jfapex
Daily Highlights-19 January 2021
Market Thoughts
The U.S. stock market was closed on Monday in honour of Martin Luther King Jr. Day but U.S. stock futures moved modestly higher on Monday evening as Wall Street looked to bounce back from a rough week ahead of President-elect Joe Biden’s inauguration. Earlier, European stocks climbed as the coronavirus pandemic and rollout of vaccinations continued to dominate headlines.
On the local bourse, the FBM KLCI plunged 17.49 points or 1.07% to 1609.52 points. Following the bearish momentum, the FBM KLCI remains pressured and could trend lower towards the support of 1570 points.
Stocks to watch are: Serba Dinamik has won US$135.8 million (RM548.2 million) worth of contracts, including eight operations and maintenance (O&M) jobs won by its 75%-owned subsidiary PT Serba Dinamik Indonesia in Indonesia; Kelington has said it clinched several new contracts totalling RM118 million during the fourth quarter of 2020. The integrated engineering solutions provider said the new contract wins lifted the group's total new orders in financial year 2020 to RM490 million; Ecobuilt has secured a RM166.37 million contract to undertake a mixed commercial development project in Kota Kinabalu, Sabah; Milux has proposed a bonus issue of up to 176.29 million shares on the basis of three bonus shares for every one share held; GHL Systems has expanded its service offerings to include vehicle insurance and road tax renewal services following a tie-up with Loanstreet; Genetec Technology said the manufacturing systems specialist is not aware of any rumour or report concerning the group's business and affairs that might have accounted for the company's share trade activity, which saw the stock's price hit limit up while volume registered a ninefold spike; EcoFirst is buying seven parcels of land in Sungai Buloh for a combined RM70 million. The land parcels are intended to be developed into a mixed development project with an estimated gross development value of more than RM550 million; Parkson Holdings said Parkson Vietnam Co Ltd (PVC) has received a letter from its landlord in Vietnam alleging, among others, that PVC Is required to pay a total amount of VND66.2 billion (RM12 million) to the landlord for unpaid and outstanding rental and late-payment charges; Top Glove has refuted claims by the Canadian Broadcasting Corp over alleged unsuitable working conditions at its factories. The rubber glove manufacturer said the allegations raised in the report and the way in which they were presented were misleading and damaging on the basis that they suggested a breach in existing policies that it currently has in place.
Malaysia News & Highlights
Economics
- Malaysia's central bank seen cutting key rate as coronavirus forces fresh lockdowns
- Govt unveils RM15b PERMAI stimulus package for MCO 2.0
Company Development and Outlooks
- Parkson to challenge S$3.8m claim by Vietnamese landlord, suspends loss-making store ops in Danang
- MAHB to roll out facial recognition for passenger authentication, replacing boarding passes
- 22 Covid-19 cases detected at AME Elite’s migrant worker dormitories
- Lii Hen estimates capacity loss to increase to 4.6% due to Covid-19
- DNeX has until end-January to win SilTerra
- GHL System offers road tax and insurance renewal service
- EcoFirst to buy Sungai Buloh land for RM550m mixed development
- SKP Resources says 3% of revenue to be impacted by temporary closure of Johor ops
- Milux proposes 3 for 1 bonus issue
Contract Secured and Awards
- Ecobuilt secures RM166.37m construction contract in Sabah
- Serba Dinamik bags RM548m worth of jobs in Indonesia, India
- Kelington bags contracts worth RM118m in 4Q20, lifting full-year orders to new record high of RM490m
Change in Boardroom and Management
- UEM Sunrise appoints Sufian Abdullah as new CEO
Foreign News
- Stock futures rise slightly after Wall Street’s losing week
- European stocks close slightly higher; FCA-PSA merger Stellantis jumps over 7%
- il’s supply-led rally peters out as virus cases surge (Overnight closing)
- Gold at 1-1/2-month low as resilient U.S. dollar dents bullion appeal (Overnight closing)
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