KLCI gives up most gains as glove makers retreat

The main index at Bursa Malaysia gave up some of its gains at the midday break today, as glove makers dominated the losers' list.

At 12.30pm, the FBM KLCI was up 1.96 points to 1,580.59. The index had earlier risen to a high of 1,586.06.

Gainers led losers by 463 to 306, while 716 counters traded unchanged. Trading volume was 4.16 billion shares valued at RM2.36 billion.

The gainers included Nestle (Malaysia) Bhd, Tasco Bhd, Seni Jaya Corp Bhd, Press Metal Aluminium Holdings Bhd, Woodlandor Holdings Bhd, Knusford Bhd, Sarawak Consolidated Industries Bhd, Telekom Malaysia Bhd and Techbond Group Bhd.

The actively trade stocks included Dagang NeXchange Bhd, Luster Industries Bhd, Trive Property Group Bhd, AT Systematization Bhd, Pasukhas Group Bhd, HB Global Ltd, Yong Tai Bhd and Sanichi Technology Bhd.

The decliners included Hartalega Holdings Bhd, Supermax Corp Bhd, KESM Industries Bhd, Top Glove Corp Bhd, See Hup Consolidated Bhd, Amtel Holdings Bhd, Genetec Technology Bhd and Kosssan Rubber Industries Bhd.

Reuters said Asian shares hovered near record highs today while oil edged closer to US$60 a barrel on hopes a US$1.9 trillion Covid-19 aid package will be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.3% at 717.2 after climbing as high as 730.16 late last month, it said.

Hong Leong IB Research said tracking the rally on Wall Street and the allowance of all economic sectors to open (with tightening standard operating procedures) coupled with the road map of Malaysia's National Immunisation Plan, KLCI could still retest the stiff 1,600 psychological barrier in this Chinese New Year holiday-shortened week.

"However, further gains are likely to be capped amid elevated Covid-19 infections and the start of the February reporting season.

"Given the potential for volatility, a balanced portfolio remains appropriate.

"Hence, we would adopt a more balanced approach in our top picks with a combination of recovery plays, volatility, defensives, value and sold down pandemic beneficiaries," it said.

Parlo: Business not affected by the Myanmar coup

Parlo Bhd, a tourism management and service company, pointed out that the global migration service business is not affected by the Myanmar coup.

Executive Director Zheng Liansheng pointed out that as the situation remains stable and calm, there is no sign that the government's migration policy will change, and the company's business remains as usual.

In October last year, the company signed a final agreement with Myanmar Diamond Palace Group of Companies Ltd to provide tourism, ground handling, dormitories and medical inspections for migrant workers departing and returning from Myanmar.

Since the coup d'etat was launched on February 1, Myanmar is currently under the control of the military and is in a state of emergency.

Zheng Liansheng said in a statement today: "Nevertheless, we believe that migrant workers, who are often the only breadwinner of the family, will continue to work abroad and continue to take care of their families."

At the same time, Diamond Palace Chairman Datuk Thein Than assured that migrant workers working outside Myanmar and those planning to work overseas will not be affected by the current situation in the country.

"They have made great contributions to Myanmar through foreign exchange remittances."

He added: "At the micro level, this has a positive effect on the health care, entrepreneurship, education and overall economic development of the recipient family."

Top Glove to vaccinate all staff once Covid-19 vaccine made available

Top Glove Corporation Bhd has pledged to vaccinate all its staff, including foreign workers, once the COVID-19 vaccine is made available.

Executive chairman Tan Sri Dr Lim Wee Chai said this is to ensure uninterrupted production for the long-run besides making sure the good physical and mental health of its employees in order to achieve good financial health of the company.

"We are still waiting for the vaccine from the government and we will be more than happy to get our staff vaccinated as we have over 21,000 employees at 47 factories and 750 production lines as at December 2020,” he said in a virtual courtesy call with High Commissioner of Bangladesh Golam Sarwar and Labour Counsellor of Nepal Embassy Deepak Dhakal, today.

Lim said to enhance the foreign workers' welfare, the company has continuously invested in better accommodation at its facilities in Selangor, Perak, Kedah, Negeri Sembilan, Kelantan, and Johor for its mid-term plan with a capital expenditure of RM195 million.

"We are building and purchasing new workers’ hostels, fully equipped with facilities and amenities that are expected to be completed by 2023,” he said.

Besides that, he said the company is targeting to become a Fortune Global 500 company by 2030 with its growth to be 10 times bigger, achieving US$30 billion sales revenue and scaling up to 150 factories with 100,000 employees.

"This long-term plan could be achieved through technology and innovation, research and development, as well as artificial and human intelligence, supported by 10,000 global talents, researchers and young university graduates,” he added.

