Daily Highlights-8 January 2021

jfapex

Publish date: Fri, 08 Jan 2021, 08:50 AM

Market Thoughts

US markets rose overnight with all three major indexes hitting record highs after Congress confirms Joe Biden as president. Similarly, European stocks advanced following political developments in the US.

On the local market, the FBM KLCI rose 10.98 points or 0.69% to 1602.95 points. Following the positive performance in Wall Street, the FBM KLCI could extend its rebound with support at 1590 points.

Stocks to watch are: Tomei is mulling over the listing of its design and manufacturing of jewellery arm through a special purpose vehicle on the ACE Market; Bintai Kinden's partner Generex Biotechnology Corp has filed for a trademark for its li-Key vaccine, to be known as "The Complete Vaccine", and patent for its li-Key SARS-CoV-2 vaccine; Circuit board maker PNE PCB is venturing into the rubber gloves manufacturing and distribution space. The group plans to set up five production lines with each making approximately 300 million pieces per year; CN Asia said it will apply for a digital banking licence to offer services for women. The group said it had signed a memorandum of understanding with Intcys Sdn Bhd, under which it plans to invest RM400 million in the establishment of a consortium to provide digital banking for women.; TIME dotCom has acquired a 60% stake in Malaysia’s leading private cloud computing provider AVM Cloud Sdn Bhd for RM58.7 million. TIME said the acquisition marks the group’s efforts in accelerating the growth of cloud computing as the newest pillar of its business, alongside fixed line services, global network connectivity and data centres; KESM’s executive chairman and CEO Sam Lim announced a new investment of a factory space of more than 100,000 sq ft in Melaka to support future growth in burning and test of automotive semiconductors, in anticipation of the business recovery; The sales tax exemption introduced by the government in the middle of last year propelled strong sales for UMW Holdings in the second half of the year, resulting in 59,320 units of Toyota vehicles and 220,154 units of Perodua automobiles being sold last year, exceeding its 2020 targets of 53,000 vehicles under the Toyota marque and 210,000 units of Perodua automobiles; Bursa Malaysia has issued an unusual market activity (UMA) query to BSL due to the sharp rise in the group’s share price and trading volume.

Malaysia News & Highlights

Economics

Agri-commodity sector recorded 10.6% trade value growth in January to November, says Khairuddin

Company Development and Outlooks

Petronas takes over Sarawak offshore gas hub from Shell

CN Asia to offer digital banking services for women

Bintai Kinden's partner Generex files trademark and patent for Covid-19 vaccine

Tomei looking at listing jewellery design and manufacturing arm on ACE Market but unsure of timeline

Oriental Interest plans bonus issue and rights issue with warrants

TIME dotCom buys 60% stake in cloud computing firm AVM

PNE PCB ventures into rubber glove production, distribution

Foreign News

Wall St tops new highs on Democrat-driven stimulus hopes

European markets close higher after U.S. Congress confirms Biden election win

Oil rises as supply constraints retain focus amid U.S. Capitol drama (Overnight closing)

Gold falls on firmer dollar and U.S. yields (Overnight closing)

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