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Daily Highlights-11 January 2021
Market Thoughts
On Friday, US markets rose to record high levels amid potential stimulus aid by President Biden and worse-than-expected unemployment data. Earlier, European stocks advanced on news on vaccines and hopes of economic recovery.
On the local market, the FBM KLCI jumped 30.24 points to 1633.19 points following strong gains in glove counters. Following concerns of rising COVID-19 cases in Malaysia, buying interest in glove counters could persist and therefore lift the FBM KLCI to test its immediate resistance of 1650 points.
Stocks to watch are: VS Industry has set aside RM200 million in capital expenditure (capex) for FY21 to expand and enhance its capacity and capabilities; A subsidiary of Bintai Kinden has been appointed by South Korea’s SLAB Asia Co Ltd, as the exclusive distributor for the Greenie Medi Cold Chain Box designed for the storage and distribution of Covid-19 vaccines in Malaysia; Sentoria is selling two parcels of land measuring 747,069 sq m collectively in Kedah for RM27.9 million, to repay bank borrowings; APFT will be delisted from Bursa Malaysia on Jan 13, after the bourse dismissed the company’s appeal for an extension of time to submit its regularisation plan for approval.
Malaysia News & Highlights
Economics
- Malaysia's December palm oil exports up 20.4% — AmSpec Agri
- Khazanah sells another 5.18% stake in India's IDFC for US$44m
- BNM international reserves up at US$107.6b as at Dec 31, 2020
Company Development and Outlooks
- Axiata denies part-financing Nepali local partner’s purchase of stake in Ncell
- Genting unlocks value of life science division via potential listing of SPAC
- EPF’s stake in Top Glove drops below 5% as it lends out more script for regulated short selling
- Sentoria sells two plots of land in Kedah for RM27.9m to repay borrowings
- APFT fails to win more time to submit regularisation plan, to be delisted on Jan 13
- Five SKP Resources employees test positive for Covid-19
- VS Industry allocates RM200 million capex for FY21
- Bintai Kinden unit appointed exclusive Covid-19 vaccine distributor for Greenie Medi Cold Chain Box in Malaysia, Southeast Asia
- Thai AirAsia says latest virus outbreak has dented business
Foreign News
- Stocks close at record highs, post weekly gain to start 2021
- European markets log best week in around two months on recovery hopes, vaccine news
- Gold, silver slump as U.S. political risks fade, yields gain
- Oil hits highest level since February, posts ninth positive week in 10 (Overnight closing)
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