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Daily Highlights-14 January 2021
Market Thoughts
US markets ended mixed with the Dow falling while the S&P and Nasdaq posted gains after Federal Reserve officials said interest rates will not be raised. Earlier, European stocks climbed amid vaccine rollout and lockdown measures in the region.
On the local market, the FBM KLCI surged 24.65 points or 1.53% to 1636.69 points. Following the mixed performances in the US and Europe, the FBM KLCI could hover sideways below the resistance of 1650 points.
Stocks to watch are: AE Multi has bagged another project to set up the production facility for PNE PCB, a new entrant to the rubber glove industry; Dayang Enterprise has won a contract extension from Sarawak Shell Bhd. The group said its wholly-owned subsidiary DESB Marine Services received the contract extension for the provision of an accommodation workboat, Dayang Opal; The Inland Revenue Board has renewed a contract worth RM35.3 million for HeiTech Padu for supply, delivery and renewal of CA Gen software, Access Gen (TSO) and Composer Report for the mainframe system; Eco World Development said the property developer’s board has decided not to pursue the proposed merger with rival UEM Sunrise following careful evaluation of the merger alongside EcoWorld’s own business plans and the current challenging environment with the re-implementation of the Movement Control Order (MCO); Chin Hin Group Property has proposed to acquire a 1,943 sq metre piece of vacant land in Kuala Lumpur for RM20.91 million to develop office lots; WCT said a judicial committee has upheld the Dubai Court of Appeal's decision that recognises a final award of RM1.2 billion in favour of the company in its dispute with Meydan Group LLC over the Nad Al Sheba Dubai Racecourse project; Greatech Technology is buying 5.9 acres of leasehold land in Penang for RM13.37 million from the Penang Development Corp; Aeon Credit has been granted a renewal for its money-lending licence under the Moneylenders Act 1951 and Moneylenders (Control and Licensing) Regulations 2003 by the Ministry of Housing and Local Government; Genting Malaysia’s Resorts World Genting (RWG) has issued a notice that it anticipates a decline in number of visitors following the implementation of the MCO, Conditional MCO (CMCO) and Recovery MCO (RMCO). It said it will be operating at a lower capacity and that some of its offerings may not be available from Jan 13, 2021; Wintoni has been granted a further extension of time to appoint a replacement sponsor and submit its regularisation plan.
Malaysia News & Highlights
Company Development and Outlooks
- Wintoni secures more time to submit regularisation plan
- AE Multi to build factory for new glove entrant PNE PCB
- MARC assigns MARC-1IS and A+IS ratings to George Kent’s sukuk programmes
- Chin Hin buys KL land for RM21m to develop office lots
- WCT says judicial panel in Dubai upholds court decision in RM1.2b award in its favour
- Greatech buys land in Batu Kawan to expand capacity
- Aeon Credit's money-lending licence renewed for two years by Local Govt Ministry
- AirAsia's digital platform eyes more airline partnerships
- EcoWorld says not pursuing UEM Sunrise merger
- Landmarks confirms major fire incident at The Andaman resort in Langkawi
- PetDag, Maxis partner on big data analytics, converged solutions
Contract Secured and Awards
- Dayang Enterprise wins contract extension from Sarawak Shell
- HeiTech Padu bags contract renewal from IRB worth RM35m
Foreign News
- S&P 500 and Nasdaq close slightly higher, led by tech shares
- European markets close higher with vaccine rollout and containment measures in focus
- Oil declines as demand woes overshadow U.S. inventory drop (Overnight closing)
- Biden to unveil new Covid stimulus plan, hopes for bipartisan support
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