Petronas Chemicals, Top Glove down as ringgit strengthens

 Petronas Chemicals Group Bhd, Top Glove Corp Bhd and Supermax Corp Bhd settled lower at Bursa Malaysia’s afternoon break today as a strengthening ringgit against the US dollar led to expectation that export-based companies' US dollar-based revenue will be less in ringgit terms.

At 12:30pm today, Top Glove’s share price fell eight sen or 1.3% to RM6.06, Supermax settled down 10 sen or 1.58% at RM6.21 while Petronas Chemicals dropped 18 sen or 2.39% to RM7.36.

At a glance, these FBM KLCI constituents were among KLCI stocks which had a profound impact on the 30-stock index's trading dynamics earlier today when the gauge fell below 1,600 points.

At 12:30pm, the KLCI settled down 3.37 points or 0.21% at 1,598.17 after rising to its highest so far today at 1,615.22.

In currency markets, the ringgit appreciated to its strongest point against the US dollar so far today at 4.0295 after the exchange rate closed at 4.0435 yesterday.

Today, the exchange rate was between 4.0295 and 4.0430.

The ringgit’s strengthening today was seen to be broad-based against global currencies after Bank Negara Malaysia’s Monetary Policy Committee decided yesterday to maintain the overnight policy rate at 1.75%,

Compared to the Singapore dollar today, the ringgit strengthened to 3.0465 at the time of writing.

Against the euro, the ringgit appreciated to 4.8923.

The ringgit’s strengthening today was seen to be broad-based against global currencies after Bank Negara Malaysia’s Monetary Policy Committee decided yesterday to maintain the overnight policy rate at 1.75%,

Compared to the Singapore dollar today, the ringgit strengthened to 3.0465 at the time of writing.

Against the euro, the ringgit appreciated to 4.8923.

The ringgit strengthened against a weaker US dollar. It was reported that the US dollar declined versus major peers on Thursday as optimism that the new US administration's massive stimulus package will bolster growth sapped demand for safe-haven currencies.

It was reported that riskier commodity currencies were supported as Asian stocks followed US equities in rising to new records after Joe Biden, who has laid out plans for a US$1.9 trillion pandemic relief package, was sworn in as president.

"Risk sentiment is quite positive right now and we expect it to remain so this year, with growth expected to rebound quite strongly,” Reuters quoted Shinichiro Kadota, senior currency strategist at Barclays Capital in Tokyo, as saying.

AirAsia's digital platform eyes more airline partnerships

Malaysian budget carrier AirAsia Group’s travel, e-commerce and fintech unit airasia.com is in partnership talks with several Middle Eastern and European airlines, its chief executive said on Wednesday.

Airasia.com CEO Karen Chan said the company was working on selling more flights on the online platform.

"Apart from just selling AirAsia flight tickets, we are now selling any airline's flights tickets. We are now in serious discussions with quite a few full-service carriers," Chan said at a CAPA — Centre for Aviation event.

She said the company was working closely with Middle Eastern airlines to drive traffic to pilgrimage destinations.

"Religious travel has taken a huge delay, and already we are getting a lot of requests from customers for pilgrimages," she said.

Airasia.com was also in talks with some European airlines, she said. "Once international borders are open, all of us are banking on pent-up demand," she said without providing details.

Last November, airasia.com announced a strategic partnership with Turkish Airlines for cross-promotion of its flight inventory with AirAsia flights, and offered travel itineraries with discounted fares.

"Now we can pull their content and inventory onto airasia.com's platform," Chan said. The company offers more than 15 lines of products online and via its super-app "to fly, to stay, to shop, to eat", an earlier media statement showed.

With the airline business taking a hit from the coronavirus pandemic, AirAsia Group last year rebranded its digital arm as AirAsia Digital, which houses airasia.com.

Malaysia's flagship budget airline AirAsia Group said last September it is considering raising capital to expand its digital business.

KLCI extends profit-taking as year-end approaches

KUALA LUMPUR: The FBM KLCI ended Monday on a negative note, its third straight day of losses as profit-taking continued ahead of the year-end holiday season and fears of a new strain of coronavirus threatened the global recovery outlook.

At 5pm, the key index ended 4.6 points lower at 1,647.89, after having lost over 10 points earlier in the day.

Trading volume was 8.09 billion shares valued at RM3.67bil. Market breadth was negative with 848 decliners compared to 394 gainers.

An analyst speaking to StarBiz said the profit-taking in recent days was owing to thinning liquidity ahead of the coming festivities, especially after a strong rally in November.

