Daily Highlights-7 January 2021

jfapex

Publish date: Thu, 07 Jan 2021, 08:50 AM

Market Thoughts

US markets ended mixed with the Dow surging to a record high with investors optimistic about the prospects of additional fiscal stimulus as results from the runoff elections in Georgia rolled in. Meanwhile, the S&P also climbed but the Nasdaq ended lower as markets were largely unaffected by the chaos in Washington Wednesday caused by pro-Trump rioters at the U.S. Capitol. Earlier, European stocks advanced amid US political developments and concerns over the coronavirus which saw England and Germany extending lockdowns.

On the local market, the FBM KLCI plunged 16.38 points or 1.02% to 1591.97 points. Following the positive performance in Wall Street, the FBM KLCI could stage a rebound after coming off its support at 1590 points.

Among stocks to watch are Top Glove Corp Bhd after BlackRock, which holds a 1.61% stake voted against the election of six independent directors at the AGM yesterday, Hartalega Holdings Bhd and its two subsidiaries are suing its former executive director Danaraj Nadarajah, Techfast Holdings Bhd plans to diversify into petroleum trading and oil bunkering by acquiring a 35% stake in a company that supplies marine fuels for RM26.25m, LBS Bina Group Bhd plans to launch projects worth an accumulated gross development value of RM2.65 billion this year, Censof Holdings Bhd has bagged a RM10.12 million contract from the Ministry of Finance for its budget management information system, Cymao Holdings Bhd, which was issued an unusual market activity (UMA) query by Bursa Malaysia yesterday, said it is unaware of any corporate development, apart from its proposed diversification into construction and project management, Sanichi Technology Bhd has emerged as a substantial shareholder of BCM Alliance Bhd, after acquiring 50.77 million shares or a 10.54% stake in the company via off-market trades, and Yong Tai Bhd, which last month proposed the development of a China-based company’s Covid-19 vaccine in Malaysia, today signed up Tiong Nam Logistics Holdings Bhd to provide distribution services for the vaccine.

Malaysia News & Highlights

Economics

At least 40% of ECRL civil works worth RM10b to be awarded to local firms

Company Development and Outlooks

Sanichi Technology emerges as a substantial shareholder of BCM Alliance
Awantec partners with Huawei to drive digitalisation of Malaysia’s public sector
Top Glove factories resume operations with reinforced health and safety SOPs
Supercomnet reclassified under healthcare sector
LBS plans to launch RM2.65 bil GDV of projects in 2021
Techfast to diversify into petroleum trading and oil bunkering

Contract Secured and Awards

Censof bags RM10m contract from MoF
Yong Tai inks deal with Tiong Nam for Covid-19 vaccine distribution

Foreign News

Dow, S&P 500 close higher, but pro-Trump protests weigh on gains
European markets close higher as coronavirus and Georgia runoff remain in focus
Oil jumps to highest since Feb. after larger-than-expected inventory draw, U.S. election in focus (Overnight closing)
Gold slides more than 2% as dollar rebounds, Treasury yields jump (Overnight closing)

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