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Bargain hunting may take shape

In contrast with the regional gains, the FBM KLCI failed to sustain its intraday gains as the key index slipped into negative territory during the final trading hour. We expect the arrival of the second batch of Pfizer-BioNTech vaccine today and the vaccine distribution to different states will continue to attract buying interest in recovery-theme stocks moving forward. Meanwhile, crude oil price continued to remain firm above the USD65 level for the time being. Also, traders will focus on high earnings certainty sectors during this reporting season.
market pulse

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market pulse

Neutral tone ahead of festive break

The FBM KLCI settled lower in tandem with the regional peers as market sentiment was dampened by nationwide expansion of MCO. Taking cues from the negative Wall Street overnight performance, we expect lacklustre trade on the local bourse ahead of the Aidilfitri holiday. However, we believe bargain hunting activities may emerge within the energy sector as Brent oil price gained momentum due to the lingering fears of gasoline shortage as North America’s biggest petroleum pipeline was affected for days following the cyberattack.

market pulse

Muted sentiment

The FBM KLCI retreated yesterday after a two-session gain as investors stayed cautious sidelines of the release of Malaysia’s 1Q21 GDP data today as well as trading activities were softer on the holiday-shortened trading week. Tracking the weakness from the Wall Street overnight, we expect market sentiment to remain weak following the announcement regarding the expansion of MCO 3.0 to the whole country starting from Wednesday. Meanwhile, the CPO future price contracted after registering a hefty rally recently.

Teo Seng Capital Bhd – 10th May 21

Teo Seng Capital Bhd’s (Teo Seng) 1QFY21 net loss stood at RM0.8m, vs. a net profit of RM1.9m recorded in the previous corresponding quarter due to lower contribution from the animal health products segment on the back of lower demand, and higher feed production cost, coupled with increased depreciation cost.

SLP Resources Bhd – 10th May 21

Moving forward, we believe that sales from the local market will continue to dominate, contributing slightly more than 50.0% of total revenue in FY21 as the shortage of containers and high logistic charges may continue to delay export shipment to the overseas customers. SLP will focus on ramping up the production of kitchen and garbage bag, targeting approximately 25.0% of production output in FY21f (from less than 20% recorded in FY20). Following the rising healthcare awareness, SLP aims to undertake new products, namely medical pouches, tacky mats and door handle refills.

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