Meanwhile, he believes that the euphoria surrounding the roll out of the Covid-19 vaccines could have been priced in for the short term.

"November and December data are starting to reflect the recent spike in Covid-19 cases and impact from targeted lockdown reimplementation," he added.

Over the next two days, the price action in the market could signal bullish investors' sentiment as seen during 2018's year-end rally.

"While investors had turned positive in 2018 due to the Fed's dovish turn on interest rates, market participants could similarly be energised by the US$900bil US fiscal stimulus this time around.

"On the flipside, given the already elevated share prices, market players could stay on the sidelines until 1H 2021," he said.

Bank stocks, which have been a driver of the market's rally earlier in the week, were seen mixed amid the broader retreat.

Maybank was up two sen to RM8.48, Public Bank rose two sen to RM20.66, CIMB dropped eight sen to RM4.30 and Hong Leong Bank was flat at RM18.58.

Global stocks were also seen stumbling on news that UK and other parts of Europe could face new lockdown measures following the discovery of a fast-spreading strain of the coronavirus.

The prospect of new economic shutdowns offset the news that US policymakers had reached a deal for a US$900bil relief package, resulting in mixed results in Asian markets.

MSCI index of Asia-Pacific shares ex-Japan slipped 0.2% after hitting successive new highs last week.

G Capital subsidiary gets higher feed-in tariff rate for 10MW hydropower project in Sungai Perak

 

GCB executive director Tan Sri Dr Ali Hamsa said as an existing Feed-in Approval Holder (FiAH), GCB has now up to December 2025 to complete the construction of the hydropower project, and the FiT effective period of 21 years shall start from the commencement of operations date

In a Bursa Malaysia filing today, G Capital said Gunung Hydropower received SEDA's feed-in approval certificate on Monday, which will increase its FiT rate from 25 sen per kWh to 28.98 sen per kWh.

In addition, the contract is effective from the scheduled FiT date of Dec 14 up to December 2025, while the yearly energy yield has been increased to 68 million kWh from 67.77 kWh.

This will boost annual revenue of the hydropower project by 15.9% over the 21-year tenure, but the FiT approval is not expected to have any material impact on earnings and earnings per share (EPS) of G Capital for the financial year ending Dec 31, 2020 (FY20), said G Capital

 

Cymao Holdings Bhd, which is involved in the manufacturing and sale of plywood products, has been slapped with an unusual market activity (UMA) query on the sharp rise in its share price and volume recently.

Shares of Cymao shot up 26.26% or 13 sen today and settled at 62.5 sen, with 4.78 million shares traded.

The 4.78 million shares that were traded today is five times that of yesterday’s volume of 914,800.

Over the past month alone, the stock's price shot up by 172% from 23 sen on Nov 12. The group currently has a market capitalisation of RM46.9 million.

In a filing today, Bursa asked the company to respond as to whether there is any corporate development relating to its business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation.

G Capital and partners set to establish new bank in Cambodia

G Capital Bhd said it has received approval in principle from Cambodia’s central bank to set up a full-fledged commercial bank in the country with other partners.

The group said it has entered into a heads of agreement with two parties — Public Bank Bhd’s Indo-China operations regional head Datuk Phan Ying Tong and Cambodian firm E S Packaging Co Ltd — to jointly undertake the venture.

"Specifically, the HoA has been structured to outline the preliminary undertakings and obligations of the parties with a view to enter into legally binding definitive agreement between the parties to establish ‘Oriental Bank Plc’,” the group said in a filing with Bursa Malaysia.

G Capital said it will hold not less than 20% of the issued shares of the new company, while Phan will have a 51% stake and E S Packaging a 20% stake. The balance 9% interest will be held by an additional investor to be identified by Phan or E S Packaging. 

G Capital said subsequent to obtaining the approval-in-principle from the National Bank of Cambodia, Oriental Bank can now be formally registered with Cambodia's Ministry of Commerce. 

According to the group, the financial health of Cambodia has shown steady growth and its banking sector has emerged as one of the most robust industries set on making healthy profits. 

"G Capital envisages that in the long term, its equity participation in the banking sector will significantly strengthen its financial standing and broaden its presence throughout the region," it said.  

G Capital, formerly known as Gunung Capital, is principally involved in the provision of charter services with a fleet of land-based passenger transportation assets and specialty vehicles.  

Shares of G Capital rose one sen or 0.76% today to close at RM1.33, with a market capitalization of RM404.04 million. 

