Daily Highlights-20 January 2021

jfapex

Publish date: Wed, 20 Jan 2021, 09:12 AM

Market Thoughts

Wall Street started the week with modest gains ahead of President-elect Joe Biden’s inauguration. The Dow rose more than 100 points on Tuesday, while the S&P 500 gained 0.8%, snapping a two-day losing streak. The Nasdaq Composite rallied 1.5% as big technology stocks rebounded from last week’s sharp losses. Earlier, European stocks fell as investors monitored hopes for economic recovery and the confirmation speech of incoming U.S. Treasury Secretary Janet Yellen.

On the local market, the FBM KLCI dropped 7.64 points or 0.47% to 1601.88 points. Following the positive performance in Wall Street, the FBM KLCI could stage a rebound with support at 1570 points.

Stocks to watch are: T7 Global has won a contract extension from Petronas Carigali Sdn Bhd to provide underwater inspection services using a mini remotely-operated vehicle; Beshom Holdings Bhd (Beshom) will take over the listing status of Hai-O Enterprise under a corporate exercise where Beshom will focus on multi-level marketing, manufacturing, property while Hai-O will concentrate on wholesale and retail business; Bioalpha has proposed to undertake a rights issue of up to 83.34 million new shares and up to 208.34 million new irredeemable convertible preference shares (ICPS) to raise funds primarily for the group's working capital requirements; Boustead Holdings said it will not be able to comment at this juncture on a media report, on the intention of Lembaga Tabung Angkatan Tentera (LTAT) to privatise the group via selective capital reduction and repayment; Jade Marvel said the group and JSC Land Sdn Bhd have mutually agreed to terminate their joint venture agreement (JVA) to develop a project in mainland Penang; KIP REIT has reported a 5.7% drop in net property income (NPI) for its second quarter ended Dec 31, 2020 to RM13.9 million from RM14.73 million a year ago, as the trust continues to be affected by the movement control order (MCO); Sentral REIT saw its NPI slip 2.4% to RM29.44 million in the fourth quarter ended Dec 31, 2020 from RM30.15 million a year ago, due to lower revenue and higher unrealised rental income.

Malaysia News & Highlights

Economics

Entire nation to come under MCO except Sarawak — Ismail Sabri
CIDB extends period of Prihatin initiatives to March 31

Quarterly Results

Sentral REIT posts slightly lower NPI in 4Q, to pay 3.65 sen DPU
KIP REIT's 2QFY21 NPI down 5.7%, declares 1.59 sen DPU

Company Development and Outlooks

Petronas awards offshore project in Mexico to Pacific Khamsin drillship — report
i-Stone subsidiaries to resume ops after employees test negative for Covid-19
Boustead Holdings not able to comment on report speculating on company’s privatisation by LTAT via SCR
Asia Media expects legal advisers to take 3-4 months to probe RM103m losses
Two Menang Corp shareholders call for EGM to seek boardroom changes
Hai-O to transfer listing status to BesHo
Jade Marvel terminates JVA for development of housing project in Penang

Contract Secured and Awards

T7 Global gets contract extension from Petronas Carigali

Foreign News

Dow rises more than 100 points to start the week, tech stocks lead the gain
European markets close lower as traders monitor U.S. earnings; Ladbrokes owner Entain plunges 12%
Oil gains on stimulus optimism ahead of Biden inauguration (Overnight closing)
Global semiconductor chip sales expected to grow to US$1 trillion in early 2030s

Featured Posts

MQ Trader

Introducing MY's First IPO Fund for Sophisticated Investors!

MQ Chat

New Update. Discover investment communities that resonate with your ideas

MQ Trader

M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a

Latest Videos