Meanwhile, Sarwar hopes Top Glove would continue to ensure the health and wellbeing of its employees, particularly foreign workers, and ensure that they are protected and vaccinated, especially during the unprecedented time of COVID-19 pandemic.

Top Glove’s net profit surged over 20 times to RM2.38 billion in the first quarter of financial year 2021 ended Nov 30, 2020 (Q1FY21) from RM111.43 million in Q1FY20.

The glove giant was previously embroiled in issues relating to workers’ wellbeing and non-compliance with the Workers' Minimum Standards of Housing and Amenities Act 1990 (Act 446).

The company also made headlines after it became Malaysia’s biggest COVID-19 cluster, the Teratai Cluster.

At 3 pm, shares of Top Glove rose 0.45 per cent to RM6.67. - Bernama

KLCI rebounds, enroute to ending losing streak

The FBM KLCI made a rebound on Wedneday after yesterday's rally fizzled to end on a negative note for the eighth straight session.

At 12.30pm, the key index had added 12.57 points to 1,587.88, still firmly below the 1,600-point psychological resistance.

However, there is expectation of an advance in certain sectors moving forward, says Malacca Securities Research.

"Based on some corporate earnings results announced yesterday. we expect plantation and consumer electronics stocks to perform well in the near term.

"Also, market players will be watching out for the technology sector as they performed a swift recovery after the selldown," it said.

Heavyweights seeing positive price action included Axiata rising 17 sen to RM3.42, Maybank up 10 sen to RM7.92, Tenaga Nasional gaining 14 sen to RM9.84 and Petronas Chemicals rising 10 sen to RM6.85.

It offset profit-taking in Hartalega, falling 22 sen to RM12.22, Supermax shedding 15 sen to RM6.50 and Top Glove dropping one sen to RM6.19

Top actives on the broader market were MPI up 56 sen to RM32.96, Carlsberg adding 52 sen to RM21.72 and KESM climbing 50 sne to RM16.50.

Asian markets were generally cautious on Wednesday ahead of the US Federal Reserve's monetary policy decision.

Japan's Nikkei was up 0.25% while China's composite index was mostly flat.

SOuth Korea's Kospi was down 0.2% and Hong Kong's Hang Seng rose 0.2%. Australia's ASX200 fell 0.7%.

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.

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.

Electricity demand dips, renewable energy gains momentum

The fallout from Covid-19 has a significant impact on electricity consumption trends in Malaysia as movement restrictions have led to sudden change in socioeconomic habits.

At the peak of the pandemic, only essential industries were allowed to operate, some at only 50% capacity, while the rest of the industries were either shutdown or adapted to remote working practice.

It had resulted in a sudden decline in energy demand, especially in commercial and industrial usage.

Despite a surge in household consumption of electricity, it was not enough to fill the drop in commercial and industrial usage as the economy was only operating at 45% of its capacity during the seven-week movement control order (MCO) period.

Tenaga Nasional Bhd (TNB) had said during the MCO, electricity usage in the industrial and commercial sectors dropped between 25% and 50% as businesses and industries halted activities, while usage in the residential sector surged between 20% and 50% as families stayed indoors and employees worked from home.

It expected the electricity consumption to drop between 6% and 10% year-on-year in 2020, mainly due to slowing activities in the commercial sector.

The forecast is within the range of 5%-10% of global electricity demand fall predicted by the International Energy Agency (IEA).

This has also impacted the demand for coal, oil and gas.

According to the IEA, renewable was the only source that posted a growth in demand, driven by larger installed capacity and priority dispatch.

“Electricity demand is unlikely to return to normal levels even after the development of a coronavirus vaccine, ” according to a report by scientists from Columbia University.

TNB feels the pinch

Its nine months net profit declined to RM2.38bil from RM3.88bil from the same period last year. Revenue for the cumulative months ended Sept 30,2020 also slipped to RM33.65bil from RM38.76bil previously.

It serves 9.2 million accounts, of which 7.4 million accounts are residential while the remaining are the commercial sector.

In a filing with Bursa Malaysia, TNB said the increase in demand from the residential segment was unable to fill the decline in commercial and industrial usage as both contributed close to 80% the sales in Peninsular Malaysia.

It also reported that the Covid-19 pandemic is impacting the progress of the group’s initiatives to reduce its current exposure; including the restructuring and turnaround exercise and sale of investment, particularly in its 30% owned companies in GAMA (Turkey) and GMR (India).

However, the group’s UK assets are insulated by the long-term subsidy scheme.

Going forward, it will leverage its existing UK assets and market experience to build up a sizeable renewable energy portfolio by 2021 through acquisitions of both operating assets and development of green field projects.

