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IT has been a year since the first Movement Control Order (MCO) was imposed on the country and the global equity market rout that saw the FBM KLCI lose 20% in just a month.
On March 19, 2020, the benchmark index tumbled to a low of 1,219.72 points after a sell-off triggered by the oil price slump and concerns about the impact of the Covid-19 pandemic on economies around the world. The ramifications appeared so dire that West Texas Intermediate crude plunged into negative territory to -US$37.63 per barrel while Brent crude fell to about US$20 a barrel.
For many new retail investors, the market decline wasn’t necessarily a bad thing. Unlike previous financial crises, it took a much shorter period of time for the global markets to recover from their losses.
Latest round of quarterly results shows corporate earnings recovery momentum remains intact 01 Mar 2021 / 09:30 H.
PETALING JAYA: Analysts have opined that the latest batch of quarterly corporate earnings are commendable despite rising Covid-19 infections that led to a reimposition of movement restrictions, which were mitigated by a strong performance on the trade front.
JF Apex head of research Lee Chung Cheng views the latest round of corporate results as above market expectations.
“There had been some signs of recovery in third quarter earnings, and fourth quarter earnings demonstrated that the recovery momentum is moving forward,” he told
SunBiz.
Nonetheless, Lee noted that there were not many surprises for the quarter, as the strong performance of certain sectors such as gloves and technology were within his expectations.
AT the height of the glove stocks rally late last year, two local glove companies expressed interest in an initial public offering.
But as valuations for glove stocks have tapered off, now that many countries have started to vaccinate their citizens against the Covid-19 virus, have the duo missed the boat?
Harps Holdings Sdn Bhd and Smart Glove Corp were reportedly seeking to raise about RM2 billion and RM1 billion respectively in an IPO. However, they have yet to file their prospectus exposure draft with the Securities Commission Malaysia.
Analysts generally view a listing as a good platform for private companies to raise funds for their expansion plans.