Bursa slips deeper into red, over 1,000 stocks fall

 Bursa Malaysia slipped deeper into the red in late afternoon trade on Friday with over 1,000 counters falling, tracking the falls in key Asian markets on worries about the outlook for tech giants.

FBM KLCI was down 28.76 points or 1.92% to 1,466.44. Turnover was 4.05 billion shares valued at RM2.37bil. There were 147 gainers, 1,056 losers and 248 stocks unchanged.

Key Asian markets fell with South Korea's Kospi down 2.56%, Japan's Nikkei 225 1.52% and the Topix 1.96% while the Shanghai Composite lost 1.49% and Singapore's STI 0.93%.

Top Glove lost 21 sen to RM8.57 and erased 2.59 points while Hartalega lost six cents to RM17.96 and shed 0.31 of a point.

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KLCI pares gains, remains subdued despite emergency unannounced

  The main index at Bursa Malaysia pared some of its loss, as sentiment somewhat remained subdued despite a proclamation of an emergency, which was bandied about last Friday, being averted.

FBM KLCI was down 7.70 points to 1,486.94. The index had earlier slipped to a low of 1,482.80.

.The United States has seen its highest ever number of new Covid-19 cases in the past two days, while France also set unwanted case records and Spain announced a state of emergency, it said.

CGS-CIMB Research said while the decision of Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah to reject the government’s request for emergency powers to fight the Covid-19 pandemic is a major relief for the market and could lead to reduced political noise in the near term, it is unlikely to alleviate foreign investor concerns.

The actively traded stocks included newly-listed Mr DIY Group (M) Bhd, Vsolar Group Bhd, Advance Synergy Bhd, Luster Industries Bhd, Mah Sing Group Bhd, XOX Bhd, Kanger International Bhd and Sapura Energy Bhd.

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FGV Holdings Bhd rose as much as 7.48%

 FGV Holdings Bhd rose as much as 7.48% or eight sen to RM1.15 this morning after the plantation unit received buying interest from Perspective Land (M) Sdn Bhd (PLSB), which is wholly-owned by Tan Sri Syed Mokhtar Albukhary’s privately-held Restu Jernih Sdn Bhd.

At 10.57am, the counter had pared some gains, but was still up five sen or 4.67% at RM1.12. It saw 10.12 million shares change hands.

Hong Leong Investment Bank (HLIB) Research analyst Chye Wen Fei in a note today maintained the research house's "hold" rating for FGV, with an unchanged target price (TP) of RM1.08, given the sketchy details provided thus far.

According to FGV's filing with the bourse exchange yesterday, PLSB intends to participate in FGV via an injection of plantation assets in exchange for shares.

PLSB owns the Tradewinds group of companies, including Tradewinds Plantation Bhd and Central Sugars Refinery Sdn Bhd, which are in the same businesses FGV is involved in.

Malaysia’s opposition leader Anwar Ibrahim met the Southeast Asian nation’s king today

 After leaving the media without any statement upon leaving Istana Negara, Parti Keadilan Rakyat (PKR) President Datuk Seri Anwar Ibrahim is scheduled to hold a special press conference to make an important announcement regarding his meeting with the Yang di-Pertuan Agong, Al-Sultan Abdullah Ri ' ayatuddin Al-Mustafa Billah Shah today.
PKR Communications Director, Fahmi Fadzil confirmed the matter in a notification to the media.

Muhyiddin, who took power in March after securing enough support in Parliament to unseat Anwar’s reformist alliance, has dismissed Anwar’s claim to a majority. Muhyiddin currently boasts a slim two-seat majority and has been grappling to maintain support amid infighting in his coalition.
Allies in Muhyiddin’s ruling coalition have denied supporting Anwar, and branded Anwar a “desperado” for seeking to wrest power as the country struggles with the coronavirus.

Top Glove Corp raising more than US$1 billion from a listing in Hong Kong

 Top Glove, whose shares are traded in Kuala Lumpur and Singapore, is working with advisers on the potential share sale in Hong Kong. 

At US$1 billion, Top Glove’s listing would be the biggest ever by a Malaysian company in Hong Kong.

Deliberations are ongoing and details of the offering including size could increase depending on investor feedback, the people said.

The company confirmed that it is evaluating a dual primary listing in Hong Kong, according to an exchange statement Monday, without providing details of the offering.

FBM KLCI was up 10.35 points to 1,499.91

 The FBM KLCI was up 10.35 points to 1,499.91 in line with other Asian markets that rallied on US President Donald Trump backpedalling on a decision to halt further stimulus talks.

Most heavyweights on the FBM KLCI advanced, led by Petronas Chemicals climbing 20 sen to RM5.90, IHH Healthcare adding 10 sen to RM4.99 and Maybank risig seven sen to RM7.17.

Rubber counters took a breather after its recent rally with Top Glove staying flat at RM8.80 and Hartalega dipping four sen to RM16.86.



In plantations Sime Darby Plantation, which experienced a selloff yesterday, bounced 11 sen higher to RM5. IOI also rebounded seven sen to RM4.34 while KL Kepong stayed flat at RM22.46.

Top active stocks were Trive flat at 1.5 sen, Kanger down 0.5 sen at 19 sen and Bintai Kinden up 2.5 sen to 70.5 sen. Asian markets meanwhile ticked higher on renewed hopes for more US stimulus.

VALUE INVESTING REPORT OF SGX 30/09/2020

 VALUE INVESTING REPORT OF SGX 30/09/2020

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