Incentives

As lockdown measures and its subsequent impact led to unemployment and job losses, the government introduced various incentives under economic stimulus packages such as electricity discount to 7.5 million residential users and other affected sectors and flexi payment plan.

On the regular six-month Imbalance Cost Pass-Through surcharge, TNB confirmed the adjustment was to zero from two sen/kWh for both domestic and non-domestic electricity users, from July 1 to Dec 31,2020.

This is due to a reduction in actual fuel cost for the period of January-June 2020 compared with the previous six-month period (July-December 2019).

Shifting to renewable energy

The government has introduced several initiatives such as the enhanced net energy metering programme (NEM) and solar leasing to boost renewable energy (RE) uptake.

Banks have offered solar power financial packages with lower interest and it will help Malaysia achieve the 20% RE efficiency target by 2025.

Participation from big companies such as Taliworks Corp Bhd, Malakoff Corp Bhd and Fraser & Neave Holdings Bhd, and International Paper Sdn Bhd will help Malaysia achieve the target faster.

Other companies that seem to support the RE industry were FGV Holdings Bhd and Malakoff Corp Bhd’s unit, Southern Biogas Sdn Bhd, each installing a biogas power plant in Pahang and Johor, respectively.

Mah Sing Plastics Industries Sdn Bhd and AT Glove Engineering Sdn Bhd, each installing solar photovoltaic projects in smart factories in Klang and a manufacturing factory in Perak, respectively.

Meanwhile, the government decision to provide more incentives under Budget 2021 will boost the RE industry growth.

Among the initiatives are the first Sustainability Bond for environmental and social initiatives and RM2bil under the green technology financing scheme.

The Sustainable Energy Development Authority has estimated that some 4.1 million buildings in Malaysia might still accommodate solar panels, and collectively generate about 24-gigawatt peak of electricity.

According to the Institute for Democracy and Economic Affairs, RE capacity is expected to reach 12 gigawatt to 13 gigawatt grid installed capacity by 2030. — Bernama

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Trading ideas: Top Glove, MyEG, KPower, TH Plantations

Top Glove Corporation Bhd, My EG Services Bhd, Kumpulan Powernet Bhd and TH Plantations are among the stocks to watch on Thursday following their corporate news, TA Securities Research said.

Top Glove saw another record-breaking performance in 1QFY21 with its net profit surging over 20 times to RM2.38bil from RM111.43mil in Q1 2020.

It is expected to resume operations at all its 28 glove manufacturing plants in Meru, Klang, within the next 2 to 3 weeks, said chairman Tan Sri Dr Lim Wee Chai.

My EG plans to raise up to RM407mil via placement to fund the development of hostels for foreign workers under an ongoing project, develop healthcare-related services, and to buy fixed assets like kiosks for the online renewal of car and motorcycle road tax under its e-government concession business.

Kumpulan Powernet bagged a RM296mil contract for a mini-hydropower plant in Perak from Kangsar Hidro Sdn Bhd. It is optimistic of achieving its order book target of RM2bil by year-end.

AWC Bhd has secured a five-year hospital support services contract from the Health Ministry worth RM107.89mil.

Meanwhile, the government has decided to withdraw the approval of indirect property acquisition by Tamaco Plantation Sdn Bhd from TH Plantations on Dec 4, for further scrutiny and other factors.

Bursa Securities has queried Cymao Holdings Bhd on the sharp rise in its share price and volume recently.

Bukit Hitam Development Sdn Bhd's Bromelia Phase 1 has achieved a take-up rate of 90% since its launch on Dec 8. Bukit Hitam is the property division of Ayer Holdings Bhd.

Source : The Star

 

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. 

Biden Leading The US Election Effect On Malaysian Stock Market

Presidential elections between President Donald Trump and former Vice President Joe Biden could have dramatic effects on various stocks and sectors, and investors have spent months trying to identify potential winners and losers. The result of the United States presidential election is expected to have a lasting, positive effect on Malaysian's stock market in the mid- to long-term.

Malaysia’s Budget 2021 is also a crucial highlight this event-heavy week which also saw Bank Negara Malaysia maintained the Overnight Policy Rate at 1.75.

Malaysia's prime minister urged lawmakers to pass the 2021 budget, in spite of efforts by the opposition to oust his government and pressure from unhappy partners within the governing coalition.

Bursa Technology index constituents pared gains when markets closed. At 5pm, leading gainer MPI ended at RM24.10 while Unisem finished at RM6.11 as investors took a cue from US stocks' overnight performance. Malaysia's 10-year benchmark yield up 0.4 basis points to 2.625%.

Here you find the latest information on FTSE Bursa Malaysia KLCI (^KLSE) including data, charts, related news, and more click here.

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.

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.

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