contract Secured and Awards
- Mudajaya unit wins small hydro project bid in Pahang
Foreign News
- Wall St closes out wild pandemic year with Dow, S&P at records
- European shares post 3.8% loss for 2020 as coronavirus dominates; FTSE has worst year since 2008
- Oil tumbles 20% in 2020 amid unprecedented demand loss from Covid (Overnight Closing)
- China's factory recovery moderates as higher costs slow business
- China gives its first Covid-19 vaccine approval to Sinopharm
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