(Bloomberg) -- Oil in London jumped by the most since June as Pfizer Inc. reported a potential Covid-19 vaccine breakthrough.
Crude futures spiked following news the vaccine, being developed by Pfizer and BioNTech SE, prevented more than 90% of infections in a study of tens of thousands of volunteers.
Markets globally surged. WTI climbed more than 10% in New York, while global equities soared. It led to broader strength in the oil futures curve, with timespreads also moving sharply higher.
A vaccine “would be the most meaningful type of mitigator to the situation,” Saudi Energy Minister Prince Abdulaziz Bin Salman said prior to the Pfizer announcement at a conference on Monday. “We’re still hopeful that vaccine is found and that vaccine or vaccines spread and hopefully mobility would be regained.”
Since Covid first emerged, oil markets have been steadily recovering from the biggest crash in consumption in a generation. Transport use in Asia has rebounded strongly, but the renewed resurgence of the virus in Europe has continued to weigh on demand in the region. The emergence of a vaccine would not only help regions suffering form renewed lockdowns, but could also help spur the return of aviation demand -- the hardest hit corner of the market.
The relief in the market was seen in the profits from turning crude into transport fuels. Gasoline cracks in the U.S. reached their highest since mid-October, while those in Europe also gained. Jet fuel was also gaining relative to the value of other transport fuels in Europe, Bloomberg fair value data show.
Prices had earlier rallied as Joe Biden declared victory in the U.S. presidential election and began preparations to navigate America’s pandemic-hit economy out of crisis, with potential shifts coming on a range of policies from fiscal stimulus to Iranian sanctions. At the same time, Saudi Arabia said that OPEC+ could extend oil cuts through 2022 as the group seeks to re-balance the glutted market.
Haha we have TLK the world economic news reporter here...from oil to GDP to US mkts to local stocks all rounder...But he fails to report that Mkland is Surging up soon...
nemesis, currently seems the fund managers are swallowing up the 0.14 , big portion eating up the 0.14, now all the 0.14 almost eaten up... Any good news for Mkland nemesis ?
All hibernating Value stocks will skyrocket soon with the great fall of overvalued healthcare and rubber glove stocks as funds will be shifted to recovery stocks like property and tourism and banking stocks as Vaccine is the next saviour soon...It is time to chase after Mkland before it rises back to its fundamental value above 0.20...Property is next on the road to recovery and MK is the greatest value buy now...
wow, sound good, you means that after banking stocks, tourism stocks, steel stocks sky rocketing up already , now the next theme to follow will be property stocks such as the most undervalue Mkland ? It will rise to break above 0.20 soon, r u sure nemesis ?
It was above 0.50 before tumbling to current low...tomorrow can't wait to see the price rally on the road to recovery riding on vaccine good news...0.30 is within reach
All battered stocks wrecked by Covid especially Mkland will be on the road to gradual recovery... Major Shift of funds from Glovemania to battered and neglected stocks
KUALA LUMPUR: Malaysia said on Wednesday it has signed an agreement with China to cooperate on the development of a safe and efficacious vaccine, as part of efforts to combat the Covid-19 pandemic.
Under the agreement, in force for an initial period of five years, the Southeast Asian nation will be given priority access to Covid-19 vaccines developed by China. Both will share knowledge and expertise and facilitate scientific and technological capabilities to advance vaccine development in their countries, Malaysia said in a joint ministerial statement. Science, Technology and Innovation Minister Khairy Jamaluddin signed the agreement with his Chinese counterpart Wang Zhigang in a virtual ceremony.
Cooperation between Malaysia and China under the agreement would be supervised by a committee chaired by the foreign affairs ministers of both countries that was formed in October to address post-pandemic challenges.
"Both countries will also support the participation of their public and private sectors including universities, institutions, societies and organisations in joint collaborative projects," the Malaysian ministries said.