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Asian equities started strong on Thursday

 Asian equities started strong on Thursday as a sustained recovery in China's services sector and the prospect of additional U.S. stimulus whetted risk appetite, while the dollar pared gains.

MSCI's broadest index of Asia-Pacific shares outside of Japan climbed 0.5%, clocking its third straight session of gains to hover near a recent 2-1/2-year high.

The services sector, which accounts for about 60% of the economy and half of urban jobs, had been slower to return to growth initially than large manufacturers, but the recovery has gathered pace in recent months as COVID-19 restrictions on public gatherings lifted.

Analysts expect the equity markets rally to extend further as investors focus on the "easy money" dimension, though risks were growing.

"I think we're now at a point where tactically it makes sense to be more prudent than two or three months ago as there are still a number of significant risks for investors to contend with," said Scott Berg, portfolio manager of T. Rowe Price's global growth equity strategy.

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Millions of Chinese investors rushed into July's stock market rally

 China reported the largest number of new stock investors in five years in July, as millions of individuals rushed into a buoyant share market, boosting trading turnover and brokerage earnings.

It represents a 60 per cent jump from a month earlier and a year-on-year increase of 124 per cent, according to the China Securities Depository and Clearing Corp (CSDC).

Investors sought high returns in a stock market that jumped over 10 per cent in July, helping boost turnover. Stamp duty income from securities trading rose 35.3 per cent year-on-year during the first seven months, compared with a 8.7 per cent fall in fiscal revenues as coronavirus hit the economy, official data shows.

Market Movements are Biased Towards Near-term Earnings Expectations

Markets are functioning well. The trading stops are working as designed. After nearly a 30% drop, investors will begin to consider buying. But, with a global recession at hand, the fundamentals on which value decisions are based will deteriorate. It’s a guess as to how far.

So what’s the right price to pay for something that is facing deteriorating sales and earnings?  The answer is at a price low enough to cushion against worst case outcomes.

As an investor, pick your companies carefully as you re-enter the market. Don’t look to “call a bottom” for the market. Instead dispassionately research the prospects of a company in the current range of macro- economic outcomes. Determine your discipline as to how much uncertainty (risk) you are willing to tolerate in your forecast.

KLSE Market News Today

The ringgit extended yesterday's uptrend to open higher against the US dollar Tuesday, ahead of Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) meeting today, with the market expecting a 25 basis point cut in interest rates today.

At 9.01am, the local note stood at 4.1990/2030 against the greenback from 4.2010/2040 recorded at 6pm on Monday.

Chocolate maker Guan Chong Bhd’s share price jumped 15 sen or 5.7% to an intraday high of RM2.78 today on news that its Singaporean subsidiary had concluded its acquisition of German chocolate maker Schokinag Holding GmbH for RM137.84 million at the end of January.

In a Bursa Malaysia filing yesterday, Guan Chong said its unit GCB Pte Ltd had completed the purchase of Schokinag on Jan 30.

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FBM KLCI down 7.5pts as index seen overbought

FBM KLCI down 7.5pts as Index Seen Overbought

The FBM KLCI fell 7.5 points or 0.47% at Bursa Malaysia's afternoon close today amid US-China trade deal uncertainties and after analysts said the benchmark index was in overbought zone.

"After racking some 3% gains over the past couple of weeks with the key index already at the overbought zone, a retreat is in store. The fresh uncertainties over the Sino-US trade deal may also serve as an excuse for profit taking activities to take precedence," Malacca Securities Sdn Bhd said in a note today.

At 12:30pm, the KLCI settled down at 1,590.48 on profit taking after closing up 17.98 points or 1.14% at 1,597.98 yesterday.

KLCI likely to rise further

Bursa market outlook:

The FBMKLCI staged a post-Budget rally yesterday as the Malaysia post-Budget 2020 Forum may have given market sentiment a boost, in our opinion. The overall performance across the board was also positive thanks to the optimism on the partial US-China trade deal. Barring any negative events coming from the external front, the index should continue to rise further today.

Resistance: 1,580 & 1,600. Support: 1,540 & 1,500.

Gainers: 487
Losers: 367
Unchanged: 407

DOW: 26,787.36 (-0.11%)
FTSE100: 7,213.45 (-0.46%)
DAX: 12,486.56 (-0.20%)
HSI: 26,521.85 (+0.81%)
STI: 3,124.45 (+0.34%)
KLCI: 1,567.59 (+0.69%)

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