jfapex
Daily Highlights-12 January 2021
Market Thoughts
US markets declined overnight as stock pulled back from record highs over concerns of expensive valuations amid the pandemic and political turmoil. Earlier, European stocks tumbled following concerns on rising coronavirus cases.
On the local market, the FBM KLCI plunged 15.94 points or 0.98% to 1617.25 points. Following the negative performances in the US and Europe, the FBM KLCI could remain pressured and extend its downtrend towards the support of 1570 points.
Stocks to watch are: Hubline has secured a RM63.22 million contract from the Sarawak Health Department to provide aircraft and helicopters for the flying doctor service, medical evacuation service and other ancillary health services to the latter; HLT Global has proposed to acquire the remaining 45% stake in its 55%-owned rubber glove subsidiary for RM90 million. The group said plans to acquire the stake in HL Rubber Industries Sdn Bhd via the issuance of 90 million new HLT shares at RM1 per share; Advancecon has signed two power purchase agreements (PPAs) to generate a total of 994-kilowatt peak (kWp) under the Net Energy Metering scheme; Three shareholders of Asia Media are seeking to replace four of the company’s existing directors with new ones.
Malaysia News & Highlights
Economics
- Malaysia's IPI contracts for second straight month in November 2020 on mining slump
- Manufacturing sales grow 2.1% in November 2020
- MoH, Pfizer sign manufacturing and supply agreement for Covid-19 vaccines
Company Development and Outlooks
- AirAsia Group 'joined at hip' with Airbus despite cancellations — Tony Fernandes
- Advancecon signs PPAs with total solar generating capacity of 994 kWp
- Asia Media shareholders call for removal of directors
- HLT Global to acquire balance 45% stake in glove making unit for RM90m
Contract Secured and Awards
- Hubline's unit bags RM63.22 mil contract
Foreign News
- Stocks close lower to start the week, pull back from all-time highs amid valuation concerns
- European markets close lower as investors focus on U.S. stimulus and virus; Tui continues slide
- Oil little changed as renewed lockdowns balance output restrictions (Overnight closing)
- Stock futures flat after Monday’s session breaks winning streak
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