KUALA LUMPUR (Nov 26): After a heated session during Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz’s wrapping-up speech on Budget 2021, the bill was approved at the policy stage. Towards the end of the session, Dewan Rakyat Speaker Datuk Azhar Azizan Harun asked for a show of hands of those for and against the budget, and decided that there were more Members of Parliament (MPs) who agreed with the budget, although Pokok Sena MP Datuk Mahfuz Omar interjected and motioned for a tally of the votes. However, this required 15 MPs to support the call for a tally. Only 13 stood up in support of the tally, according to the Speaker. “There are fewer than 15 people [supporting the call for a tally]. There are more voices [in agreement with the budget]. The bill will see its second reading now,” he said. The wrap-up by the minister was a heated one as ruling and opposition MPs furiously interjected for clarifications of certain issues, including the expansion of the Employees Provident Fund's (EPF) i-Sinar facility to include those receiving pay cuts due to the Covid-19 pandemic. Subang MP Wong Chen claimed that the EPF’s inflows amount to no more than RM20 billion per year, and therefore could not cover the total increased allocation of RM70 billion for the i-Sinar facility. “Where is the EPF going to find the extra RM50 billion? Are they going to sell their shareholdings in listed companies on Bursa Malaysia? If this hits the headlines tomorrow, we will have a big problem,” he said. However, Tengku Zafrul clarified that the EPF is seeing inflows of RM80 billion per year, adding that the Ministry of Finance (MoF) had looked into the matter. “I would like to correct the facts. We conducted a detailed analysis of this for over a week. Actually, the inflows are not RM20 billion, RM30 billion or RM40 billion. It is RM80 billion per year,” responded the minister. Following that, Wong pointed out that withdrawals by contributors, amounting to RM40 billion to RM50 billion per year, had to be taken into account as well — before his microphone was muted by the Speaker. The session quickly devolved into a shouting match among the MPs, which resulted in intermittent muting of the MPs’ microphones by a visibly irritated Speaker. “This is embarrassing behaviour. We are debating on the budget and this is how we are behaving? The rakyat are watching all of us here!” he said. Other points mentioned during Tengku Zafrul's speech included a reduction in allocation for the Special Affairs Department (JASA) to make way for increases in other allocations, although he did not elaborate. On the various proposals for a further extension of the loan moratorium, he said all who are eligible — whether they are in the B40, M40 or T20 category — will be able to request for various forms of assistance, which also include reducing or rescheduling loan repayments, from their respective banks.
Revenue: 60,036,000 Profit/(loss) before tax: 2,207,000 Profit/(loss) for the period: 1,500,000 Profit/(loss) attributable to ordinary equity holders of he parent : 1,608,000 Basic earnings/(loss) per share (Subunit) : 0.13 Net assets per share attributable to ordinary equity holders of the parent ($$) : 0.99
This MK Land with an NTA of 99 sen a share is now available at only 14.5 sen. What a under valued gem not noticed by the public. This stock if buying has a very great potential of going up 300 to 400% and yet can consider cheap at 30 or 40sen. If only the group does a restructuring exercise like share splitting or share consolidation. It will fly like nobody business. Take for example. What if MK Land goes for share splitting 10 for 1. Now at 14 sen, the new share after splitting will automatically be adjusted to 1.5sen. So it is an automatic gain of 10% allready. But following the splitting, share prices are expected to move into step of 0.5 sen a share. Therefore, if move up 0.5 se, MK Land price will become 2.0 sen which is already 30% increase. What a good idea if MK Land do proposes such a move in the near future. THINK ABOUT IT. MK LAND DIRECTORS. Either way, doing a share split or share consolidation (both ways) will increase MK Land shares upward tremendously because if consolidates, their NTA will become higher and higher. For example, if MK Land proposes 10 shares to 1, automatically their NTA becomes RM9.90 per share. What an idea? How can RM9.90 NTA share be selling at RM1.40 ? Right? Just THINK. MK Land directors can do it so easily.
With MK Land AGM coming this 8December2020, I strongly propose that MK Land does a restructuring exercise as I mentioned above. Thank you. If MK Land really wants to bring up their share prices.
I seconded. MK Land Holdings Berhad Directors, please take note of Ding HL Allan's idea. I too believe MK Land share prices will automatically be adjusted to at least 4 sen each if restructured by splitting 10 for 1. And average RM3/- to RM4/- per share if restructured 10 to 1 given an adjusted NTA ( Net Worth per Share ) of RM9.90 after consolidation exercise if any. Excellent idea. Yes. I agree.
Sadly, MK has no interest to look after shareholders interest and benefits...No Share buyback, No Bonus Issues and No private placement...it has been many years Mkland did not exercised Share Buyback...
NEMESIS , MUSANG KING , DING If any one of u is in KL during this coming AGM, someone should speak up during the AGM on this proposal . Anyway i personally feel that this present management should be change partially inorder to take in some more creative n energetic personel.
This year AGM on the 8th Dec 2020, nobody needs to attend except the BOD. They are using internet conferencing though https:\\tiih.com.my and investors have to register with tiih online in order to log in. Just wondering, the above topic of discussion for share restructuring exercise like splitting from 1 to 10 or consolidation from 10 to 1 can be considered into their agenda of the AGM. Someone please help to inform tricor to include this question into their 15 minutes Q&A session. Thank you Directors of MK Land if you are listening. Thank you .
nemesis, Yongtai is one of the property company, now all the property companies already spike up like mad... Mkland will be the next superstar to spike up to sky high !
Glove theme, O & G theme, steel theme and construction theme all already spike up like mad... Now property theme still no much moving, Property theme will be next to spike up to sky high in soonest of time !
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
tkl88
8,712 posts
Posted by tkl88 > 2020-11-09 21:56 | Report Abuse
Wow, oil price spike up like mad !
As at 9.50pm,
Nymex at => $40.67 (+3.53) (+9.50 %)
Brent at => $42.77 (+3.32) (+8.42 %)
Huat ah ! Heng ah ! Ong ah !