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Daily Highlights-6 January 2021

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Publish date: Wed, 06 Jan 2021, 08:56 AM
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Market Thoughts

 

US markets rose overnight and ended slightly higher as investors waited for results from Georgia's runoff elections. Earlier, European stocks ended lower amid concerns over the spreading of coronavirus.

 

On the local market, the FBM KLCI gained 5.78 points to 1608.35 points. Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways above the support of 1590 points.

 

Stocks to watch are: AT Systematization is suing the shareholders of Pearl Glove (Malaysia) Sdn Bhd to recover RM4.4 million, after abandoning its planned purchase of the glove maker. AT Systematization said AT Glove had signed an agreement dated June 26, 2020, with the shareholders to purchase their shares in Pearl Glove for RM3.44 million. A deposit of RM687,800 was initially paid to the shareholders; Ecobuilt has secured a RM72.32 million contract to undertake the construction of a retail and commercial suites project in Kota Kinabalu, Sabah; Eonmetall plans to dispose of a parcel of land in mainland Penang with a building erected on it for RM58.8 million. The group said it expects to incur a gain of RM4.34 million; KPower inked an agreement to supply polymerase chain reaction (PCR) tests for Covid-19 in Indonesia for a minimum contract price of US$6 million (RM24.05 million). The group also said it would be acquiring a 70% stake in Granulab (M) Sdn Bhd for RM1 million from Sirim Bhd’s wholly-owned subsidiary Sirim Tech Venture Sdn Bhd. Granulab is a medical device manufacturing company for gradual synthetic bones graft “Granumas”; Cymao, whose shares jumped 28% yesterday, has received an unusual market activity (UMA) query from Bursa Malaysia; Euro Holdings, whose share price surged to an all-time high of RM3.84 at the midday break yesterday, triggering an unusual market activity (UMA) query from Bursa Malaysia; Minho said its paper manufacturing subsidiary temporarily halted operations for four days, after 21 workers at its premises tested positive for Covid-19 on Dec 31, 2020; ATA IMS has temporarily shut down operations of all its factories in Johor, due to a high daily number of Covid-19 infections; Kimlun plans to buy an 11.12-acre freehold commercial land in Bandar Seri Alam, Johor Baru for RM40.5 million.

 

Malaysia News & Highlights


Economics

  • MPOC: Palm oil production to increase to 19.6 million tonnes in 2021

Company Development and Outlooks

  • Kimlun to buy JB land for RM40.5m for commercial development
  • ATA IMS suspends all factory ops for a week on account of high Covid-19 cases in Johor Bahru
  • MCT to launch seven projects this year
  • Minho's paper manufacturing unit finds 21 workers infected with Covid-19
  • Top Glove's chairman bought more shares when share price sagged on Jan 4
  • Eonmetall disposes of land in Seberang Perai for RM58.8m
  • AT Systematization sues glove firm’s shareholders to recover money after cancelling acquisition

Contract Secured and Awards

  • Ecobuilt secures RM72m construction contract in Sabah
  • KPower signs RM24m deal to supply PCR Covid-19 tests in Indonesia

Foreign News

  • Dow closes more than 150 points higher as oil surges, Georgia runoffs loom
  • European markets close lower with coronavirus spread, Georgia runoff in focus
  • OPEC+ reportedly nearing compromise on holding oil output steady(Overnight closing)
  • Global semiconductor sales 7% higher year-on-year in November — SIA

 

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